Canadian Gold Corp (STRRF)

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$STRRF Canadian Gold Corp Phase 1 Exploration at Tartan Mine Significantly Expands High-Grade Mineralization Below Resource Limit Indicating Potential for Larger Discovery at Depth
Newsfile Corp.
Wed, Aug 23, 2023, 5:00 AM MST5 min read

IN THIS ARTICLE:
STRRF

Toronto, Ontario--(Newsfile Corp. - August 23, 2023) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce initial results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including its first test at depth. Drilling has intersected one of the best holes in the mine's history, 325 metres below the lower limit of the current resource estimate, increasing the vertical extent of the high-grade mineralization by 61% compared to the resource (Fig. 1). Hole TLMZ23-26 returned 12.0 gpt gold over 8.0 metres, inside the widest interval ever at the Tartan Mine, 4.2 gpt gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. The drill highlights for the first three holes can be seen in Table 1.

"This first hole, testing well beyond the limits of the resource, has the potential to alter the importance of the Tartan Mine. Not only are the assay results significant but so is the hole location. We need to receive the remaining assays, but the ability to grow the deposit looks promising. In addition to these exploration results, we are advancing the project's permitting and engineering that are designed to lower the cost of production, reduce the technical risk while minimizing the environmental footprint. The Company will be providing shareholders with an update on these items. The Tartan Mine benefits from good road access, renewable electric power that comes to site and significant underground infrastructure. Lastly, our geological team is hard at work conducting regional prospecting around the Tartan Mine to advance near mine targets to a drill ready stage. Early results have been promising, showing the potential for additional high-grade gold in new areas," stated Ian Ball, Interim CEO & President.

Each of the first three holes encountered multiple zones of high-grade and numerous occurrences of visible gold. The objective of TLMZ23-26, the deepest hole ever drilled, was to determine if the mineral system at the Tartan Mine could be materially expanded at depth and thereby justify a larger exploration program and focus, which it has. This intersection is the widest ever encountered at the Tartan Mine and will have important implications moving forward.

Table 1. Drill Result Highlights.
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https://finance.yahoo.com/news/canadian-gold-corp-phase-1-120000553.html

Figure 1. Tartan Mine Long Section (Grade x Thickness) Drill Hole Locations