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Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to provide an exploration update on its 100% owned Hammond Reef South Project, located near Atikokan, Ontario, and adjacent to Agnico Eagle's fully permitted Hammond Reef Project (Fig. 1). Hammond Reef South was acquired in 2023 as part of the Company's strategy of acquiring prospective mineral rights around Canada's largest mines and development projects, which provides additional optionality for shareholders beyond the exploration drilling currently taking place at the Tartan Mine in Manitoba.
Highlights
- Surface sampling returns 35.4 and 7.1 gpt gold at Hammond Reef South, in addition to other gold-bearing samples, discovering a new high-grade zone approximately 2 km from Agnico Eagle's Hammond Reef Deposit, which is one of the few fully permitted mine projects in Canada (Fig. 1).
- The Hammond Reef South Project had its exploration permit approved on July 24, 2024, which allows for drilling, trenching and ground geophysical work.
- The Company has applied for the Ontario Junior Exploration Program grant, which provides for 50% reimbursement for exploration expenses up to $200,000.
- Follow-up field work is scheduled to begin this week.
Hammond Reef South Project
During June of this year, a field program was initiated on the property to evaluate the surface for gold mineralization. The program successfully identified a new high-grade gold zone with assays returning 35.4 gpt, 7.1 gpt, and 2.9 gpt gold (Table 1 & Fig. 2). The Hammond Reef South property is located only 2 km from Agnico Eagle's Hammond Reef Deposit, which contains a large mineral resource of more then 5 million ounces of gold and occurs in the same geological environment (Fig. 1).
Table 1. Hammond Reef South Surface Sample Highlights
| Sample Number | Easting | Northing | Gold g/t |
| 473583 | 612360 | 5418397 | 35.4 |
| 473584 | 612356 | 5418401 | 7.1 |
| 473586 | 612358 | 5418405 | 2.9 |
Gold mineralization at the new zone occurs within a large gossanous shear-hosted quartz vein with up to 10% sulphides, mainly pyrite with accessory chalcopyrite and galena, discovered in the Northeast part of the property (Fig. 2). The vein was at least 2 metres in width and exposed for more than 10 metres along strike which remains open to the Northeast and Southwest. The strike of the vein, its mineralization and geological setting is analogous to Agnico Eagle's Hammond Reef Deposit to the north. Recent and historic surface samples are now revealing a very large 6.7 km trend of gold mineralization across the Hammond Reef South property representing a potentially significant discovery (Fig. 3).
A follow-up program has been scheduled, and will commence this week that aims to evaluate the length, width and distribution of grade at the discovery zone. The Company has also applied for the Ontario Junior Exploration Program grant, which, if accepted, would provide a 50% reimbursement for exploration expenses up to $200,000 for the project.
President and CEO Michael Swistun comments: "We are very excited with the discovery of high-grade gold on the Hammond Reef South property. We were prospecting the property looking for large, low-grade gold system like the Hammond Reef Deposit next door and this gives us a new and exciting opportunity to follow up on."
For Further Information, Please Contact:
Michael Swistun
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.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by Act Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and pulverized to 95% passing 150 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an AAS finish. Samples over 5 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
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). The Company is 35% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
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. Overview location of the Hammond Reef South property illustrating the location of Agnico Eagle's Hammond Reef Deposit.
Figure 2. Location of the new high-grade discovery on the Hammond Reef South property.
CGC:CA
TEM | Yalgoo Update - Commencement of Drilling at Remorse
Key Points
- Commencement of 5,000m of reverse circulation drilling at the Remorse Target
Don Smith, Managing Director of Tempest Minerals, commented: "Despite some challenges, we’ve commenced drilling at Remorse. Our methodical approach to exploration has led us to this point, and we are excited to be testing the potential of this promising copper target. We look forward to updating shareholders as results become available."
Yalgoo Project
Background
The current drilling program is designed to test the central area of the Remorse Target, which has demonstrated significant potential through previous geochemical and geophysical surveys. The program consists of approximately 5,000 metres of RC drilling.
The Remorse Target is part of Tempest's broader Yalgoo Project, which spans over 1,000 square kilometres of prospective terrain for base and precious metals. Several long-term exploration efforts, including ground truthing and detailed geological mapping led to the expansion of the current drilling program. Recent multi-data analyses have further reinforced the target's potential.
Next Steps
- Ongoing analysis of drill results as they become available
- Potential for further drilling based on initial results
- Continued exploration activities across multiple promising targets within the portfolio
Figure 01: Reverse Circulation Drilling commencing on WARDH160 at the Remorse Target
The Board of the Company has authorised the release of this announcement to the market.
About TEM
Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia considered highly prospective for precious, base and energy metals. The Company has an experienced board and management team with a history of exploration, operational and corporate success.
Tempest leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximise shareholder value through focused, data-driven, risk-weighted exploration and development of our assets.
Investor Information
investorhub.tempestminerals.com
TEM welcomes direct engagement and encourages shareholders and interested parties to visit the TEM Investor hub which provides additional background information, videos and a forum for stakeholders to communicate with each other and with the company.
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. It's cost-effective exploration strategy of drill rig ownership, also sets it apart from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well-funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred in the fourth quarter of 2023 and the first quarter of 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is ramping up. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement, Aurum announced it has earned 51 percent project interest after completing more than 8,000 m of diamond core drilling. Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late 2024.
Management Team
Troy Flannery – Non-Executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
