Canadian Gold Corp. Commences Phase 3 Drill Program at Tartan Mine
Canadian Gold Corp. (TSXV: CGC) has commenced its Phase 3 Drill Program at the Tartan Mine property near Flin Flon, Manitoba. The program's initial focus is on expanding the Hanging Wall Zone (HWZ) and Main Zone. Previous drilling in the HWZ returned significant results, including 23.8 gpt gold over 12.6 metres and 20.6 gpt gold over 5.7 metres. The Main Zone's most important hole yielded 4.2 gpt gold over 53.7 metres, the longest intercept in the mine's history. The company believes expanding these zones is important for unlocking value at the Tartan Mine. Funding for this program comes from a recently completed private placement offering.
Canadian Gold Corp. (TSXV: CGC) ha iniziato il suo Programma di Perforazione Fase 3 presso la proprietà della Tartan Mine vicino a Flin Flon, Manitoba. L'obiettivo iniziale del programma è espandere la Hanging Wall Zone (HWZ) e la Main Zone. Le perforazioni precedenti nella HWZ hanno restituito risultati significativi, incluse 23,8 gpt di oro su 12,6 metri e 20,6 gpt di oro su 5,7 metri. Il pozzo più importante della Main Zone ha prodotto 4,2 gpt di oro su 53,7 metri, il più lungo intercetto nella storia della miniera. L'azienda crede che l'espansione di queste zone sia fondamentale per sbloccare valore alla Tartan Mine. Il finanziamento per questo programma proviene da un'offerta di collocamento privato recentemente completata.
Canadian Gold Corp. (TSXV: CGC) ha comenzado su Programa de Perforación Fase 3 en la propiedad de la Tartan Mine cerca de Flin Flon, Manitoba. El enfoque inicial del programa es ampliar la Hanging Wall Zone (HWZ) y la Main Zone. Las perforaciones anteriores en la HWZ devolvieron resultados significativos, incluyendo 23,8 gpt de oro sobre 12,6 metros y 20,6 gpt de oro sobre 5,7 metros. El agujero más importante de la Main Zone produjo 4,2 gpt de oro sobre 53,7 metros, el intercepto más largo en la historia de la mina. La compañía cree que expandir estas zonas es importante para desbloquear valor en la Tartan Mine. La financiación para este programa proviene de una oferta de colocación privada recientemente completada.
캐나다 골드 법인(Canadian Gold Corp.)(TSXV: CGC)은 매니토바 플린 플론 근처의 타르탄 광산(Tartan Mine) 부지에서 3단계 시추 프로그램을 시작했습니다. 프로그램의 초기 초점은 행잉 월 존(Hanging Wall Zone, HWZ)과 메인 존(Main Zone)을 확장하는 것입니다. HWZ에서의 이전 시추 결과는 12.6미터에 걸쳐 23.8 gpt의 금과 5.7미터에 걸쳐 20.6 gpt의 금을 포함하여 의미 있는 결과를 가져왔습니다. 메인 존에서 가장 중요한 구멍은 53.7미터에 걸쳐 4.2 gpt의 금을 생성했으며, 이는 광산 역사상 가장 긴 인터셉트입니다. 회사는 이러한 구역을 확장하는 것이 타르탄 광산에서 가치를 unlocking하는 데 중요하다고 믿고 있습니다. 이 프로그램에 대한 자금은 최근 완료된 사모 배정 금융에서 나옵니다.
Canadian Gold Corp. (TSXV: CGC) a débuté son Programme de forage Phase 3 sur la propriété de la Tartan Mine près de Flin Flon, au Manitoba. L'objectif initial du programme est d'élargir la Hanging Wall Zone (HWZ) et la Main Zone. Les forages précédents dans la HWZ ont donné des résultats significatifs, y compris 23,8 gpt d'or sur 12,6 mètres et 20,6 gpt d'or sur 5,7 mètres. Le trou le plus important de la Main Zone a révélé 4,2 gpt d'or sur 53,7 mètres, l'interception la plus longue de l'histoire de la mine. L'entreprise estime que l'expansion de ces zones est essentielle pour débloquer de la valeur à la Tartan Mine. Le financement de ce programme provient d'une récente offre de placement privé réalisée.
Canadian Gold Corp. (TSXV: CGC) hat sein Phase-3-Bohrprogramm im Tartan-Minengebiet in der Nähe von Flin Flon, Manitoba, gestart. Der anfängliche Fokus des Programms liegt auf der Erweiterung der Hanging Wall Zone (HWZ) und der Main Zone. Frühere Bohrungen in der HWZ haben signifikante Ergebnisse geliefert, darunter 23,8 gpt Gold über 12,6 Meter und 20,6 gpt Gold über 5,7 Meter. Das wichtigste Bohrloch der Main Zone ergab 4,2 gpt Gold über 53,7 Meter, der längste Interzept in der Geschichte der Mine. Das Unternehmen ist der Ansicht, dass die Erweiterung dieser Zonen wichtig ist, um den Wert in der Tartan Mine freizusetzen. Die Finanzierung für dieses Programm stammt aus einem kürzlich abgeschlossenen privaten Platzierungsangebot.
- Commencement of Phase 3 Drill Program at Tartan Mine
- Previous drilling in HWZ returned high-grade results: 23.8 gpt gold over 12.6 metres and 20.6 gpt gold over 5.7 metres
- Main Zone drilling yielded longest intercept in mine history: 4.2 gpt gold over 53.7 metres
- Potential to expand resource size at Tartan Mine
- Recently completed private placement to fund the drill program
- Delayed start of drill program to ensure veteran crew availability
Toronto, Ontario--(Newsfile Corp. - July 30, 2024) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to provide an exploration update for the Tartan Mine property, located near Flin Flon, Manitoba.
Phase 3 Drill Program Initial Focus: Expanding the Hanging Wall Zone & Main Zone
The Phase 3 Drill Program is now underway at the Tartan Mine. The Company had deferred the start of the Drill Program to ensure that a veteran drill crew would be on site for the program.
As previously disclosed, the initial focus of the Phase 3 Drill Program is testing the western extent of the Hanging Wall Zone (HWZ), following up on two important intersections and the Main Zone record length intercept at depth.
The two important intersections of the HWZ, which remains open to the west and starts approximately 670 metres below surface, include the first hole that returned 23.8 gpt gold over 12.6 metres, including 47.6 gpt gold over 5.8 metres and the second intercept, drilled earlier in 2024, returning 20.6 gpt gold over 5.7 metres, including 30.4 gpt gold over 3.0 metres.
In the Main Zone the most important hole drilled in the earlier drill programs returned the longest intercept in the history of the Tartan Mine with an impressive 4.2 gpt gold over 53.7 metres, including 12.0 gpt gold over 8.0 metres. A detailed analysis of the drill data indicates that there is considerable potential to expand this zone to the west. Should the planned drill holes in this target area return similar assay results, it would represent a material increase to the size of the resource at the Tartan Mine.
Management believes the ability to expand these important zones remains key to unlocking value at the Tartan Mine.
Further updates on the program will follow.
Proceeds from Canadian Gold's recently completed private placement offering (announced July 17, 2024) will be deployed for this Phase 3 Drill Program. Insiders of the Company subscribed to the offering resulting in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Canadian Gold relied on the exemptions contained in Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(b) of MI 61- 101 for an exemption from the minority shareholder approval requirement as the fair market value of the securities distributed under the offering, insofar as it involved interested parties, did not exceed
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218293
FAQ
What is the focus of Canadian Gold Corp's Phase 3 Drill Program at Tartan Mine?
What were the significant gold intercepts from previous drilling at Tartan Mine?
How is Canadian Gold Corp (TSXV: CGC) funding the Phase 3 Drill Program at Tartan Mine?
What potential does Canadian Gold Corp see in expanding the zones at Tartan Mine?
