Canadian Gold Corp. Doubles The Phase 4 Drill Program At Tartan Mine Following Mcewen Mining Investment

(MENAFN- Newsfile Corp) Flin Flon, Manitoba--(Newsfile Corp. - April 10, 2025) - Canadian Gold Corp. (TSXV: CGC) (" Canadian Gold " or the " Company ") is pleased to announce its plans to double the size of its Phase 4 drill program at the Tartan Mine, located near Flin Flon, Manitoba, following McEwen Mining's recent 5.9% equity investment. The Phase 4 program will now total approximately 8,000 metres of diamond drilling in addition to the 23,683 metres completed since the last resource estimate in 2017. The expanded drill program is intended to significantly grow the resource base by targeting high-priority areas within the Main and South Zones.

"Continued drilling success at the South Zone, in particular, would be a game-changer for the Company and could significantly increase the resource at Tartan. The South Zone's proximity to the existing underground ramp and Main Zone would enhance operational efficiency, boost production, and potentially accelerate the Tartan Mine restart." - Michael Swistun, President & CEO.

The expanded Phase 4 drill program will target areas where there appears to be excellent potential for growing the resource at the South Zone (Fig. 1) and Main Zone (Fig. 2), specifically, to:

Expand on the South Zone by targeting its depth extensions where the first deep exploration drill hole, drilled 170 metres vertically below the known mineralization, recently returned 6.1 gpt gold over 6.0 metres. Drilling will also follow up on the newly discovered South Zone Hanging Wall Zone that has returned 29.1 gpt gold over 5.9 metres and 8.4 gpt gold over 2.0 metres.

Target the deeper extensions of the Main Zone, which remains open for expansion. Limited drilling in this area has returned significant high-grade intercepts, including 12.0 gpt gold over 8.0 metres and 12.7 gpt gold over 3.4 metres.

Drill Main Zone's Western Flank where recent step-out drilling has intercepted 11.6 gpt gold over 5.1 metres and 7.1 gpt gold over 6.0 metres, extending the mineralization by a total of 60 metres to the west.

Target the Main Zone's Eastern Flank which returned 19.4 gpt gold over 4.5 metres and 9.7 gpt gold over 4.2 metres.

In addition to the most recent financing, the Company has also received a $300,000.00 grant from the Manitoba Mineral Development Fund ("MMDF") to help fund an updated NI 43-101 Resource Estimate and a Preliminary Economic Study ("PEA") which are anticipated to be completed following Phase 4 drilling. These reports will provide critical data and insight to support the deliberations and decisions on a possible restart of the mine.

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