High-Grade Gold Mineralization Discovered in 3 Separate Zones During Recent Drilling on Taiga Gold’s Fisher Property
Cranbrook, B.C., May 14th, 2020: Taiga Gold Corp (CSE:”TGC”) (“Taiga”) has received a report from SGO Mining Inc., a wholly-owned subsidiary of SSR Mining Inc. (“SSRM”) (TSX: SSRM) (NASDAQ: SSRM) containing partial drill results for the 2020 Q1 drill program 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 31 diamond drill holes for a total of 9,463m (31,039’). Four showing areas were tested during the winter 2020 program, with significant high-grade mineralization discovered in 3 separate areas and visible gold reported in 5 holes. Results are pending for 8 holes and partial results are still outstanding for Hole FIS 20-043. Since optioning the Fisher Property in 2015, SSRM has completed extensive systematic exploration including prospecting, soil geochemical sampling, detailed geological mapping, geophysical surveys and have accomplished a total of 31,071m (101,913’) of drilling in 79 holes at a total cost of approximately $CDN10,300,000. 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.
Significant results (>1 g/t Au) were reported in 14 holes from the Abel Lake, Mac North, Mac North Hanging Wall and Yin showing areas, with highlights summarized below. Two targets from 2020 winter drilling remain untested due to ice road access and suspension of work due to COVID-19 restrictions (see TGC news release April 15, 2020).
See Fisher drill locations and results map here
- New discovery made at the Yin Zone, adjacent to the Seabee Gold Operation boundary with results of 13.74 g/t Au over 2.29m*, including 55.5 g/t Au over 0.53m*; additional assays pending,
- New discovery made at Mac North Hanging Wall, with 16.80 g/t Au over 0.50m*,
- Drilling at Abel Lake returned 12.13 g/t Au over 1.5m*,
- Additional high-grade intercepts at Mac North including 9.1 g/t Au reported over 1.92m*
- Over $4M in additional expenditures budgeted for remaining 2020 work (subject to COVID 19 restrictions).
Listen to a debrief of this news release by Tim Termuende, President and CEO, Taiga Gold Corp below:
Significant Fisher 2020 Q1 Results
Summarized intercepts are reported below, with additional analytical data available on the Taiga website.
|Hole ID||Interval (m)||Gold (g/t)||
|Grade x Width||Zone|
|FIS-20-051||170.09||170.59||16.80||0.50||8.40||Mac North HW|
*drilled widths estimated at 70-90% of true widths
**visible gold reported in drill core
Reported using a 3.5 g/t cut-off
Fisher 2020 Q2 Program Update
SSRM is investing over CDN $5.0 million in exploration on the Fisher Property in 2020 with programs designed to target a Mineral Resource discovery. Data compilation from recent drilling is underway and will guide future work. Two areas targeted for winter drilling may see follow-up drilling and additional high-priority areas will be selected for geological and structural mapping with extensive soil geochemical sampling and prospecting possibly over the summer months (subject to COVID 19 restrictions). The 2020 goals for the program are to further identify drill targets for testing evolving models and identifying additional mineralization in a structural setting similar to that observed at the nearby Santoy mine.
Tim Termuende, P.Geo., President and CEO of Taiga commented recently on the results: “We are excited by the recent discoveries made by the SSRM exploration team at Fisher and look forward to receiving the remaining results from the recently-completed program in addition to results from future programs planned for the property. Once again, we applaud the exploration team and their ability to delineate high grade mineralization and to continue to generate high-quality drill targets through systematic, innovative fieldwork.”
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 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.
See Taiga Gold Project Location Map here
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 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 Fisher Property and option agreement was transferred to Taiga. Once the 60% earn-in has been completed, SSRM 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.
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.