Aggressive Surface Exploration Underway at Taiga Gold’s Fisher Property, Saskatchewan
Cranbrook, B.C., August 7th, 2019: Taiga Gold Corp (CSE:”TGC”) (“Taiga”) has received a quarterly report from SSR Mining Inc. (“SSRM”) (TSX: SSRM) (NASDAQ: SSRM) containing final drill results for the 2019 Q1 drill program and an update regarding ongoing summer exploration activity on the Fisher Property. The property is owned 100% by Taiga and is under option to SSRM, which is funding all exploration (option details below). Drilling was completed in late March and consisted of 20 holes for a total of 7,639.9m (25,059’). Preliminary results were reported on May 21st, 2019 and included 14 holes from the Santoy Shear/Mac and DD showing areas. Results from the remaining six holes; three holes in the Mac area and three holes in the Footprint area, are reported below. Some previously-released intervals were resampled, and a few of those resulted in an upgrading of initial results averaging approximately 15%. The Fisher Project is located 125km east of La Ronge, Saskatchewan and is contiguous to the north, south and east with SSRM’s Seabee Gold Operation.
- Visible gold reported over 6.5m interval in drill-core at the Santoy Shear (“Mac”) target (hole FIS 19-035) with revised peak assays of 13.72 g/t over 0.73m and 7.15 g/t over 1.55m (core length, true thickness undetermined). This newly-discovered zone is open along strike to the north and to depth
- At the Mac vein, five drill holes returned mineralization over an average drilled width of two metres. Hole FIS-19-035 intercepted 3.76 g/t gold over 4.2 metres, “representing the first occurrence at the Fisher project of minable width and above cut-off grade gold mineralization” (SSRM news release July 29th, 2019)
- Hole FIS-19-030 (Mac vein) returned 6.8 g/t over 1.5m from 138.5m-140.0m (core length, true thickness undetermined)
- Aggressive geological mapping and soil geochemical sampling program underway at the Abel Lake, Mac and Footprint areas with 6000-8000 soil geochemical samples to be collected
- Current 2019 expenditures are approximately $1.9M, with a $4M budget outlined for 2019- fully-funded by SSRM
Listen to a debrief of this news release by Tim Termuende, President and CEO, Taiga Gold Corp.
See Fisher area location map here
Fisher 2019 Q2 Program Update
Extensive soil geochemical sampling and prospecting is underway in three high-priority areas. Geological and structural mapping will be undertaken to identify additional mineralization and drill targets and to test the evolving structural models with regard to controls on mineralization across the property. Three main grid areas are planned with 6,000-8,000 samples to be collected.
The 2019 exploration program is designed to target a Mineral Resource discovery on the Fisher Property. To achieve this objective, the SSRM exploration team is expected to focus on targets resulting from an improved geological and structural understanding of the property, further evaluating and testing historical mineral occurrences and identifying additional mineralization in a structural setting similar to that observed at the Santoy mine.
A detailed map showing grid and drill-hole locations is available here
Fisher 2019 Q1 Drill Results (partially reported previously)
Results from six holes completed during the 2019 Q1 drilling campaign are reported in the table below. This table has also been updated to include revised assay values which resulted from re-sampling of significant intervals previously reported (see TGC news release May 21, 2019).
Significant Santoy Shear/Mac/Footprint Area Drill Core Analytical Results*
|FIS-19-032**||-55||255||381.0||No Au results greater than 1.0 g/t|
|FIS-19-033**||-55||255||588.0||No Au results greater than 1.0 g/t|
|FIS-19-034||-65||265||501.0||No Au results greater than 1.0 g/t|
|FOO-19-001||-60||250||252.0||No Au results greater than 1.0 g/t|
|FOO-19-002||-60||250||249.0||No Au results greater than 1.0 g/t|
|FOO-19-003||-60||250||300.0||No Au results greater than 1.0 g/t|
* Intercepts in the above table refer to actual drilled thickness in meters and may not represent the true thickness of the intercept.
**Previously reported, re-assayed (results were averaged when varied from previously reported values).
Fisher Property Summary
Both the Fisher Project and the Seabee Gold Operation are located 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 the Fisher Property.
Since 1997, the Seabee Gold Operation has produced over 1.27 million ounces of gold from the Seabee and Santoy deposits. In 2018, the Seabee Gold Operation produced 95,602 ounces of gold at cash costs of US$505 per ounce with an average mill-feed grade of 9.16 g/t. 2019 guidance at Seabee anticipates production of between 95,000 and 110,00 ounces of gold, with reported production of 57,722 ounces of gold for the first half of 2019. SSRM earlier reported uncut drill intercepts grading up to 1,004 g/t gold 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 property boundary (source: SSRM news releases May 1, 2017 and February 21, 2019, SSRM website). 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.
Tim Termuende, P.Geo., President and CEO of Taiga commented recently on the results: “We are extremely encouraged by the results obtained to date on the Fisher Property. The presence of visible gold in drill core in the Santoy Shear/Mac showing area is an exciting development and bodes well for future exploration of the Fisher Property. The widespread, detailed geological mapping and soil geochemical coverage planned for the Fisher Property speaks both to the geological potential of the Property and to the commitment by SSRM to fund and execute effective, systematic exploration fieldwork."
Details of the Fisher Option Agreement
To earn a 60% interest over four years, SSRM paid CDN $100,000 to Eagle Plains Resources Ltd. (TSX-V:“EPL”) on signing of a formal agreement dated October 5, 2016 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. To date, SSR has reported approximately $6,700,000 in exploration-related expenditures. Following the Plan of Arrangement completed in April 2018, the Fisher Property and option agreement was transferred to Taiga. Once the 60% earn-in has been completed at the end of the four year period, SSRM must notify Taiga of its earn-in and then 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 would be formed to further advance the property. As announced on October 29th, 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.
Analytical Methods and QA/QC Procedures
Samples collected for assay from diamond drill core are sent to TSL Laboratories in Saskatoon, SK for fire assay. The drill core is split and half of the core is retained. The assay lab implements internal analytical quality control measures consisting of inserting gold control samples (blanks, certified reference material and field and pulp duplicates) in all sample batches submitted for assaying. In addition to internal laboratory quality control, SSRM inserts 6 control samples for every 100 samples submitted. The control samples consist of alternating a blank and a certified gold standard every 20th sample, and a field duplicate every 50th sample. The samples are processed and analyzed by fire assay or screen metallic fire assay depending on the nature of the sample.
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 Gold Corp., 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 was listed on the CSE in April 2018 under the symbol “TGC”. The company owns 5 projects targeting gold in the area near the Seabee Gold Operation, owned and operated by 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, the Company’s 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 Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming 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.