Taiga Partner SSR Mining Identifies Consistent, Continuous High-Grade Gold Mineralization at Mac North Zone, Fisher Project

Rhea-AI Summary

Taiga Gold Corp (CSE:TGC) received a report from SGO Mining Inc. detailing drilling results at the Fisher Property in Saskatchewan. In 2020, 37 holes were drilled, totaling 12,976m, revealing significant high-grade mineralization, particularly at the Mac North area. Noteworthy results include the discovery of 13.74 g/t Au over 2.29m at the Yin Zone. SSR Mining invested over CDN$12 million in exploration since 2016 and made a CDN$3 million payment to Taiga upon forming a joint venture. Winter drilling is planned for Q1 2021 to further explore high-potential areas.

Positive

• Discovery of high-grade mineralization at multiple areas, particularly Mac North.
• Significant grades of gold reported, including 13.74 g/t Au at the Yin Zone.
• SSR Mining's substantial investment of over CDN$12 million supports ongoing exploration.
• Formation of a joint venture with SSR Mining, including CDN$3 million cash injection.

Negative

• Potential dilution of shareholder value associated with future funding of drill programs.

CRANBROOK, BC / ACCESSWIRE / February 17, 2021 / Taiga Gold Corp (CSE:TGC) ("Taiga") has received a report from SGO Mining Inc., a wholly-owned subsidiary of SSR Mining Inc. ("SSRM") containing complete analytical results from 2020 drilling on the Fisher Property located 125km east of La Ronge, Saskatchewan. The property is contiguous to the north, south and east with SSRM's Seabee Gold Operation. The property is owned and operated by the Fisher Joint Venture ("Fisher JV"), comprised of 80% ownership by SSRM and 20% by TGC.

Drilling was carried out in two phases completed during 2020Q1 and 2020Q4 and was financed by SSR while under option from Taiga (prior to formation of the Fisher JV). 37 holes were completed in 2020 for a total 12,976m (42,561'). Four showing areas were tested during the program, with significant high-grade mineralization discovered in four separate areas and visible gold reported in seven holes. Continuous, high-grade mineralization was delineated at the Mac North area, which is now considered a resource definition target by the Fisher JV. Significant results (>1 g/t Au) were reported in 58 separate sample intervals in 21 holes from the Mac North, Mac North Hanging Wall, CGR West and Yin showing areas, with highlights summarized below.

Since optioning the Fisher Property in 2016, SSRM has completed extensive systematic exploration including prospecting, soil geochemical sampling, detailed geological mapping, geophysical surveys and completed a total of 34,583m (113,461') of drilling in 87 holes for expenditures totalling over CDN$12,000,000, resulting in over 15,000 individual core samples. In addition, SSRM has made cash payments to Taiga and predecessor Eagle Plains Resources of CDN$3,800,000.

See Fisher Area Location Map here

See Fisher Property Map with Drill Highlights here

Highlights:

• Widespread high-grade mineralization discovered by drilling at Mac North Zone over a down-plunge area of 250m x 600m, open in all directions; resource definition drilling planned,
• New discovery made at the Yin Zone, adjacent to the Seabee Gold Operation boundary with results of 13.74 g/t Au over 2.29m*, including 55.5 g/t Au over 0.53m (previously reported);
• Visible gold reported in 7 holes throughout the property area,
• Taiga recently received CDN$3,000,000 from SSRM upon formation of joint-venture,
• Taiga independently holds a 2.5% NSR on the majority of the Fisher property area including an annual $100,000 advance royalty payment. Certain areas subject to underlying royalties,
• Numerous high potential targets remain untested, winter drilling planned for 2021Q1

Listen to a debrief of this news release by Tim Termuende, Taiga Gold President and CEO here

Fisher 2020 Summary

SSRM reported $3.24 million in exploration expenditures on the Fisher Property in 2020 with programs designed to target a mineral resource discovery. 2021 goals for the program are to complete resource definition drilling, further testing of areas of known mineralization and to further identify drill targets for testing evolving models in a structural setting similar to that observed at the nearby producing Santoy mine.

Significant Fisher 2020 Drill Results

Partial results for the 2020 drill program have been previously released. Summarized intercepts for unreleased drillholes are reported below, with additional analytical data available on the Taiga website. Analytical results range from trace values to the following:

Hole ID	Interval (m)		Gold (g/t)	Drilled Width (m)*	Grade x Width	Zone
FIS-20-036	204.0	205.0	1.30	1.0	1.30	CGR WEST
FIS-20-037	386.0	387.5	1.03	1.5	1.55	MAC NORTH
FIS-20-037	412.0	413.0	3.00	1.0	3.00	MAC NORTH
FIS-20-040	144.8	146.05	1.89	1.25	2.36	MAC NORTH HW
FIS-20-040	347.0	348.5	2.07	1.5	3.11	MAC NORTH HW
FIS-20-041	187.0	187.5	1.06	0.5	0.53	MAC NORTH / MAC NORTH HW
FIS-20-045	327.0	328.5	2.19	1.5	3.29	CGR WEST
FIS-20-050	165.14	166.1	1.58	0.96	1.52	MAC NORTH HW
	212.5	213.0	3.43	0.5	1.72	MAC NORTH HW
FIS-20-056	321.0	324.0	1.06	3.0	3.18	MAC NORTH
including	321.0	321.8	2.37	0.8	1.90	MAC NORTH
FIS-20-057	318.0	324.0	3.95	6.0	23.70	MAC NORTH
including**	318.0	318.5	10.31	0.5	5.16	MAC NORTH
and	320.5	321.0	5.18	0.5	2.59	MAC NORTH
and	321.0	321.5	4.06	0.5	2.03	MAC NORTH
and	323.0	324.0	10.37	1.0	10.37	MAC NORTH
and**	324.0	325.0	2.23	1.0	2.23	MAC NORTH
FIS-20-058	451.0	451.75	1.44	0.75	1.08	MAC NORTH
FIS-20-059	234.75	235.75	1.37	1.0	1.37	MAC NORTH
FIS-20-060	418.8	419.65	2.50	0.85	2.12	MAC NORTH
	583.0	584.5	2.26	1.5	3.39	MAC NORTH
**	776.04	776.61	5.86	0.57	3.34	MAC NORTH
FIS-20-061	428.0	429.5	1.47	1.5	2.21	MAC NORTH
	613.0	614.0	10.37	1.0	10.37	MAC NORTH
YIN-20-002	87.0	89.5	10.03	2.5	25.08	YIN
including	87.0	88.5	10.83	1.5	16.25	YIN
including	88.5	89.5	8.82	1.0	8.82	YIN

*drilled widths estimated at 70-90% of true widths
**visible gold reported in drill core

Mac North Zone

See Mac North Cross Section and Long Section Maps here

Selected drilling in 2020 targeted the Mac North main zone. Gold mineralization at Mac North occurs primarily within zones of sheeted quartz veins hosted by altered mafic volcanic rocks or sills of variable composition. The quartz veins are generally concordant and recrystallized, typically containing slivers of altered mafic wall rock.

Nineteen drill holes totaling 9,353.5m (30, 679') tested mineralization occurring along the Santoy shear, which had been identified by detailed geological and structural mapping, prospecting, soil sampling and previous drilling. DDH FIS-19-035 returned 3.76 g/t Au over 4.18 m and 7.31 g/t Au over 1.55 m. The best intercept reported in 2020 was 3.95 g/t Au over 6.0 m in FIS-20-057. FIS-20-051, the only drill hole dedicated to testing down-plunge of Mac North Hanging Wall grab samples (up to 167 g/t Au), was able to confirm continuity (18.7 g/t Au over 0.5 m) over 100 m down plunge (previously reported). Mineralization remains open in all directions.

Yin Zone

Drilling at the Yin Zone, located in the Central Granodiorite adjacent the Seabee Gold Operation property boundary, followed up on anomalous grab samples (up to 64.1 g/t Au) collected during the 2019 summer season. A total of five holes for 927.0m (3,040') were completed at Yin, targeting mafic volcanic rafts hosted in granodiorite and diorite. Highlights include YIN-20-002, which returned 10.03 g/t Au over 2.5m from 87.0 - 89.5m and YIN-20-004 (previously reported), which returned 55.5 g/t Au over 0.53m from 99.89 - 100.42m.

Central Granodiorite West ("CGR West")

At the Central Granodiorite West 7 holes for 1,789.5m (5,870') were completed, targeting quartz veins and shearing focused near the contact between mafic volcanic rocks and a regional-scale granodiorite. The mafic volcanic rocks lie within the overall structural corridor related to the Santoy shear. The 2020 drilling followed up on an intersection of 2.81 g/t Au over 0.57 m in FIS-18-003. The best intercept encountered in 2020 was in FIS-20-042 which returned 12.13 g/t Au over 1.50 m (previously reported)

Tim Termuende, P.Geo., President and CEO of Taiga commented recently on the results: "We are excited by the recent formation of the Fisher JV with SSR and pleased to see significant discoveries made on the property by the SSRM exploration team. Consistent high-grade mineralization discovered at the Mac North Zone confirms the potential of the Santoy shear and bodes well for further exploration and resource development throughout the large, relatively unexplored property area. We look forward to actively participating in future exploration of the property."

Fisher Property Summary

Both the Fisher Project and the Seabee Gold Operation are located within the Pine Lake Greenstone Belt. Ore geology at the Seabee Gold Operation consists of high-grade gold hosted by vein mineralization associated with shear zones that transect mafic meta-volcanic and intrusive rocks, as well as granitic rocks emplaced during the regional deformation events impacting Pine Lake rocks during the Proterozoic. Mineralization at the Seabee Gold Operation occurs at the Seabee and Santoy mine complexes, which are located approximately 14km apart. The former is affiliated with the more westerly-oriented Laonil Lake shear zone, while the latter is hosted by the Santoy Shear, a regional north-trending shear zone that has been traced for >20km over much of the Fisher Property.

Since 1991, the Seabee Gold Operation has produced over 1.57 million ounces of gold from the Seabee and Santoy deposits. In 2019, the Seabee Gold Operation produced 112,137 ounces of gold at cash costs of US$464 per ounce with an average mill-feed grade of 9.56 g/t., the fourth consecutive annual production record, with 2020 Q1 production of 29,521 ounces. SSR Mining has reported uncut drill intercepts grading up to 1,004 g/t Au over 1.6m, including 3,887 g/t gold over 0.4m (true widths) along the Santoy Shear in an area located approximately 3km northwest of the Fisher boundary (source: SSR Mining Website May 07, 2020). Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.

Analytical Methods and QA/QC Procedures

Samples collected for assay from diamond drill core are sent to TSL Laboratories in Saskatoon, SK for analyses. The drill core is split and half of the core is retained. The assay lab implements internal analytical quality control measures consisting of inserting gold control samples (blanks, certified reference material and field and pulp duplicates) in all sample batches submitted for assaying. SSRM inserts standards approximately every 20 samples, as well as two pulp duplicates and one geological blank in every batch with FA/AA work, and three pulp duplicates for FA/Gravimetric work.

Samples are analysed for gold by FA/AA using a 30 g charge. Assay values 1000 ppb Au or greater, FA/AA finish, are re-assayed using FA/Gravimetric 1 AT (29.16 g) charge. Samples values 5 g/t Au or greater are analyzed by screened metallics and are reported on separate certificates. Au detection limit FA/AA - 5 ppb, upper limit 3000 ppb; Au detection limit FA/Gravimetric - 0.10 g/t.

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Director of Taiga Gold Corp., has reviewed and approved the scientific and technical disclosure in the news release.

Update on Leland Drill Program

Drilling continues on Taiga's Leland Project, under option to and funded by SKRR Exploration (CSE:"SKRR") which may earn up to a 75% interest in the property (see details, TGC news release dated January 26^th, 2021). To date, 7 holes have been completed for a total of 1217m. The property is located 23 kilometers southwest of SSR Mining's Seabee Gold Operation, within the Trans Hudson Corridor of east-central Saskatchewan. Drilling is expected to continue until later this week, with results made available once they have been received, compiled and interpreted.

About Taiga Gold Corp

Taiga Gold Corp. was created in 2018 through a plan of arrangement with Eagle Plains Resources Ltd. and owns 6 projects targeting gold located within the Trans Hudson Corridor in the area near the Seabee Gold Operation, owned and operated by SSR Mining. Taiga's flagship Fisher property is currently being explored by the Fisher JV, which is owned 20% by Taiga. Taiga also owns a 2.5% NSR over the majority of the Fisher property area, which includes a $100,000 annual advance royalty payable to Taiga. Taiga's 100%-owned Leland, Chico and SAM properties are currently under option to partners SKRR Exploration, Aben Resources and DJ1 Capital, respectively. Taiga continues to advance its 100%-owned Orchid and Mari Lake projects.

Taiga's objective is to focus on the exploration and development of its gold projects located adjacent to the Seabee Gold Operation and along the Tabbernor Fault structure in eastern Saskatchewan, a highly prospective mining jurisdiction which was recently recognized by the Fraser Institute as one of the best places in the world in terms of Investment Attractiveness. Throughout the exploration and development process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on TGC, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: info@taigagold.com or visit our website at http://taigagold.com

Cautionary Note Regarding Forward-Looking Statements

Neither the CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Taiga Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/630168/Taiga-Partner-SSR-Mining-Identifies-Consistent-Continuous-High-Grade-Gold-Mineralization-at-Mac-North-Zone-Fisher-Project

FAQ

What were the significant findings from Taiga Gold Corp's drilling at the Fisher Property in 2020?

Taiga Gold Corp reported significant high-grade mineralization at multiple zones, particularly 13.74 g/t Au over 2.29m at the Yin Zone.

How much has SSR Mining invested in the Fisher Property exploration?

SSR Mining has invested over CDN$12 million in exploration for the Fisher Property since optioning it in 2016.

What is the joint venture between Taiga Gold Corp and SSR Mining about?

The joint venture involves SSR Mining holding an 80% interest in the Fisher Property, with Taiga Gold retaining a 20% interest.

What are the upcoming plans for Taiga Gold Corp regarding their drilling programs?

Taiga Gold plans to conduct winter drilling in Q1 2021 to further explore high-potential targets at the Fisher Property.

What is the significance of the Mac North area for Taiga Gold Corp?

The Mac North area shows continuous high-grade mineralization and is now considered a resource definition target.