Taiga Commences Field Work on SAM VMS/Gold Project, Saskatchewan
Cranbrook, B.C., August 30th, 2018: Taiga Gold Corp (CSE:TGC) (“Taiga”) has mobilized crews to commence fieldwork on its’ 100%-owned SAM project located 15km east of Flin Flon, Manitoba, and 10km northwest of the past producing Flexar and Birch Lake mines. The 988 ha property is located within the Amisk Group volcanic belt, and is considered to have significant potential to host both Volcanogenic Massive Sulphide (VMS) and orogenic gold mineralization. The property is contiguous with Cameco and SSR Mining Inc. (formerly Silver Standard Resources Inc.).
The current program will consist of geological mapping, prospecting, rock sampling and soil geochemical surveys, focusing on targets generated by a comprehensive geological compilation of all existing historic data.
A summary map outlining pertinent features of the property may be found here
SAM Property History and Geology
The property is dominantly underlain by the Amisk Group Collage which forms a major greenstone belt that hosts the majority of the base metal deposits in the Flin Flon - Snow Lake areas as well as some gold deposits. There are 7 documented mineral occurrences on the property including both VMS style copper-zinc with associated precious metals and orogenic gold mineralization.
Historical work includes geologic mapping, trenching, soil surveys, airborne and ground geophysical surveys, and 71 short drill holes (6496m total). The first documented work on the property was in 1952-56 when Hudson Bay Exploration completed 43 drill holes targeting VMS mineralization identified by ground EM survey anomalies. Other drill programs in 1978-80 (Granges), 1985 (SMDC) and 2000 (Aur Resources) focused on both VMS and gold targets. The most recent work on the project was in 2011 when St. Eugene Mining completed a heliborne VTEM geophysical survey. The property was acquired in 2015 by Eagle Plains Resources and later transferred to Taiga as part of a plan of arrangement completed in April, 2018. Taiga has not completed any fieldwork on the SAM project to date.
The SAM and TEA-REX-STAR Konuto-type VMS mineralization is hosted in a fault contact along a distinct stratigraphic break between volcaniclastic and siliceous mafic volcanic rocks. The mineralization is defined as Konuto Lake type VMS and occurs within six sub-zones or lenses as disseminated, stringer and massive sulphide chalcopyrite-pyrite-pyrrhotite. The mineralized zone has a defined strike length of 200 m, a width of up to 50 m and has been traced to a depth of 200 m by 19 drill holes. Gold grades vary with the highest gold grades associated with sections that contain significant sphalerite. Highlights from historic SAM zone drilling include:
|DDH #||Depth (m)||Width(m)||Au(g/t)||Cu(%)||Zn(%)|
|SAM 68-80||45 - 47.1||2.1||2.56||3.26||0.18|
|SAM 70-80||28 - 29.6||1.6||1.65||4.48||0.24|
|SAM 72-80||18.3 - 23.0||4.7||0.15||2.29||0.01|
|SAM 72-80||69.3 - 71.7||2.5||1.85||5.52||0.33|
|SAM 76-80||33.6 - 38.5||4.9||0.53||1.0||0.24|
|SAM 77-80||100.4 - 101.3||0.9||0.83||2.46||0.04|
Mineralization is open to depth and limited drill testing of the prospective conductive trend west and east of the SAM zone intersected low grade sulphide mineralization.
Numerous mesothermal gold showings occur within the project tenure. Gold mineralization is associated with quartz-tourmaline-carbonate veining controlled by northwest-southwest trending shears that are subsidiary to the Mosher Lake Shear Zone. Mineralization occurs in both Amisk volcanics and Missi Group sediments. Historic trench sample results include the Wolverine West Showing (SMDI 2226) which returned 1.0m at 24.61 g/t Au and the Golden Bear Shear Zone (SMDI 2558) with grades as high as 9.61 g/t over 1.55 m. Six shallow holes (<130 m) completed on the gold targets intersected gold-bearing shears with a best intercept of 2.6g/t Au over 0.97m in DDH WG4-2.
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. The technical information presented above is repeated for historical reference only and cannot be relied upon as the Company’s QP, as defined under NI-43-101 has not prepared nor verified the historical information. All drill intercepts are drill indicated lengths. Insufficient technical information exists to demonstrate the true widths of these intersections. All of the technical information is derived from public documents available through the Saskatchewan Government Ministry of the Economy.
Project supervision will be provided by TerraLogic Exploration Inc. of Cranbrook, BC under the supervision of Jarrod Brown, P.Geo. Technical information in this news release has been reviewed and approved by C.C. Downie, P.Geo., hereby identified as the “Qualified Person” under N.I. 43-101.
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. 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
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.