CRANBROOK, BC / ACCESSWIRE / November 6, 2019 / Taiga Gold Corp (CSE:TGC) ('Taiga') has received a report from option partner SSR Mining Inc. ('SSRM') outlining activities and expenditures from exploration completed between July and September, 2019 on Taiga's 100% owned Fisher Property (the 'Property'), pursuant to an option agreement (the 'Fisher Agreement') between SSRM and Taiga. The parties are in the fourth year of an option agreement whereby SSRM may earn up to an 80% interest in the 34,000 ha property by completing $4M in exploration expenditures and making a total of $3.3M in cash payments to TGC. The Fisher Project is contiguous to the north, south and east with SSRM's Seabee Gold Operation.
See Fisher area location map here
- Extensive sampling conducted consisting of 936 rock and 5,332 soil samples.
- High-grade gold mineralization identified over a 13km trend, with values reported up to 166.8 g/t gold.
- Numerous high-grade gold occurrences discovered.
- Structural interpretation indicates the geological setting at Mac North is similar to the high-grade zones at the nearby Santoy Mine Complex.
- New target areas identified near border with Santoy Mine.
- All-season Fisher camp being upgraded to a 42-person camp for 2020 winter work.
- Planning and permitting underway for Winter, 2020 drill program.
- $75,000 annual cash payment received by Taiga, totalling $325,000 to date.
- 2019 expenditures exceeded $3M, with over $7.8M in exploration completed on Fisher to date, funded entirely by SSRM.
Listen to a debrief of this news release by Tim Termuende, President and CEO of Taiga Gold Corp.
2019 Q3 Summary
SSRM completed extensive exploration activity during the 2019 summer months on the Fisher Property, consisting of detailed geological mapping, prospecting and soil geochemical sampling. A team of dedicated geologists, geologic technicians and prospectors were successful in identifying new high-grade gold mineralization associated with the Santoy Shear, a mineralized structure which hosts the Santoy Gold Complex located just 1.5 km north of the Fisher property boundary. Multiple high-grade samples were returned over a 13 km mineralized trend (see sample location map). All rock geochemical results have been received and significant results are reported herein. 34% of soil geochemical results have been received and will be reported once the complete dataset has been received, compiled and interpreted.
The Mac Trend was a focus of detailed mapping and prospecting for the 2019 field program, both north and south of drill hole FIS-19-035 which intersected 3.76 g/t Au over 4.2m earlier in 2019. Work has now identified two distinct trends in the Mac North area: the main structural zone and the hanging wall zone. The main structural zone along the Santoy shear footwall contact returned a peak prospecting assay of 31.1 g/t Au and the hanging wall zone returned a peak prospecting assay of 166.8 g/t Au. Both trends were intersected in drill hole FIS-19-035 and have now been shown to extend approximately 3 km to the south where they are interpreted to correlate with 2 additional new gold occurrences in the Mac South area with a peak assay 8.4 g/t Au in the main structural zone and 16.0 g/t in the hanging wall zone.
In addition to the Mac Trend, 2019 geological work on the North-Central zone of the Fisher property, near the border with SSRM's Santoy Mine Complex, has identified new target areas including a peak prospecting assay of 64.2 g/t Au.
See detailed sample location map here
2019 Exploration Summary
SSRM completed 20 drill holes on the Fisher Property earlier this year for a total of 7,640m (25,000'). During this program, visible gold was reported over 6.5m interval in drill-core at the Santoy Shear ('Mac') target (hole FIS 19-035) with assays of 13.72 g/t over 0.73m and 7.15 g/t over 1.55m (core length, true thickness undetermined, see TGC NR August 7th, 2019). This newly discovered zone is open along strike to the north and to depth. At the Mac target, five drill holes returned mineralization over an average drilled width of two metres. Hole FIS-19-035 intercepted 3.76 g/t gold over 4.2 metres, 'representing the first occurrence at the Fisher project of minable width and above cut-off grade gold mineralization' (SSRM news release July 29th, 2019).
Drilling by SSRM to date on the Fisher Property consists of 48 holes for a total of 21,608m (70,874').
See drill hole location map here
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.
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 CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, 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.
SOURCE: Taiga Gold Corp
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