Canadian Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource and restart 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 ounces gold (1.18 million tonnes at 6.32 grams per tonne (g/t) gold) and an inferred estimate of 37,000 ounces gold (240,000 tonnes at 4.89 g/t gold).

The Company also holds a 100-per-cent interest in greenfield exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic mine (Quebec), the Hemlo mine (Ontario) and the Hammond Reef project (Ontario). The Company’s largest shareholder, owning 34 per cent, is Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and chief executive officer of McEwen Mining.

Projects in Hand

Tartan Gold Mine Project, Manitoba

Canadian Gold’s focus is on restarting the Tartan Gold Mine through exploration and development of high-grade resources.

Project Highlights

• Located 25 km from the mining hub of Flin Flon, Manitoba
• Former mine site with road, hydro and underground infrastructure in place
• 2017 Resource of 277,000 ounces gold
• Indicated: 1,180,000 tonnes at 6.32 g/t gold (240,000 ounces gold)
• Inferred: 240,000 tonnes at 4.89 g/t gold (37,000 ounces gold)
• Since the 2017 Resource Estimate (43-101):
• Over 20,000m of drilling have been conducted:
• With an over 87% success rate of finding additional gold.
• Main Zone mineralization has been extended vertically 72% from 575m to 1,030m
• Discovered new high-grade Hanging Wall Zone containing:
• 23.8 g/t Au over 12.6 m including 47.6 g/t Au over 5.8 m (October 2021)
• 20.6 g/t Au over 5.7 m including 30.4 g/t Au over 3.0 m (February 2024)
• Bulk tonnage potential has been identified below 750m vertical depth:
• 4.2 g/t of gold over 53.7m
• 4.4 g/t of gold over 17.8m
• High-grade at the South Zone
• 6.6 g/t Au over 19.4 m including 24.2 g/t Au over 2.0 m
• High-grade at the South Zone HWZ
• 16.7 g/t Au over 10.35 m including 198.5 g/t Au over 0.8 m

Manitoba Competitive Advantage:

Ranked 6th globally in 2024 Fraser Institute Mining Survey

• Lowest Cost Electricity in North America
• 98% Renewable Electricity
• Strong Tax Incentives
• Long Mining History
• Skilled Workforce

On December 16, 2024, Canadian Gold announced that it has begun its phase 4 drill program at the Tartan mine. The phase 4 drill program will look to build upon the success of the previous phases that have significantly expanded the mineralization at depth since the 2017 resource estimate. The drill program will target four key areas:

1. Western extension and infill between 375 and 600 metres – To advance the current resource estimate at the main zone, six holes are planned to test the western flank and infill large gaps between drill holes at depths ranging from 375 to 600 metres below surface. The objective of these holes will be to increase the total number of ounces per vertical metre, convert ounces to the measured and indicated categories and expand the inferred resources further west.
2. Continue to define the western flank of the main zone below the previous resource estimate – Drilling during phase 3 successfully intersected high-grade gold along this western flank from 700 to 850 metres below surface. Drill assay results from phase 3 included 7.3 g/t gold over 7.0 metres, 7.2 g/t gold over 5.7 metres and 7.8 g/t gold over 4.0 metres.
3. Deeper exploration with limited drilling – To date, limited deeper drilling at the main zone has successfully intersected some of the best results in the project's history, including 4.2 g/t gold over 53.7 metres. Canadian Gold has been analyzing this zone and evaluating technical strategies in order to produce similar results, and accordingly, two holes are planned for this zone, located within the deeper part of the main zone.
4. Deeper extension of south zone – Two holes are planned for the south zone below 300 metres, with the objective of identifying the potential deeper extension.

Hammond Reef North & South Project, Ontario

• Located in Western Ontario, 10km north of Atikokan, 200km west of Thunder Bay
• Adjacent to Agnico Eagle’s fully permitted Hammond Reef Gold Deposit, which contains a large mineral resource of more than five million ounces of gold
• Large underexplored property with multiple gold occurrences in the same geological environment as the Hammond Reef Deposit

Hammond Reef South Project

On September 25, 2024, Canadian Gold has provided an exploration update on the Hammond Reef South property, located only two kilometres from Agnico Eagle's Hammond Reef project.

The Company also announced that it has been approved for the Ontario Junior Exploration Program (OJEP) grant by the Ontario Ministry of Mines. The grant will provide funding for 50 per cent of exploration expenditures, to a maximum of $200,000, incurred between April, 2024, and February, 2025, at the Hammond Reef South property. The grant will allow Canadian Gold to advance its exploration activities at the highly prospective Hammond Reef South property.

In August, 2024, the Company reported the discovery of a new high-grade zone with surface samples returning 35.4 g/t and 7.1 g/t gold within the northern part of the property (see news release dated Aug. 6, 2024).

A follow-up program has since been completed to better evaluate the newly discovered high-grade gold mineralization. A stockwork vein system was identified that has a minimum strike length of 80 metres with widths of up to 20 metres. The mineralization remains open along strike in both directions and returned samples from nil to 34.5 g/t gold. A channel sample across the zone returned 3.3 g/t gold over 1.05 metres, including 6.42 g/t gold over 0.45 metres. New sampling 80 metres north of the original discovery and before going under a swamp returned 11.6 g/t gold from surface sampling.

This recent work has outlined a potential mineral system over a large 6.7 km gold trend that passes through the property. The project's exploration permit was approved in July and allows for drilling, trenching and ground geophysical work.

Management

Management and Directors

Michael Swistun, CFA, President, Chief Executive Officer & Director

Mr. Swistun most recently served as a key advisor to the previous Premier of Manitoba and was Secretary of the Economic Development Board. Prior to his service in government, Mr. Swistun held senior executive roles with companies in the industrial, aerospace and financial industries. Notably, Mr. Swistun was Director of Acquisitions for Exchange Income Corp.

Jennifer Boyle, Executive Vice President

Ms. Boyle was the Founder, and former Executive Chair of Canadian Gold Corp. A former securities lawyer who has been, for the past 22 years, founding or re-organizing early-stage junior resource issuers, and developing growth strategies for various clients.

Julio DiGirolamo, CPA, Chief Financial Officer

Mr. DiGirolamo has over 22 years of experience including, most-recently, five years as CFO for Carlisle Goldfields Limited, a TSX-listed gold exploration company having projects located in northern Manitoba, Canada.

Peter Shippen, Chairman

Mr. Shippen is an entrepreneur, investor, and capital markets professional with 22 years of experience. Mr. Shippen is the Chief Executive Officer of CSE listed Britannia Life Sciences Inc., and formerly, a senior executive at Purpose Investments.

Alex McEwen, Director

Doug Flegg, Director

Jim Downey, Director

Jeff Kilborn, Director

Wes Hanson, Director

News Update

On April 10, 2025, Canadian Gold Corp. plans to double the size of its phase 4 drill program at the Tartan mine, located near Flin Flon, Man., following McEwen Mining's recent 5.9-per-cent equity investment. The phase 4 program will now total approximately 8,000 metres of diamond drilling in addition to the 23,683 metres completed since the last resource estimate in 2017. The expanded drill program is intended to significantly grow the resource base by targeting high-priority areas within the Main and South zones.

"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," said Michael Swistun, president and chief executive officer.

The expanded phase 4 drill program will target areas where there appears to be excellent potential for growing the resource at the South zone and Main zone, specifically, to:

1. 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 grams per tonne gold over 6.0 metres. Drilling will also follow up on the newly discovered South zone hangingwall zone that has returned 29.1 gpt gold over 5.9 metres and 8.4 gpt gold over 2.0 metres.
2. 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.
3. Drill Main zone's Western flank where recent stepout 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.
4. 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 $300,000.00 grant from the Manitoba Mineral Development Fund (MMDF) to help finance an updated National Instrument 43-101 resource estimate and a preliminary economic study (PEA) which are anticipated to be completed following phase 4 drilling. These reports will provide critical data and insight to support the deliberations and decisions on a possible restart of the mine.

On April 09, 2025, Canadian Gold Corp. has been approved for an additional $300,000 grant from the Manitoba Mineral Development Fund (MMDF). The proceeds from the grant will be used to update the Tartan mine's National Instrument 43-101 resource estimate and to complete a preliminary economic assessment (PEA) for the possible restart of the mine. Both are expected to commence at the conclusion of the current phase 4 exploration program, which is estimated to be completed by early summer. This grant, when combined with the company's treasury and pending financing, will increase Canadian Gold's total capital to approximately $3.5-million.

"We want to express our gratitude to the Province of Manitoba and the Manitoba Mineral Development Fund for targeting these funds to further our efforts in advancing the potential restart of the Tartan mine. An updated NI 43-101 and PEA are critical to quantifying and validating the economic potential of Tartan.

"I also want to thank the MMDF Board and the Government of Manitoba for the continued support and funding of the MMDF program. The MMDF program provides critical funding to many junior resource companies that often struggle to access the capital that is vital to the growth of the mining sector in Manitoba," stated Michael Swistun, CFA, president and chief executive officer.

On March 27, 2025, Canadian Gold Corp. has closed its non-brokered financing previously announced on March 10, 2025. The company issued 8,823,529 charity flow-through shares at a price of 28 cents per charity FT share and 2,941,176 common share units at a price of 17 cents per share unit for aggregate gross proceeds to the company of approximately $3-million. McEwen Mining Inc. participated in the offering as a strategic investor. McEwen Mining now owns 5.9 per cent of Canadian Gold's outstanding shares and 7.3 per cent on a partially diluted basis. Rob McEwen, McEwen Mining's chairman and chief owner, owns 32 per cent of Canadian Gold's outstanding shares.

The company intends to use the aggregate proceeds from the offering to:

1. Target the deeper extensions of the Main zone, which remains open; limited drilling in this area has returned 12.0 grams per tonne gold over 8.0 metres and 12.7 g/t gold over 3.4 metres;
2. Drill Main zone's Western flank, where recent stepout drilling has intercepted 11.6 g/t gold over 5.6 metres and 7.1 g/t gold over 6.0 metres;
3. Target the Main zone's Eastern flank, which returned 9.7 g/t gold over 4.2 metres;
4. Define the limits of the South zone's potentially important depth extensions where the first drill hole recently returned 6.1 g/t gold over 6.0 metres and the newly discovered South zone hangingwall zone that has returned 29.1 g/t gold over 5.9 metres and 8.4 g/t gold over 2.0 metres;
5. Help advance development studies at the Tartan mine.

On March 10, 2025, Canadian Gold Corp. has entered into an agreement where it will issue 8,823,529 charity flow-through shares at a price of 28 cents per charity FT share and 2,941,176 common share units at a price of 17 cents per share unit for aggregate gross proceeds to the company of approximately $3-million. The offering will be conducted on a non-brokered private placement basis. McEwen Mining Inc. has agreed to participate in the offering as a strategic investor. Upon closing of the offering, McEwen Mining will own 5.9 per cent of Canadian Gold's outstanding shares and 7.1 per cent on a partially diluted basis. Postfinancing, Rob McEwen, McEwen Mining's chairman and chief owner, will own 32 per cent of Canadian Gold's outstanding shares.

"We are honoured to welcome McEwen Mining Inc. as a strategic shareholder. Their investment represents a significant validation and endorsement of the results of our ongoing exploration efforts at Tartan. We have a shared vision to aggressively advance toward the goal of restarting the Tartan mine. We look forward to putting this investment to work immediately to expand and quantify the resource on the Main zone and South zone, plus do follow-up drilling at our recently discovered third parallel zone to the south of the South zone," said Michael Swistun, CFA, president and chief executive officer.

On March 03, 2025, Canadian Gold Corp. announced that the first hole designed to significantly expand the South Zone to the southeast by 170 metres vertically at the Tartan Mine near Flin Flon, Manitoba, was a success. The hole intersected 6.1 gpt gold over 6.0 metres and discovered what the Company's geological team believes could be a new Hanging Wall Zone, which returned 8.4 gpt gold over 2.0 metres, further to the south. The result from the Hanging Wall Zone aligns with a hole drilled in 2022, which returned 29.1 gpt gold over 5.85 metres, making this an exciting new discovery.

"These remarkable results represent an exciting new chapter in our ongoing exploration of the orogenic gold system at the Tartan project. The South Zone is parallel to and right beside the Main Zone, which could be developed from the same underground workings at depth. Equally exciting is that higher up in hole TLSZ25-32, it appears that we have hit an additional high-grade gold parallel zone. The significant downward expansion of the South Zone gold mineralization at both a high grade and mineable width indicates what may be a significant new plunge line for the South Zone. The South Zone remains open along strike in both directions and at depth. The added prospect of a potential new Hanging Wall Zone is truly the icing on the cake for our geological team.

We are delighted to be able to focus on both the Main Zone and South Zone (as well as further drill into a potential third parallel zone discovery) drilling to have a dual approach of exploration and rapidly advance toward our goal of bringing the Tartan Mine back into production." - Michael Swistun, CFA, President & CEO

On February 18, 2025, Canadian Gold Corp. announced the ongoing drill results from its Phase 4 drill program at the Tartan Mine, near Flin Flon, Manitoba. Two holes successfully expanded the high-grade mineralization along the western flank by approximately 60 metres west between 680 and 720 metres below surface. Both holes contained visible gold and continue to validate impressive continuity of the Main Zone in both grade and thickness, an exceptional attribute that enhances the deposit's viability in a future mining scenario. In addition to the potential for discovering additional ounces to the west, opportunity remains along the eastern flank, which has seen limited drilling at depth. Since beginning this multi-Phase drill program, a total of 26 of 29 holes (90%) have successfully intersected what the Company believes to be potentially economic mineralization within the Main Zone.

Western Expansion Drilling Intersects More High-Grade of 11.6 gpt Gold Over 5.1 Metres & 7.1 gpt Over 6.0 Metres.

"Each of our drill programs, Phase 1 through Phase 4, has delivered numerous high-grade intercepts across economically mineable widths. These latest drill results have increased our success rate for Main Zone intercepts to 90% across all four programs, advances us further toward our goal of restarting the Tartan Mine. Our results in the Main Zone strongly indicate that the Tartan Mine could be just the beginning of a much larger, high-grade orogenic gold system," said Michael Swistun, CFA, President & CEO. He added, "With each phase of drilling, the geological picture we are uncovering becomes increasingly compelling, especially in the context of current and projected global gold demand."

On February 10, 2025, Canadian Gold Corp. announced that ongoing exploration of the Tartan Mine Gold Project, near Flin Flon, Manitoba, continues to yield positive results in resource expansion, definition, and deepening the geological team's understanding of the project.

These recent results from the Company's ongoing Phase 4 drill program successfully met their objectives, namely: 1) Target a large undrilled area of the Main Zone located between historic and recent exploration holes below the limit of the 2017 resource estimate, and 2) continue to build gold ounces along the western flank of the Main Zone, where the Company has been intersecting encouraging results, as highlighted in prior news releases. Additionally, assays are pending along the deeper portion of the western flank, which appears promising and contains occurrences of visible gold.

December 24, 2024, Canadian Gold Corp. announces the completion of the final tranche closing of its private placement offering, resulting in aggregate oversubscribed proceeds of $775,089.

https://canadiangoldcorp.com/canadian-gold-corp-closes-final-tranche-of-financing/

December 16, 2024, Canadian Gold Corp. Commences Phase 4 Drill Program at Tartan Mine

https://canadiangoldcorp.com/canadian-gold-corp-commences-phase-4-drill-program-at-tartan-mine/

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