Canadian Gold Corp. Doubles the Phase 4 Drill Program at Tartan Mine Following McEwen Mining Investment

Rhea-AI Summary

Canadian Gold Corp (TSXV: CGC) has announced plans to double its Phase 4 drill program at the Tartan Mine in Flin Flon, Manitoba, following McEwen Mining's 5.9% equity investment. The expanded program will now total 8,000 metres of diamond drilling, adding to the 23,683 metres completed since 2017.

The drilling will focus on high-priority areas within the Main and South Zones, with recent significant findings including:

• South Zone: 6.1 gpt gold over 6.0 metres in depth extensions
• South Zone Hanging Wall: 29.1 gpt gold over 5.9 metres
• Main Zone: 12.0 gpt gold over 8.0 metres
• Main Zone Western Flank: 11.6 gpt gold over 5.1 metres

The company has also received a $300,000 grant from the Manitoba Mineral Development Fund for an updated NI 43-101 Resource Estimate and Preliminary Economic Study, important for potential mine restart decisions.

Positive

• McEwen Mining's strategic 5.9% equity investment strengthens financial position
• Significant high-grade gold intercepts across multiple zones (up to 29.1 gpt)
• Secured $300,000 grant for resource estimate and economic study
• Expansion of drilling program to 8,000 metres indicates growth potential
• Multiple successful drill results extending known mineralization zones

Negative

• No resource estimate update since 2017
• Mine restart timeline remains uncertain pending new studies

Flin Flon, Manitoba--(Newsfile Corp. - April 10, 2025) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce its plans to double the size of its Phase 4 drill program at the Tartan Mine, located near Flin Flon, Manitoba, following McEwen Mining's recent 5.9% equity investment. The Phase 4 program will now total approximately 8,000 metres of diamond drilling in addition to the 23,683 metres completed since the last resource estimate in 2017. The expanded drill program is intended to significantly grow the resource base by targeting high-priority areas within the Main and South Zones.

"Continued drilling success at the South Zone, in particular, would be a game-changer for the Company and could significantly increase the resource at Tartan. The South Zone's proximity to the existing underground ramp and Main Zone would enhance operational efficiency, boost production, and potentially accelerate the Tartan Mine restart." - Michael Swistun, President & CEO.

The expanded Phase 4 drill program will target areas where there appears to be excellent potential for growing the resource at the South Zone (Fig. 1) and Main Zone (Fig. 2), specifically, to:

1. Expand on the South Zone by targeting its depth extensions where the first deep exploration drill hole, drilled 170 metres vertically below the known mineralization, recently returned 6.1 gpt gold over 6.0 metres. Drilling will also follow up on the newly discovered South Zone Hanging Wall Zone that has returned 29.1 gpt gold over 5.9 metres and 8.4 gpt gold over 2.0 metres.

2. Target the deeper extensions of the Main Zone, which remains open for expansion. Limited drilling in this area has returned significant high-grade intercepts, including 12.0 gpt gold over 8.0 metres and 12.7 gpt gold over 3.4 metres.

3. Drill Main Zone's Western Flank where recent step-out drilling has intercepted 11.6 gpt gold over 5.1 metres and 7.1 gpt gold over 6.0 metres, extending the mineralization by a total of 60 metres to the west.

4. Target the Main Zone's Eastern Flank which returned 19.4 gpt gold over 4.5 metres and 9.7 gpt gold over 4.2 metres.

In addition to the most recent financing, the Company has also received a $300,000.00 grant from the Manitoba Mineral Development Fund ("MMDF") to help fund an updated NI 43-101 Resource Estimate and a Preliminary Economic Study ("PEA") which are anticipated to be completed following Phase 4 drilling. These reports will provide critical data and insight to support the deliberations and decisions on a possible restart of the mine.

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 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen Mining Inc.  holds a 5.9% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Mining, holds a 32% interest in Canadian Gold.

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 - South Zone Longitudinal Section illustrating the areas of Phase 4 drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3276/248043_a57b4170a4c99be4_001full.jpg

Figure 2. Tartan Mine - Main Zone Longitudinal Section illustrating the areas of Phase 4 drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3276/248043_a57b4170a4c99be4_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248043

FAQ

What are the latest gold drilling results from Canadian Gold Corp's Tartan Mine?

Recent drilling revealed significant results including 29.1 gpt gold over 5.9 metres in the South Zone Hanging Wall, 6.1 gpt gold over 6.0 metres in South Zone depth extensions, and 12.0 gpt gold over 8.0 metres in the Main Zone.

How many meters will Canadian Gold Corp drill in Phase 4 at Tartan Mine?

The expanded Phase 4 drill program will total 8,000 metres of diamond drilling, doubled from its original size.

What is the significance of McEwen Mining's investment in Canadian Gold Corp?

McEwen Mining's 5.9% equity investment has enabled Canadian Gold Corp to double its Phase 4 drill program, potentially accelerating resource expansion at Tartan Mine.

What funding has Canadian Gold Corp received for the Tartan Mine development?

Canadian Gold Corp received a $300,000 grant from the Manitoba Mineral Development Fund for an updated NI 43-101 Resource Estimate and Preliminary Economic Study.