Thu, 27 Jun 2019

CRANBROOK, BC / ACCESSWIRE / May 21, 2019 / Taiga Gold Corp (CSE:'TGC') ('Taiga') has received a report from SGO Mining Inc. ('SGO'), a wholly-owned subsidiary of SSR Mining Inc. ('SSRM') (TSX: SSRM) (NASDAQ: SSRM) containing partial drill results for the 2019 Q1 drill program on the Fisher Property. The property is owned 100% by Taiga and is under option to SSRM, which is funding all exploration (option details below). Drilling was completed in late March and consisted of 20 holes for a total of 7,639.9m (25,059'). Results reported below include 14 holes from the Santoy Shear/Mac and DD showing areas. Partial results from three holes in the Mac area and all results from three holes in the Footprint area are pending. The Fisher Project is located 125km east of La Ronge, Saskatchewan and is contiguous to the north, south and east with SSRM's Seabee Gold Operation.

Highlights:

  • visible gold reported over 6.5m interval in drill-core at the Santoy Shear target (hole FIS 19-035) with peak assays of 11.92 g/t over 0.73m and 7.31 g/t over 1.55m (core length, true thickness undetermined). This newly-discovered zone is open along strike to the north and to depth.
  • broad gold-mineralized zone delineated at Mac occurrence, with peak assays of 4.88 g/t over 0.83m, 3.6 g/t over 0.86m, in addition to previously reported values of 9.73 g/t over 0.66m (core-length).
  • significant veining and alteration intercepted at DD area, with quartz veins intersected over 9.0m (core length); peak value of 3.57 g/t over 0.89m (core length).
  • extensive summer field program planned including collection of up to 8,000 soil samples, mapping and prospecting activity.
  • CDN $4M budget for 2019 work, fully-funded by SSRM.

Listen to a debrief of this news release by Tim Termuende, President and CEO, Taiga Gold Corp.

See Fisher location map here.

Fisher 2019 Q1 Results

Summarized intercepts are reported below, with additional analytical data available on the Taiga website.

Santoy Shear/Mac Target Area:

Seven holes were drilled in 2019 in this target area for a total of 3,521.9m (11,552'). 10 holes were drilled in the area in late 2018 with a previously-reported peak value of 9.73 g/t over 0.66m (core-length). The Mac vein is located on an interpreted splay off the Santoy shear zone. Detailed mapping and soil sampling in the summer of 2018 delineated a series of discrete shear zones in the target area, generally associated with the presence of altered sills, which appear to control gold mineralization.

The most northerly hole drilled in this area (DDH FIS 19-035) contains at least 16 flecks of visible gold over a drilled length of 6.5m with peak assays of 11.92 g/t over 0.73 m and 6.19 g/t over 0.52 m. An additional zone grading 7.15 g/t over 1.55 m (core length) is located approximately 250 m up-hole from the intercept bearing visible gold. This zone remains open to the north and at depth. Additional work is planned for the target area.

Significant Santoy Shear/Mac Area Drill Core Analytical Results


Hole Id

Dip

Azimuth

Length (m)

From
(m)

To
(m)

Width
(m)*

Au
g/t

FIS-19-029

-65

265

583.7

81.8

82.6

0.8

1.03

275.5

277.0

1.5

1.10

510.5

513.0

2.5

1.43

527.5

529.0

1.5

1.80

FIS-19-030

-60

265

537.0

Pending

FIS-19-031

-65

265

432.0

Pending

FIS-19-032

-55

255

381.0

No Au results greater than 1.0 g/t

FIS-19-033

-55

255

588.0

No Au results greater than 1.0 g/t

FIS-19-034

-65

265

501.0

Pending

FIS-19-035

-60

248

499.2

107.45

109.0

1.55

7.15

360.2

361.2

1.0

1.94

362.2

362.7

0.5

6.19

362.7

363.8

1.1

1.22

364.8

365.6

0.8

1.32

365.6

366.3

0.7

11.92

367.9

368.4

0.5

1.79

* intercepts in the above table refer to actual drilled thickness in meters and may not represent the true thickness of the intercept. All composite samples grading greater than 0.1 g/t will be resampled and results are pending.

DD Target Area:

Ten drill holes were collared at the DD target totaling 3,317 m (10,879'). The target area is located along an ENE trending shear zone in the Eisler Intrusive Complex. Historical shallow drilling of the DD shear zone intersected variable mineralization along the structure with a peak assay of 9 g/t Au. Drilling in 2019 tested down plunge and along strike of the historical intercepts. The DD structure was intercepted in every hole and in several cases is associated with significant quartz veining ranging from 1.5 - 9 m thick. Gold grades are generally weakly anomalous with a peak assay of 3.57 g/t Au over 0.89 m in EDD-19-008 (core length, true thickness undetermined).

Significant DD Area Drill Core Analytical Results

Hole Id

Dip

Azimuth

Length (m)

From
(m)

To
(m)

Width
(m)*

Au
g/t

EDD-19-001

-70

165

290.0

131.8

133.0

1.2

1.3

EDD-19-002

-70

165

336.0

198.3

199.2

0.9

2.64

EDD-19-003

-65

165

283.3

No significant results

EDD-19-004

-65

165

249.0

No significant results

EDD-19-005

-70

165

414.0

No Au results greater than 1.0 g/t

EDD-19-006

-72

160

342.0

No Au results greater than 1.0 g/t

EDD-19-007

-72

160

300.0

No Au results greater than 1.0 g/t

EDD-19-008

-73

160

294.0

197.0

197.9

0.9

3.57

EDD-19-009

-55

165

384.0

No Au results greater than 1.0 g/t

EDD-19-010

-80

165

447.0

No significant results

* intercepts in the above table refer to actual drilled thickness in meters and may not represent the true thickness of the intercept. All composite samples grading greater than 0.1 g/t will be resampled and results are pending.

Footprint Target Area:

Three drill holes totaling 801.0m (2,627') were drilled at the Footprint target with all analytical results pending. Historical grab samples up to 18 g/t Au have been reported in the showing area and are associated with gold-in-soil anomalies. A small soil grid was completed by SGO in 2018 north of the showings and yielded several anomalies including a sample > 4 g/t located approximately 1.7 km north (and along strike) of the Footprint showings. A 3.17 m thick sheeted quartz vein was intercepted in FOO-19-003.

Tim Termuende, P.Geo., President and CEO of Taiga commented recently on the results: 'We are extremely encouraged by the results obtained to date and applaud the SSRM exploration team on their steady, systematic approach. The presence of visible gold in drill core in the Santoy Shear/Mac showing area is an exciting development and bodes well for future exploration of the Fisher Property'

Fisher 2019 Q2 Program Update

SSRM is investing CDN $4.0 million in exploration on the Fisher Property in 2019. Data compilation ongoing from recent drilling is underway and will help guide future work. Extensive soil geochemical sampling and prospecting will be completed in high-priority areas and selected geological and structural mapping will be undertaken to identify additional mineralization and drill targets and to test the evolving structural models with regard to controls on mineralization across the property.

The 2019 exploration program is designed to target a Mineral Resource discovery on the Fisher Property. To achieve this objective, the SSRM exploration team is expected to focus on targets resulting from an improved geological and structural understanding of the property, further evaluating and testing historical mineral occurrences and identifying additional mineralization in a structural setting similar to that observed at the Santoy mine.

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, which are 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 over much of the Fisher Property.

The Seabee Gold Operation has been in continuous production since 1991 and has produced over 1.4 million ounces of gold from the Seabee and Santoy deposits. In 2018, the Seabee Gold Operation produced 95,602 ounces of gold at an annual cash cost of US$505 per ounce with an average mill-feed grade of 9.16 g/t. SSRM earlier reported uncut drill intercepts grading up to 1,004 g/t gold over 1.6m including 3,887 g/t gold over 0.4m (true widths) along the Santoy Shear in an area located approximately 3km northwest of the Fisher property boundary (source: SSRM news releases May 1, 2017, February 21, 2019). 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.

Details of the Fisher Option Agreement:

To earn a 60% interest over four years, SSRM paid CDN $100,000 to Eagle Plains Resources Ltd. (TSX-V:'EPL') on signing of a formal agreement and has agreed to complete a minimum of CDN $4,000,000 in exploration expenditures and make annual cash payments of CDN $75,000 for each of the four years of the option period. Following the Plan of Arrangement completed in April 2018, the Fisher Property and option agreement was transferred to Taiga. Once the 60% earn-in has been completed, SSRM has a 365-day, one-time option to earn an additional 20% interest (for a total of 80%) by making a cash payment of CDN $3,000,000 to Taiga, at which time an 80/20 joint venture will be formed to further advance the property. As announced on October 29th, Taiga further completed the purchase of a 2.5% Net Smelter Return ('NSR') from Eagle Plains, subject to reduction on certain claims by underlying NSR agreements. Taiga's NSR may be reduced by 1% at any time upon payment of CDN $1,000,000 by the joint venture. In addition, Taiga will receive advance royalty payments of CDN $100,000 annually from the joint venture until commencement of commercial production.

Analytical Methods and QA/QC Procedures

Samples collected for assay from diamond drill core are sent to TSL Laboratories in Saskatoon, SK for fire assay. 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. In addition to internal laboratory quality control, SSRM inserts 6 control samples for every 100 samples submitted. The control samples consist of alternating a blank and a certified gold standard every 20th sample, and a field duplicate every 50th sample. The samples are processed and analyzed by fire assay or screen metallic fire assay depending on the nature of the sample.

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 Eagle Plains Resources Ltd. and 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 was listed on the CSE in April 2018 under the symbol 'TGC'. The company owns 5 projects targeting gold in the area near the Seabee Gold Operation, owned and operated by 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, the Company's 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

For further information on TGC, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: info@taigagold.com or visit our website at http://taigagold.com

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.



View source version on accesswire.com:
https://www.accesswire.com/545841/Visible-Gold-Intersected-in-Drill-core-on-Taiga-Golds-Fisher-Property-Extensive-Summer-Program-Planned

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