Canadian Gold Corp. Announces Initial Results from Phase 3 Drilling at Tartan Mine Extends High-Grade Mineralization to the West 7.3 gpt Gold over 7.0 Metres & Discovers Potential New Zone
Canadian Gold Corp. (TSXV: CGC) has announced initial results from its Phase 3 Drill Program at the Tartan Mine near Flin Flon, Manitoba. The program has successfully extended high-grade mineralization along the western limits of the Main Zone (MZ) and discovered a potential new parallel zone 100 metres south of the MZ. Key highlights include:
1) An intersection of 7.3 gpt gold over 7.0 metres, including 12.0 gpt gold over 3.0 metres in drill hole TLSZ24-29W2, extending the zone 27 metres west and down plunge.
2) Discovery of a potential new zone returning 6.0 gpt gold over 3.0 metres including 15.9 gpt gold over 1.0 metres, located 475 metres below surface.
The company is preparing to update its mineral resource estimate and conduct a new Preliminary Economic Assessment (PEA) study, incorporating results from approximately 21,000 additional metres of drilling.
Canadian Gold Corp. (TSXV: CGC) ha annunciato i risultati iniziali del suo Programma di Sondaggio Fase 3 presso la Miniera Tartan vicino a Flin Flon, Manitoba. Il programma ha esteso con successo la mineralizzazione ad alta qualità lungo i limiti occidentali della Zona Principale (MZ) e ha scoperto una potenziale nuova zona parallela 100 metri a sud della MZ. I punti salienti includono:
1) Un'intersezione di 7.3 gpt di oro su 7.0 metri, inclusi 12.0 gpt di oro su 3.0 metri nel foro di sondaggio TLSZ24-29W2, estendendo la zona di 27 metri verso ovest e in profondità.
2) Scoperta di una potenziale nuova zona che restituisce 6.0 gpt di oro su 3.0 metri, incluso 15.9 gpt di oro su 1.0 metri, situata a 475 metri sotto la superficie.
La società si sta preparando ad aggiornare la sua stima delle risorse minerarie e a condurre un nuovo studio di Valutazione Economica Preliminare (PEA), incorporando i risultati di circa 21.000 metri di perforazioni aggiuntive.
Canadian Gold Corp. (TSXV: CGC) ha anunciado resultados iniciales de su Programa de Perforación Fase 3 en la Minería Tartan cerca de Flin Flon, Manitoba. El programa ha ampliado con éxito la mineralización de alta ley a lo largo de los límites occidentales de la Zona Principal (MZ) y ha descubierto una potencial nueva zona paralela 100 metros al sur de la MZ. Los aspectos más destacados incluyen:
1) Una intersección de 7.3 gpt de oro en 7.0 metros, incluyendo 12.0 gpt de oro en 3.0 metros en el pozo de perforación TLSZ24-29W2, extendiendo la zona 27 metros hacia el oeste y en profundidad.
2) Descubrimiento de una nueva zona potencial que devuelve 6.0 gpt de oro en 3.0 metros, incluyendo 15.9 gpt de oro en 1.0 metros, ubicada a 475 metros por debajo de la superficie.
La compañía se está preparando para actualizar su estimación de recursos minerales y realizar un nuevo estudio de Evaluación Económica Preliminar (PEA), incorporando los resultados de aproximadamente 21,000 metros de perforación adicionales.
캐나다 골드 코프(Canadian Gold Corp.) (TSXV: CGC)는 매니토바(Manitoba)의 플린 플론(Flin Flon) 근처 타르탄 광산에서 3단계 시추 프로그램의 초기 결과를 발표했습니다. 이 프로그램은 주존(Main Zone, MZ)의 서쪽 경계에서 고품질 광물질의 범위를 성공적으로 확장했으며, MZ로부터 남쪽 100미터에 잠재적인 새로운 평행 구역을 발견했습니다. 주요 하이라이트는 다음과 같습니다:
1) 시추 홀 TLSZ24-29W2 에서 7.3 gpt의 금을 7.0미터에서 관통하여, 3.0미터 구간에서 12.0 gpt의 금을 포함, 27미터 서쪽과 하향으로 구역을 확장했습니다.
2) 지표면에서 475미터 아래에 위치한 새로운 잠재적 구역이 3.0미터에서 6.0 gpt의 금을 반환했으며, 1.0미터 구간에서 15.9 gpt의 금을 포함합니다.
회사는 약 21,000미터의 추가 시추 결과를 포함하여 광물 자원 추정치를 업데이트하고 새로운 초기 경제성 평가(PEA) 연구를 수행할 준비를 하고 있습니다.
Canadian Gold Corp. (TSXV: CGC) a annoncé les résultats initiaux de son programme de forage de phase 3 à la mine Tartan près de Flin Flon, Manitoba. Le programme a réussi à étendre la minéralisation de haute qualité le long des limites ouest de la zone principale (MZ) et a découvert une nouvelle zone parallèle potentielle à 100 mètres au sud de la MZ. Les points clés incluent :
1) Une intersection de 7.3 gpt d'or sur 7.0 mètres, incluant 12.0 gpt d'or sur 3.0 mètres dans le trou de forage TLSZ24-29W2, étendant la zone de 27 mètres vers l'ouest et en profondeur.
2) Découverte d'une nouvelle zone potentielle retournant 6.0 gpt d'or sur 3.0 mètres, y compris 15.9 gpt d'or sur 1.0 mètre, située à 475 mètres sous la surface.
L'entreprise se prépare à mettre à jour son estimation des ressources minérales et à réaliser une nouvelle étude d'évaluation économique préliminaire (PEA), incorporant les résultats d'environ 21 000 mètres de forage supplémentaire.
Canadian Gold Corp. (TSXV: CGC) hat die ersten Ergebnisse seines Phasen-3-Bohrprogramms in der Tartan Mine nahe Flin Flon, Manitoba, bekannt gegeben. Das Programm hat erfolgreich die hochgradige Mineralisierung entlang der westlichen Grenzen der Hauptzone (MZ) erweitert und eine potenzielle neue parallele Zone 100 Meter südlich der MZ entdeckt. Wichtige Highlights umfassen:
1) Eine Schnittstelle von 7.3 gpt Gold über 7.0 Meter, einschließlich 12.0 gpt Gold über 3.0 Meter im Bohrloch TLSZ24-29W2, wobei die Zone um 27 Meter nach Westen und in die Tiefe erweitert wurde.
2) Entdeckung einer potenziellen neuen Zone mit 6.0 gpt Gold über 3.0 Meter, einschließlich 15.9 gpt Gold über 1.0 Meter, die sich 475 Meter unter der Oberfläche befindet.
Das Unternehmen bereitet sich darauf vor, seine Schätzung der Mineralressourcen zu aktualisieren und eine neue vorläufige Wirtschaftlichkeitsstudie (PEA) durchzuführen, die Ergebnisse von etwa 21.000 zusätzlichen Bohrmetern einbezieht.
- Extended high-grade mineralization with 7.3 gpt gold over 7.0 metres in the Main Zone
- Discovered potential new parallel zone with 6.0 gpt gold over 3.0 metres
- Expanded vertical extent of Main Zone resource by 72%
- Preparing for updated mineral resource estimate and new PEA study
- Existing infrastructure at Tartan Mine may reduce capital costs and time to production
- None.
Toronto, Ontario--(Newsfile Corp. - October 16, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce initial results from its Phase 3 Drill Program at the Tartan Mine, located near Flin Flon, Manitoba. Results in this news release have 1) Extended the high-grade mineralization along the western limits of the Main Zone (MZ) and 2) Discovered a potential parallel zone, located 100 metres south of the MZ (Fig. 2). In addition, the Company is starting work to prepare its full data set of the over 21,000 metres of drilling that the Company will have completed since the Company's last NI 43-101 resource estimate in 2017. This initial work will allow the Company to advance quickly when it decides to update the 43-101 resource estimate upon the completion of the Phase 3 Drill Program.
Phase 3 Drilling Update
1) Main Zone - Extending the Western Limits
The first objective of the Phase 3 Drill Program was to target the western limit of the Hanging Wall Zone (HWZ). Drilling below and west of TLMZ21-12 and TLMZ21-12W4 that returned 47.6 gpt gold over 5.8 metres and 20.6 gpt gold over 5.7 metres, intersected 7.3 gpt gold over 7.0 metres, including 12.0 gpt gold over 3.0 metres in drill hole TLSZ24-29W2, extending the zone 27 metres west and down plunge (Fig. 1). Follow-up drilling to further extend this intercept to the west is ongoing with assays pending.
2) Potential New Zone Discovered
Testing the MZ at depth from the South, which had not previously been attempted, has resulted in the discovery of a potential new zone that returned 6.0 gpt gold over 3.0 metres including 15.9 gpt gold over 1.0 metres (Fig. 2). This new zone was intersected 475 metres below surface and is situated approximately 100 metres south and parallel to the MZ. The discovery is open in all directions and furthers the Company's objective of increasing Tartan's total ounces per vertical metre. This is an important objective as it allows the Company to spread development costs over more ounces, bringing down the potential cost of production. Additional drilling targeting this zone has just been completed and assays pending.
Advancing on an Updated Resource Estimate & PEA
Looking to Improve Financial Returns & Sustainability
The Company is currently preparing its data set in anticipation of updating its mineral resource estimate and a new Preliminary Economic Assessment ("PEA") study, which would be focused on minimizing the initial capital and time required to restart the Tartan Mine. An updated resource estimate and PEA would incorporate the results from the approximately 21,000 additional metres of drilling, which has expanded the vertical extent of the MZ resource by
Table 1. Phase 3 Drill Assay Highlights
| Drill Hole | From (metres) | To (metres) | Interval (metres) | Depth Below Surface (metres) | Grade (gpt) | Zone |
| TLSZ24-29W2 | 880.0 | 887.0 | 7.0 | 712 | 7.3 | HWZ |
| Including | 884.0 | 887.0 | 3.0 | 12.0 | ||
| Including | 884.0 | 885.0 | 1.0 | 23.0 | ||
| TLSZ24-29W3 | 881.0 | 891.1 | 10.1 | 712 | 1.3 | MZ |
| Including | 887.0 | 891.1 | 4.1 | 2.2 | ||
| TLSZ24-29W4 | 586.0 | 589.0 | 3.0 | 475 | 6.0 | New Zone |
| Including | 588.0 | 589.0 | 1.0 | 15.9 | ||
| and | 838.0 | 864.4 | 26.4 | 675 | 2.2 | MZ |
| Including | 838.0 | 841.0 | 3.0 | 6.1 | ||
| And including | 847.0 | 849.0 | 2.0 | 5.5 | ||
| And including | 868.0 | 864.4 | 1.4 | 6.0 |
Table 2. Details of drill holes reported in this press release.
| Drill Hole | Azimuth (Degrees) | Dip (Degrees) | Length (metres) | Easting (UTM) | Northing (UTM) |
| TLSZ24-26W2 | 009 | -64.4 | 286 | 324175 | 6081641 |
| TLSZ24-26W3 | 009 | -64.4 | 291 | 324175 | 6081641 |
| TLSZ24-26W4 | 009 | -64.4 | 390 | 324175 | 6081641 |
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by ALS Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Figure 1. Tartan Mine - Main Zone Long Section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3276/226775_d7893db88478abc7_001full.jpg
Figure 2. Tartan Mine - Long Section and Cross Section illustrating the new zone.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3276/226775_d7893db88478abc7_002full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226775
FAQ
What were the key results from Canadian Gold Corp's Phase 3 Drilling at Tartan Mine?
How much has Canadian Gold Corp (TSXV: CGC) expanded the Tartan Mine's Main Zone resource?
What are Canadian Gold Corp's (TSXV: CGC) next steps for the Tartan Mine project?
Where is Canadian Gold Corp's (TSXV: CGC) Tartan Mine located?
