Taiga Reports Mari Lake Property Agreement, Warrant Extension
Cranbrook, B.C.; May 12th, 2021: Taiga Gold Corp (CSE:“TGC”) (“Taiga” or the “Company”) have recently executed an agreement with an unrelated third-party whereby the Company has purchased a 100% interest (less 2% NSR) in claims totalling 146.4 ha which adjoin Taiga’s existing 100%-owned Mari Lake dispositions. The Mari Lake property is host to 2 documented gold mineralized occurrences hosted by complexly folded rocks associated with iron sulphides and minor copper in stringer veins and micro-fracture infillings. The two showing are located approximately 2.8 kilometers apart and occur within the same stratigraphic unit. Historical grab samples taken by BHP Minerals Canada Ltd. returned values of up to 12.69 g/t Au from the Aga Showing and 14.4 g/t Au from the Naza Showing. Humus samples collected by BHP suggest near-surface gold anomalies for at least 1km to the north of the Aga showing. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
The Mari Lake area was first mapped by the Saskatchewan Government between 1949-51. The first recorded industry work was by Hudson’s Bay Exploration and Development who completed a ground electromagnetic geophysical survey in the vicinity in 1964. Work in the area by BHP Minerals Canada Ltd. between 1989 and 1992 included airborne and ground geophysical surveys, followed-up with geological mapping, rock, lake sediment, and humus sampling. The follow-up work resulted in the discovery of the Aga and Naza occurrences.
The property has been tested with two diamond drill holes located 1.4 kilometers north of the Naza Showing and 1.3 kilometers west of the Aga Showing. Neither drill hole tested the target stratigraphy that hosts the gold mineralization. The above results and information were taken directly from the SMDI descriptions and assessment reports filed with the Saskatchewan government. 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 Mari Lake property area.
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.
Taiga has recently notified the Canadian Securities Exchange (“CSE”) that it intends to extend the expiry date of 3,937,500 warrants originally issued in connection with a non-brokered private placement completed in June, 2018 at an exercise price of $.40 (see TGC news release dated June 4th, 2018). The original warrants had an expiry date of June 6th, 2020, but were extended to June 6th, 2021 (see TGC news release May 26th, 2020). The warrants will now have an expiry date of June 6th, 2022.
The share purchase warrants are subject to an accelerated expiry at the option of the Company if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $.50 for any 20 consecutive trading days, in which event the holder may be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30-day period between the notice and the expiration of the common share purchase warrants.
About Taiga Gold Corp
Taiga Gold Corp was created 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 Joint Venture between SSR Mining and 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.