Taiga Gold Reports Drill, Surface Sampling Results on Fisher Gold Project, Chico Option Termination
Cranbrook, B.C., November 9th, 2021: Taiga Gold Corp (CSE: “TGC”) (“Taiga”) has received analytical results from SGO Mining Inc. (“SGO”), a wholly owned subsidiary of SSR Mining Inc. (together with SGO, “SSRM”) (TSX: SSRM) (NASDAQ: SSRM) from drilling and surface prospecting carried out in mid-2021 on the Fisher Property (the “Property”) located 125km east of La Ronge, Saskatchewan. The Property is contiguous to the north, south and east with SSRM’s Seabee Gold Operation and is operated as the Fisher Joint Venture (“Fisher JV”), comprised of 80% ownership by SSRM and 20% by TGC. Work to date by SSRM and the Fisher JV has yielded encouraging results, with targets on the Fisher property having the potential to provide additional plant feed beyond the Seabee Gold Operation license area.
- Widespread high-grade mineralization confirmed by drilling at Mac North Zone over a down-plunge area of 180m x 650m- open in all directions;
- Two holes completed at Mac North reported herein intersected significant gold mineralization (>1 g/t Au).
- Surface sampling confirmed significant gold mineralization in outcrop at the George’s Lake East, Gold Island and Bone North areas, with samples ranging from trace quantities to highs of 55.62 g/t Au.
The 2021 Spring/Summer drill program reported herein consisted of a total of 2,835.9m (9,301.8’) of drilling in 7 holes targeting the Mac (2 holes), Mac North Hangingwall (2 holes) and previously untested Jasmine zones (3 holes).
Table 1-Significant Drill Results
|Hole ID||Interval (m)||Drilled Width (m)*||Au (g/t)||Grade x Width||Zone|
|FIS-21-066||50.1||51.0||0.9||1.44||1.3||Mac North HW|
|FIS-21-67,68,69,70,71 - no significant results|
*Drill indicated intercepts (core length) are reported as drilled widths and true thickness is undetermined
See Fisher Area Location Map here
See Fisher Drill Location and Results Map here
See Fisher Surface Sample Location Map here
Table 2-Significant Surface Grab Sampling Results
|Sample #||Target||Au g/t||Sample Type||Description|
|F13097||George East||55.62||Vein||heavily oxidized 20cm width quartz vein in area of historic channel sampling|
|F13038||George East||33.88||Vein||10 cm quartz vein with malachite/azurite stain|
|F13039||George East||21.91||Vein||10cm width by 1.5m long quartz vein with visible sulphide|
|F13099||George East||10.43||Vein plus Wall Rock||mix of quartz vein material and intrusive wallrock|
|F13073||George East||7.99||Vein plus Wall Rock||sheared tonalite with 2-5 cm width quartz vein|
|F13072||George East||7.3||Vein plus Wall Rock||sheared tonalite with 5 cm width quartz vein with disseminated pyrite|
|F13098||George East||5.66||Wall Rock||heavily oxidized, vuggy 20cm width quartz vein in area of historic channel sampling; sample is primarily tonalite wall rock|
|F13015||Gold Island||6.41||Vein||oxidized quartz veins with sulphides; sample is near historic Gold Island Showing|
|F13019||Gold Island||4.32||Vein||30cm wide quartz vein in granodiorite host|
|F13067||Gold Island||3.29||Vein||main Gold Island Showing area; rusty, vuggy quartz veins up to 60cm wide with pyrite cubes in granodiorite host|
|F13065||Bone North||5.25||Vein||30 cm wide oxidized quartz vein with chalcopyrite and malachite stain exposed over 15m strike length|
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property
Since optioning the Fisher Property in 2016, SSRM has completed extensive systematic exploration including prospecting, soil geochemical sampling, detailed geological mapping, geophysical surveys, and 36,897m (121,053’) of drilling in 95 holes. Expenditures total over CDN$14,000,000, resulting in over 16,000 individual core samples collected. In addition, SSRM has made cash payments to Taiga and predecessor Eagle Plains Resources of CDN$3,800,000. Taiga independently holds a 2.5% royalty on the majority of claims comprising the Fisher property, subject to underlying royalties on certain dispositions. This 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, 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. 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.
Analytical Methods and QA/QC Procedures
Samples collected for assay from diamond drill core are sent to TSL Laboratories in Saskatoon, SK for analyses. 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. SSRM inserts standards approximately every 20 samples, as well as two pulp duplicates and one geological blank in every batch with FA/AA work, and three pulp duplicates for FA/Gravimetric work.
Samples are analysed for gold by FA/AA using a 30 g charge. Assay values 1000 ppb Au or greater, FA/AA finish, are re-assayed using FA/Gravimetric 1 AT (29.16 g) charge. Samples values 5 g/t Au or greater are analyzed by screened metallics and are reported on separate certificates. Au detection limit FA/AA - 5 ppb, upper limit 3000 ppb; Au detection limit FA/Gravimetric - 0.10 g/t.
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.
Chico Option Termination
Taiga has reached agreement with Aben Resources Ltd. (“Aben”) whereby Taiga and Aben have agreed to terminate the Option Agreement on the Chico property, dated December 9th, 2016 between Aben and Eagle Plains Resources Ltd. and subsequently assigned to Taiga on June 7th, 2018 (the “Option Agreement”). Under the terms of the agreement, Taiga has agreed to pay Aben $CDN 200,000 in cash to terminate the Option Agreement, effective immediately. Aben will no longer have any rights to the Chico Property nor obligation to make cash payments, issue common shares or incur exploration expenditures. Moving forward, Taiga will control a 100% interest in the Chico property, subject to any underlying third-party royalties. Aben and Taiga share one common director, who has been recused from voting on the Option Agreement termination.
About Taiga Gold Corp
Taiga Gold Corp was created through a plan of arrangement with Eagle Plains Resources Ltd. in April, 2018 and owns 6 projects targeting gold located within the Trans Hudson Corridor in the area near the Seabee Gold Operation, owned and operated by SSRM. Taiga’s flagship “Fisher” property is currently being explored by the Fisher Joint Venture between SSRM and Taiga. Taiga’s 100%-owned Leland and SAM properties are currently under option to partners SKRR Exploration and Tactical Resources (formerly 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 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.