Taiga Expands Orchid Project, Acquires Additional High Grade Gold Occurrences
Cranbrook, B.C., February 19th, 2020: Taiga Gold Corp (CSE:TGC) (“Taiga”) or (the “Company”) has successfully completed staking activity on its’ 100%-owned Orchid project located 120km east of La Ronge, Saskatchewan and 70km south of SSR Mining’s Inc.’s Seabee Gold Operation, host of the Seabee and Santoy gold deposts. The Company recently added 384 ha to its existing property holdings of 7600ha which are situated along the same structural corridor and within rocks similar to those currently being mined at the Santoy deposit. The property is considered to have excellent potential to host significant gold mineralization and carries no underlying royalties or encumbrances.
The recently-acquired claims cover the “Versary” gold occurrence, a 100m-long shear zone containing quartz-pyrite-tourmaline veining and breccia. The showing was discovered in 1968 and has seen sporadic geological work including prospecting, geological mapping, trenching, ground geophysics and 14 shallow diamond drill holes, with the last significant work program completed in 1995 by Consolidated Pine Channel Resources.
An eight-hole diamond drilling program conducted by Consolidated Pine Channel in 1994-95 reported sample results ranging from trace gold values to highlights as summarized below:
- 72.3 -74.2: 11.4g/t Au over 1.9m (DDH WL - 2 – 94)
- 13.35 – 15.2: 4.98 g/t Au over 1.85m (DDH WL - 4 – 95)
Orchid Property History
The Orchid project was originally staked by Eagle Plains Resources in 2014 and was subsequently transferred to Taiga as part of a plan of arrangement completed in 2018. The property has historically been explored for its gold potential since the mid-1980s and contains numerous documented high-grade mineral occurrences grading from trace values to highs of 41.3 g/t (Orchid Au Zone), 19.2 g/t Au (Tim’s Showing), 12.7 g/t (Eureka), and 8.5 g/t (Terra Zone) as well as significant Ag (144.5 g/t), Cu (3.9%), and Mo (2600 ppm). The property is located within the Trans Hudson Corridor, an ancient belt of rocks that contain significant mineral deposits such as the 40M ounce Homestake gold deposit in South Dakota, the Flin Flon and Snow Lake VMS Districts and the Seabee/Santoy Gold Complex. Ore geology at the Seabee Gold Operation consists of high-grade vein mineralization associated with volcanic and mafic intrusive rocks which have been structurally disrupted by splays of the deep-crustal Tabbernor Fault system. Both the Seabee Gold Operation and the Orchid project are underlain by rocks of the Pine Lake greenstone belt.
2017 and 2018 exploration work included an airborne geophysical survey and the collection of a total of 110 rock samples, including 11 channel samples. Twenty-five rock samples returned greater than 1.0 g/t Au, with a best grab sample result of 61.30 g/t Au. Current exploration work has indicated certain similarities to those seen at the Seabee Gold Operation, including host lithologies and contact relationships, style of mineralization, and presence of multiple fault systems that allowed for high fluid-flow regimes. The Seabee Gold Operation has been in continuous production since 1991 and has produced over 1.57 million ounces of gold from the Seabee and Santoy deposits.
Taiga intends to advance the project to drill-ready status and is currently in the planning and budgeting stages for 2020 fieldwork.
The above results were taken directly from the SMDI descriptions. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Orchid property area. 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.
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 Taiga Gold Corp., has reviewed and approved the scientific and technical disclosure in the news release.
Fisher Project Update
Exploration activity continues at the Company’s 100%-owned Fisher project, currently under option to partner SSR Mining Inc. Two drills are currently on site to carry out a planned 12,000m program. Results will be formally announced as they are received, compiled and interpreted.
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 Inc. (formerly Silver Standard Resources Inc.) (“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, 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.