Canadian Gold Corp. Announces Non-Brokered Financing to Advance Phase 4 Exploration at Tartan
Canadian Gold Corp (TSXV: CGC) announces a non-brokered private placement offering of up to $750,000 through flow-through common shares at $0.19 per share. The proceeds will fund eligible Canadian exploration expenditures at the Tartan Mine near Flin Flon, Manitoba. The Phase 4 exploration program targets four key areas: western extension and infill between 375-600 metres, western flank definition below previous resource estimate, deeper exploration, and South Zone extension. Previous Phase 3 drilling yielded significant results, including intersections of 7.3 gpt gold over 7.0 metres and 4.2 gpt gold over 53.7 metres.
Canadian Gold Corp (TSXV: CGC) annuncia un'offerta di collocamento privato non intermediato fino a $750,000 attraverso azioni ordinarie con flusso di cassa a $0,19 per azione. I proventi finanzieranno le spese di esplorazione idonee in Canada presso la Tartan Mine vicino a Flin Flon, Manitoba. Il programma di esplorazione Fase 4 mira a quattro aree chiave: estensione occidentale e riempimento tra 375 e 600 metri, definizione del fianco occidentale sotto la precedente stima delle risorse, esplorazione più profonda e estensione della Zona Sud. La precedente perforazione della Fase 3 ha prodotto risultati significativi, comprese intersezioni di 7,3 gpt di oro su 7,0 metri e 4,2 gpt di oro su 53,7 metri.
Canadian Gold Corp (TSXV: CGC) anuncia una oferta de colocación privada no intermediada de hasta $750,000 a través de acciones ordinarias con flujo a $0.19 por acción. Los ingresos financiarán los gastos de exploración elegibles en Canadá en la Tartan Mine cerca de Flin Flon, Manitoba. El programa de exploración Fase 4 se enfoca en cuatro áreas clave: extensión occidental y relleno entre 375 y 600 metros, definición del flanco occidental por debajo de la estimación de recursos previa, exploración más profunda y extensión de la Zona Sur. La perforación de la Fase 3 produjo resultados significativos, incluyendo intersecciones de 7.3 gpt de oro sobre 7.0 metros y 4.2 gpt de oro sobre 53.7 metros.
Canadian Gold Corp (TSXV: CGC)는 주당 $0.19에 유동성이 있는 보통주를 통해 최대 $750,000의 비중개 사모 배치를 발표했습니다. 모집된 자금은 매니토바 플린 플론 근처에 있는 Tartan Mine의 자격을 갖춘 캐나다 탐사 비용을 지원하는 데 사용됩니다. 4단계 탐사 프로그램은 375-600미터의 서쪽 연장 및 내충전, 이전 자원 추정 아래의 서쪽 경사 정의, 더 깊은 탐사, 그리고 남부 구역 확장을 목표로 하고 있습니다. 이전 3단계 시추에서 7.0미터에서 7.3gpt 금과 53.7미터에서 4.2gpt 금의 교차점 등 상당한 결과를 얻었습니다.
Canadian Gold Corp (TSXV: CGC) annonce une offre de placement privé sans intermédiaire pouvant atteindre $750,000 par le biais d'actions ordinaires à flux de trésorerie à 0,19 $ l'action. Les produits financeront les dépenses d'exploration canadiennes éligibles à la Tartan Mine près de Flin Flon, Manitoba. Le programme d'exploration Phase 4 cible quatre zones clés : extension occidentale et remplissage entre 375 et 600 mètres, définition du flanc ouest en dessous de l'estimation précédente des ressources, exploration plus profonde, et extension de la Zone Sud. Le forage de la Phase 3 a donné des résultats significatifs, incluant des intersections de 7,3 gpt d'or sur 7,0 mètres et 4,2 gpt d'or sur 53,7 mètres.
Canadian Gold Corp (TSXV: CGC) gibt eine nicht vermittelte Privatplatzierung von bis zu $750,000 durch flussgebundene Stammaktien zu $0,19 pro Aktie bekannt. Die Einnahmen werden genehmigte kanadische Erkundungsausgaben in der Tartan Mine in der Nähe von Flin Flon, Manitoba, finanzieren. Das Explorationsprogramm der Phase 4 zielt auf vier Schlüsselbereiche ab: westliche Erweiterung und Auffüllung zwischen 375 und 600 Metern, Definition des westlichen Abhangs unterhalb der vorherigen Ressourcenschätzung, tiefere Erkundung und Erweiterung der Südzone. Die vorherige Bohrung der Phase 3 ergab signifikante Ergebnisse, einschließlich Durchschneidungen von 7,3 gpt Gold über 7,0 Meter und 4,2 gpt Gold über 53,7 Meter.
- Previous Phase 3 drilling showed promising high-grade gold intersections
- Successful deep drilling results with 4.2 gpt gold over 53.7 metres
- Potential shareholder dilution through new share issuance
- Technical difficulties previously prevented follow-up on deep drilling results
Toronto, Ontario--(Newsfile Corp. - November 20, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") announces a non-brokered private placement offering of up to
The proceeds raised from the issuance of flow-through common shares will be used to incur eligible Canadian exploration expenditures at the Company's Tartan Mine near Flin Flon, Manitoba, to advance its Phase 4 exploration program.
Phase 4 Exploration Program
The Company's Phase 4 exploration program will look to build upon the success of the previous phases, targeting four key areas:
- Western extension and infill between 375 and 600 metres: To advance the current resource estimate at the Main Zone, six holes are planned to test the western flank and infill large gaps between drill holes at depths ranging from 375 to 600 metres below surface. The objective of these holes will be to increase the number of ounces per vertical metre, convert ounces to the measured and indicated categories, expand the inferred resource to the west (Fig. 1).
- Continue to define the western flank of the Main Zone below the previous resource estimate: Drilling during Phase 3 successfully intersected high-grade gold along this western flank from 700 to 850 metres below surface. Drill assay results from Phase 3 included 7.3 gpt gold over 7.0 metres, 7.2 gpt gold over 5.65 metres and 7.8 gpt gold over 4.0 metres (Fig. 1).
- Deeper exploration with limited drilling: To date, limited deep drilling at the Tartan Mine's Main Zone has successfully intersected some of the best results in the project's history, 4.2 gpt gold over 53.7 metres including 12.0 gpt over 8.0 metres. Thus far, Canadian Gold has not been able to effectively follow-up on this result due to various technical reasons, which the Company believes has been corrected. Two deep holes are planned at the Main Zone (Fig. 1).
- Extension of the South Zone: Two holes are planned for the South Zone below 300 metres with the objective of extending mineralization at depth (Fig. 2).
The offering is subject to receipt of approval by the TSX Venture Exchange and any other regulators having jurisdiction. It is intended that the flow-through shares will qualify as 'flow through shares' within the meaning of the Income Tax Act (Canada) and will be offered to all qualified purchasers resident of any Canadian province in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities issued upon the closing of the offering will be subject to a four month hold period from the date of issue, including any other re-sale restrictions imposed by applicable securities regulatory authorities. Insiders of Canadian Gold may, subject to applicable regulations, participate in the offering.
Finders' fees equal to
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.
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 illustrating Phase 4 planned drilling locations.
To view an enhanced version of this graphic, please visit:
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Figure 2. Tartan Mine - South Zone Long Section illustrating Phase 4 planned drilling locations.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230683
FAQ
What is the size of Canadian Gold Corp's latest financing announcement?
What are the main targets of Canadian Gold's Phase 4 exploration program at Tartan Mine?
What were the significant gold intersections from Phase 3 drilling at Tartan Mine?
