Drilling Activity Commences at Fisher Gold Project, Saskatchewan
Cranbrook, B.C., March 11th, 2021: Taiga Gold Corp (CSE:”TGC”) (“Taiga”) announces that Phase 1 drilling activity has commenced on the Fisher Gold Project located 125km east of La Ronge, Saskatchewan and contiguous to the north, south and east with SSRM’s Seabee Gold Operation. The property is owned and operated by the Fisher Joint Venture (“Fisher JV”), comprised of 20% ownership by TGC and 80% by SGO Mining Inc., a wholly-owned subsidiary of SSR Mining Inc. (“SSRM”) (TSX: SSRM) (NASDAQ: SSRM).
Drilling during this campaign is expected to consist of approximately 2800m in 15 holes and will focus on defining gold mineralization at the Mac and Mac North zones.
See Fisher Area Location Map here
See Fisher Property/Drill Location Map here
Drilling follows up work completed and funded by SSRM in 2020 while the property was under option from Taiga (prior to formation of the Fisher JV). 37 holes were completed in 2020 for a total 12,976m (42,561’). Four showing areas were tested during the program, with significant high-grade mineralization discovered in four separate areas and visible gold reported in seven holes. Continuous, high-grade mineralization was delineated at the Mac North area, which is now considered a resource definition target by the Fisher JV. Significant results (>1 g/t Au) were reported in 58 separate sample intervals in 21 holes from the Mac North, Mac North Hanging Wall, CGR West and Yin showing areas (see TGC news release February 17, 2021). Since optioning the property in 2016, SGO Mining has conducted extensive systematic exploration including prospecting, soil geochemical sampling, detailed geological mapping, geophysical surveys and completed a total of 34,583m (113,461’) of drilling in 87 holes for expenditures totalling over CDN$12,000,000, resulting in over 15,000 individual core samples. In addition, SSRM has made cash payments to Taiga and predecessor Eagle Plains Resources of CDN$3,800,000. Taiga holds a 2.5% royalty on the majority of claims comprising the Fisher property, subject to underlying royalties on certain dispositions. The royalty includes a $100,000 annual advance royalty payment.
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 for >20km over much of the Fisher Property.
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.
About Taiga Gold Corp
Taiga Gold Corp. was created in 2018 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 the Fisher JV, which is owned 20% by Taiga. Taiga also owns a 2.5% NSR over the majority of the Fisher property area, which includes a $100,000 annual advance royalty payable to Taiga. Taiga’s 100%-owned Leland, Chico and SAM properties are currently under option to partners SKRR Exploration, Aben Resources and DJ1 Capital, respectively. Taiga continues to advance its 100%-owned Orchid and Mari Lake projects.
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 one of the best places 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 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.