Taiga Reports Leland Drill Results, Fisher Project Update

Rhea-AI Summary

Taiga Gold Corp has completed its winter drill program on the 100%-owned Leland property, conducting 9 holes totaling 1341m. All holes intersected quartz veining or sulphide-bearing shears, with results showing high values of 635ppb Au. The company is collaborating with SKRR Exploration, which aims to earn a 75% interest through $3M in exploration expenditures and other payments. Additionally, progress continues on the Fisher Gold Project, where approximately one-third of Phase 1 drilling is complete, and future drilling is planned for late May/early June.

Positive

• All nine drill holes on the Leland property intersected quartz veining or sulphide-bearing shears.
• High assay result of 635ppb Au from hole LE21004 over 1.5m.
• SKRR Exploration advancing towards a 75% interest in the Leland property through significant exploration financial commitments.
• Ongoing exploration and drilling at the Fisher Gold Project with substantial prior investment from SSR Mining.

Negative

• None.

CRANBROOK, BC / ACCESSWIRE / May 6, 2021 / Taiga Gold Corp (CSE:TGC) ("Taiga" or the "Company") and option partner SKRR Exploration ("SKRR") have received complete results from the 9 hole, 1341m (4,400') 2021 winter drill program completed on EPL's 100%-owned Leland property located within the Trans Hudson Corridor ("THC") and situated 23 kilometers southwest of SSR Mining's Seabee Gold Operation. SKRR holds the exclusive option to earn up to a 75% interest in the 9,392ha property by completing $3,000,000 in exploration expenditures, making cash payments of $500,000 and issuing 1,500,000 common shares to Taiga over a 3-year period.

The inaugural drill program on the Leland property was carried out in January-February, 2021 and tested approximately 1 km of strike length of a gold-mineralized shear system defined by surface rock grab and trenching, soil geochemistry and detailed airborne (drone) magnetic survey data. All nine holes intersected either quartz veining or sulphide bearing shears and analytical results ranged from trace values to a high of 635ppb Au over 1.5m from 47.9 - 49.4m in LE21004.

Earlier trenching at the Michelle-Irving and Simon areas has identified both steep conformable NW-trending veins and a second set of shallow north-dipping veins. Preliminary conclusions from recent drilling suggest that gold distribution along the Irving-Simon trend likely has a strong mineralization control related to the intersection of these steep and shallow vein sets. Future drilling will be designed to anticipate and target these shoots.

Analytical Methods and QA/QC Procedures

Geological and geotechnical logging and core sampling were completed at a facility on the Leland property. Assay intervals were based on visual identification of mineralization, presence and density of quartz veins and lithological boundaries. Terralogic Exploration geologists maintained chain of custody and sampling procedures reported in this news release according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.

Samples were sent for geochemical analysis with ALS Global, Vancouver for the following analyses: 48 element four-acid ICP-MS (ME-MS61) and gold (Au) 30 g Fire Assay - AA finish (Au-AA23). Samples that returned over 1ppm Au by Au-AA23 were re-analysed using gold (Au) 30g Fire Assay - Gravimetric finish (Au-GRA21).

On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure the order of samples were reported correctly, that the blanks ran clean, and that the results for each standard had minimal variance from its certified value. QA/QC for the Leland Drilling Program included certified reference material ("CRM's") and blanks that were inserted into each sample batch in order to verify the analytical from the lab. The CRM's from all holes reported passed within 3 standard deviations and the blanks returned acceptable values. All of the lab internal standards and duplicates were within acceptable values.

Update on Fisher Gold Project

Taiga and joint venture partner SGO Mining Inc., a wholly owned subsidiary of SSR Mining Inc. ("SSRM") (TSX: SSRM) (NASDAQ: SSRM) have completed approximately one third of Phase 1 exploration 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 and is owned and operated by the Fisher Joint Venture ("Fisher JV"), comprised of 80% ownership by SSRM and 20% by TGC.

During the winter of 2021, the Fisher JV completed 1157m of HQ diamond drilling in 4 holes focused on defining gold mineralization at the Mac and Mac North zones. Six holes were collared, with two holes abandoned due to excessive deviation near the top of the drillholes. Drilling is planned to resume in late May/early June. The winter program was based out of an all-season exploration camp located within Fisher property boundaries. Analytical results have been received by SGO and are currently being compiled and assessed for QAQC.

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 35,740m (117,257') of drilling in 91 holes for expenditures totalling over CDN$12,500,000, resulting in over 15,000 individual core samples collected. In addition, SSRM has made cash payments to Taiga and predecessor Eagle Plains Resources of CDN$3,800,000. Taiga holds a 2.5% royalty on the majority of claims comprising the Fisher property, subject to underlying royalties on certain dispositions. The royalty includes a $100,000 annual advance royalty payment.

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.

About Taiga Gold Corp

Taiga Gold Corp was created 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 Joint Venture between SSR Mining and 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/644976/Taiga-Reports-Leland-Drill-Results-Fisher-Project-Update

FAQ

What are the key findings from Taiga Gold's Leland property drill program?

The drill program revealed quartz veining and sulphide-bearing shears, with assays reaching up to 635ppb Au.

When will drilling resume at the Fisher Gold Project?

Drilling at the Fisher Gold Project is planned to resume in late May or early June 2021.

How much is SKRR Exploration investing in the Leland property?

SKRR Exploration aims to earn a 75% interest by investing $3 million in exploration expenditures, along with cash payments and share issuances.

What is Taiga Gold's ownership structure in the Fisher Gold Project?

Taiga Gold has a 20% interest in the Fisher Gold Project, which is primarily owned by SSR Mining at 80%.

What is Taiga Gold's strategy for its gold projects?

Taiga Gold focuses on exploring and developing gold projects located near SSR Mining's Seabee Gold Operation in Saskatchewan.