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.
AI-generated analysis. Not financial advice.
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
News Market Reaction – STRRF
On the day this news was published, STRRF gained 1.42%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
"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:
- 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.
- 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.
- 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.
- 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
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 - 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