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Canadian Gold Corp. (TSXV: CGC,OTC:STRRF) ("Canadian Gold" or the "Company") is pleased to announce that it has been approved for an additional $300,000 grant from the Manitoba Mineral Development Fund ("MMDF"). In total, the MMDF has granted Canadian Gold $900,000 since 2023, which has been a significant reason why the Company has been able to advance the Tartan Mine. In total, the Company has invested approximately $12.7 million into the project since 2012. Canadian Gold is currently in the process of being acquired by McEwen Inc., which is planning to advance the Tartan Mine towards a production decision.
Since receiving the first grant from the MMDF, Canadian Gold has 1) meaningfully increased the vertical extent of the Tartan Mine resource through 33,668 metres of core drilling, 2) optioned the adjoining Tartan West and Flin Flon North properties, consolidating the entire Tartan Shear Zone and positioning the Company to capitalize on synergies with a potential restart of the Tartan Mine, 3) conducted project-wide prospecting with the goal of developing new exploration targets, and 4) is in the process of hiring additional employees from Flin Flon to support the project. Upon completion of the acquisition by McEwen Inc., the Tartan Mine is expected to see further strong investment in 2026, including 15,000-20,000 metres of drilling, an updated resource estimate in Q1, and a preliminary economic assessment by year-end.
"We wish to thank the Province of Manitoba, the MMDF, and the Manitoba Chamber of Commerce for their continued support of our exploration program at the Tartan Mine near Flin Flon, Manitoba. This funding will help advance the ongoing Phase 4 diamond drill program." - Michael Swistun, CFA, President & CEO
Canadian Gold wishes to acknowledge the significant impact that the MMDF continues to have on mineral exploration and development in Manitoba. The continued support of the MMDF and the Manitoba Mineral Exploration Tax Credit ("MMETC") make Manitoba a strong destination for mineral exploration. Manitobans may also avail themselves of the unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as the Tartan Mine.
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Social Media Accounts:
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Canadian-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). (Tartan Lake Project Technical Report, Manitoba, Canada, April 2017 authored by Mining Plus Canada Consulting Ltd.). 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 Inc. (NYSE: MUX) (TSX: MUX) holds a 5.6% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Inc., holds a 32.5% 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274278
