CRANBROOK, BC / September 23, 2020 / Taiga Gold Corp. ("TGC" or "Taiga") (CSE:TGC) has been notified by partner SSR Mining Inc. ("SSR Mining") (TSX:SSRM) (NASDAQ:SSRM) that crews are mobilizing to commence drilling activity on Taiga's 100% owned Fisher Property (the "Property" or "Fisher"). A 3,000m program is planned to further explore the Mac North area. SSR Mining holds the exclusive option to earn up to an 80% interest in the 34,000ha property by completing $4M in exploration expenditures and making a total of $3.3M in cash payments to Taiga. Since optioning the Property in 2015, SSR Mining has completed extensive systematic exploration including prospecting, soil geochemical sampling, detailed geological mapping, geophysical surveys and a total of 31,071m (101,913') of drilling in 79 holes for total expenditures of approximately CDN$ 10.3M. Fisher is located within the Trans Hudson Corridor approximately 125km east of La Ronge, Saskatchewan and is contiguous to the north, south and east with SSR Mining's Seabee Gold Operation.
See Fisher area location map here.
2020 Highlights:
-
3000m drilling planned for Mac North discovery area, to commence immediately
-
$75,000 annual cash payment due in 2020 received by Taiga as per the ongoing option agreement with SSR Mining
-
New discoveries made during 2020Q1 at the Yin, Abel Lake and Mac North Zones, returning 13.74 g/t Au over 2.29m*, 12.13 g/t Au over 1.5m* and 9.1 g/t Au reported over 1.92m* respectively (previously reported)
-
Partial results remain outstanding for over half of the holes from the winter drill program, to be processed during this 2020 Q4 program
-
All exploration activity to be funded by SSR Mining
*drilled widths are estimated at 70-90% of true widths
The 3,000m program planned and funded by SSR Mining is a resumption of exploration at Fisher which was suspended in March 2020 due to the Covid-19 outbreak. Mac North was discovered in early 2019 when drill hole FIS-19-035 intersected 3.76 g/t Au over 4.16m. Drilling since that time has continued to yield significant gold intercepts with visible gold regularly observed. The zone remains open to depth and along strike.
See Mac North section here
Fisher Property Summary
Both Fisher and the Seabee Gold Operation are located within the Trans Hudson Corridor, specifically within the Pine Lake Greenstone Belt. Ore geology at the Seabee Gold Operation consists of high-grade gold hosted by vein mineralization associated with shear zones that transect mafic meta-volcanic and intrusive rocks, as well as granitic rocks emplaced during the regional deformation events impacting Pine Lake rocks during the Proterozoic. Mineralization at the Seabee Gold Operation occurs at the Seabee and Santoy mine complexes, which are located approximately 14km apart. The former is affiliated with the more westerly-oriented Laonil Lake shear zone, while the latter is hosted by the Santoy Shear, a regional north-trending shear zone that has been traced over much of Fisher.
Since 1991, the Seabee Gold Operation has produced over 1.57 million ounces of gold from the Seabee and Santoy deposits. In 2019, the Seabee Gold Operation produced 112,137 ounces of gold at cash costs of US$464 per ounce with an average mill-feed grade of 9.56 g/t., the fourth consecutive annual production record, with 2020 Q1 production of 29,521 ounces. SSR Mining has reported uncut drill intercepts grading up to 1,004 g/t Au over 1.6m, including 3,887 g/t gold over 0.4m (true widths) along the Santoy Shear in an area located approximately 3km northwest of the Fisher boundary (source: SSR Mining Website May 07, 2020). Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
Details of the Fisher Option Agreement
To earn a 60% interest over four years, SSR Mining paid CDN $100,000 to Eagle Plains Resources Ltd. (TSX-V:"EPL") on signing of a formal agreement and has agreed to complete a minimum of CDN $4,000,000 in exploration expenditures and make annual cash payments of CDN $75,000 for each of the four years of the option period. Following the Plan of Arrangement completed in April 2018, the Property and option agreement was transferred to Taiga. Once the 60% earn-in has been completed, SSR Mining has a 365-day, one-time option to earn an additional 20% interest (for a total of 80%) by making a cash payment of CDN $3,000,000 to Taiga, at which time an 80/20 joint venture will be formed to further advance the property. As announced on October 29th, 2018, Taiga further completed the purchase of a 2.5% Net Smelter Return ("NSR") from Eagle Plains, subject to reduction on certain claims by underlying NSR agreements. Taiga's NSR may be reduced by 1% at any time upon payment of CDN $1,000,000 by the joint venture. In addition, Taiga will receive advance royalty payments of CDN $100,000 annually from the joint venture until commencement of commercial production.
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 Eagle Plains Resources Ltd. and Taiga, has reviewed and approved the scientific and technical disclosure in the news release.
About Taiga Gold Corp
Taiga Gold Corp was created through a plan of arrangement with Eagle Plains Resources Ltd. and owns 6 projects targeting gold located within the Trans Hudson Corridor in the area near the Seabee Gold Operation, owned and operated by SSR Mining. Taiga's flagship "Fisher" property is currently being explored by SSR Mining 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
For further information on TGC, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: info@taigagold.com or visit our website at http://taigagold.com
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.
