CRANBROOK, BC / ACCESSWIRE / April 15, 2020 / Taiga Gold Corp (CSE:TGC) (“Taiga”) or (the “Company”) has successfully completed staking activity on its’ 100%-owned Leland gold project located 100km northeast of La Ronge, Saskatchewan and 23km southwest of SSR Mining’s Inc.’s Seabee Gold Operation. The company recently added 1621 ha to its existing property holdings which are contiguous with Taiga’s Fisher property currently under option to SSR Mining Inc. The 7715 ha property contains numerous high-grade gold occurrences including up to 53 g/t (1.7 oz/t) gold associated with structurally controlled quartz veins.
See Leland property highlight map here
The recent staking covers two documented mineral occurrences. The Duck Lake Occurrence (Saskatchewan Mineral Deposit Index “SMDI” 1731) covers two quartz stockwork zones within a shear with the Main Zone traced on surface for 180m. Limited historical grab sampling returned values up to 3.2 g/t Au. The last significant work on the property was by Cogema in 1988 who recommended drill testing of geophysical conductors associated with the shear zone.
The Robinson Lake Au Showing (SMDI 2254) is located 8 km east of Duck Lake. Gold mineralization is associated with quartz veins and lenses in a metavolcanic host. Grab samples of quartz vein material returned up to 0.6 g/t Au.
In 2019 Taiga completed a three-phase geological and geophysical program at Leland. Highlights from that program include:
- Gold mineralization grading up to 5.4 g/t Au over 0.65 m within 2.1 g/t Au over 3.22 m (channel sample) from the Irving trench along the Simon-Irving Trend
- Discovery of 5 new gold-mineralized occurrences along the Simon-Irving trend grading between 113 ppb Au and 3.5g/t Au
- Soil geochemical results proximal to the Leland showing (SMDI-2390) confirm anomalies defined in 2015 and delineate a new zone of anomalous soils to the west of the Leland Showing and northeast of the Simon Showing (SMDI-2388) that are targets for future follow up work
Planning is currently underway for the 2020 field season.
Leland Property History
The Leland Property hosts several zones of orogenic gold mineralization with good exploration potential. Historic work in the western part of the Leland Property has identified numerous gold-bearing quartz veins with notable grades including the Leland Lake South Zone, which hosts grab samples ranging from trace values to highs of 32.8 g/t Au and 8.6 g/t Au; and the Simon/Irving Lake Zone, which returned up to 53 g/t Au from within a 2km x 600m shear zone centered along an open- ended contact between mafic volcanic and intrusive rocks. Near the new eastern limit of the property, known vein-hosted mineralization at the Sun Zone returned values ranging from trace quantities to 8 g/t Au. Gold-bearing shear zones at this location are proximal to mafic volcanic and intrusive rock units that also contain VMS-style base metal mineralization. None of the showing areas have been drill-tested but trenching indicates they contain structurally-controlled mineralization and are open along strike. The presence of amphibolite-grade meta-volcanic and associated meta-intrusive rocks hosting well-defined shear zones are considered positive indicators for the presence of orogenic gold deposits. The mineralization, host rocks and structural framework are similar to gold deposits in the region such as the nearby Seabee Gold Operation. Additionally, this prospective geology is considered to be underexplored for 30 km of strike length within the current Leland property boundaries.
The above results were taken directly from the SMDI descriptions. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Leland property area. Management further cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the Leland property.
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.
Fisher Project Update
Taiga has received information from partner SSR Mining Inc. (“SSRM”) (TSX: SSRM) (NASDAQ: SSRM) outlining activities related to ongoing exploration on Taiga’s 100% owned Fisher Property pursuant to an option agreement between SSRM and Taiga. SSRM has recently suspended drilling operations at Fisher in response to the ongoing safety concerns related to the COVID-19 outbreak. SSRM has further reported that roughly 95% of planned winter drilling was accomplished prior to the suspension of activities, with results from all holes pending. Additional details will be forthcoming during the coming weeks once a detailed quarterly report has been received.
SSRM intends to complete approximately 12,000m of drilling on the property during 2020, with over 21,600m in 48 holes completed and reported to date. The parties are in the fourth year of an option agreement whereby SSRM may earn up to an 80% interest in the 34,000 ha property by completing $4M in exploration expenditures and making a total of $3.3M in cash payments to TGC. The Fisher Project is contiguous to the north, south and east with SSRM’s Seabee Gold Operation.
About Taiga Gold Corp
Taiga Gold Corp was created through a plan of arrangement with Eagle Plains Resources Ltd. and owns 5 projects targeting gold in the area near the Seabee Gold Operation, owned and operated by SSR Mining Inc. (formerly Silver Standard Resources Inc.) (“SSRM”). Taiga’s flagship “Fisher” property is currently being explored by SSRM under option from Taiga.
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 the second best place 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
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.
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