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Canadian Gold Corp.: Phase 2 Drill Program Begins at the Tartan Mine

Newsfile Corp.

Wed, Nov 8, 2023, 8:06 AM 3 min read

The phase 2 drill program is currently underway and anticipated to occur over the next several months with a minimum of 2,500 metres of drilling planned. The objective of the program is to further test the continuity of gold mineralization within the Main Zone "MZ" to establish its potential size for resource estimation and mine planning purposes. The phase 1 drilling program conducted earlier this year successfully extended the MZ 325 m below the lower limit of the current mineral resource estimate, and increased the vertical extent of the gold mineralization by 61%¹.

The MZ mineralization remains open for expansion, and the primary objective of this phase 2 drill program is to target the extension of high-grade mineralization around drill holes TLMZ23-26 and TLMZ21-12 (see Figure 1) by wedging from existing drill holes to reduce overall costs.

TLMZ23-26 (Target 1) - Hole TLMZ23-26 intersected the widest zone of continuous gold mineralization at the Tartan Mine, and returned 12.0 gpt gold over 8.0 m within 4.2 gpt gold over 53.7 m (see News Release August 23, 2023). This intersection is the deepest drilled on the MZ and has indicated the potential for a larger discovery at depth below the current resource estimate. The phase 2 drilling will test east and below this intersection which remains open for meaningful expansion (see Figure 1).

TLMZ21-12 (Target 2) - Hole TLMZ21-12 intersected a hanging wall zone "HWZ" that returned 23.8 gpt gold over 12.6 m including 47.6 gpt gold over 5.8 m (see News Release December 6, 2021). The phase 2 drilling will test the high-grade mineralization to the west and at depth with the use of directional drilling (see Figure 1).

¹Indicated mineral resource of 1,180,000 tonnes at 6.3 gpt gold for 240 koz gold and inferred mineral resource of 240,000 tonnes at 4.9 gpt gold for 37 koz gold, both using a 3 gpt gold cutoff (Tartan NI 43-101 Technical Report authored by Mining Plus, April 2017, www.sedarplus.ca).

Figure 1: Main Zone long section illustrating Phase II drill targets.