Canadian Gold Corp. announced continued results from its Phase 2 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba. Since the Company's last update on January 11, 2024, two holes have been completed with assays having been received for one, TLMZ21-12W4, which was intended to expand the high-grade gold located in the Hanging Wall Zone to the west and to intersect the Main Zone, demonstrating further extension of the deposit.

Hanging Wall Zone (HWZ): 20.6 g/t Gold Over 5.7 Metres Including 30.4 g/t Gold Over 3.0 Metres. High-grade gold mineralization within the HWZ at depth was first encountered in December 2021 when hole TLMZ21-12 intersected 47.6 gpt gold over 5.8 metres within 23.8 gpt gold over 12.6 metres. Initial attempts to target the HWZ along a projected western plunge during Phase 1 drilling in summer 2023 were unsuccessful due to excess hole deviation.

In order to intersect the target area and prevent hole deviation, the Canadian Gold team has been using a cost-effective directional drilling tool, which has been successful. Hole TLMZ21-12W4 is the first attempt using directional drilling, targeting the western plunge of the HWZ, which has returned 30.4 g/t gold over 3.0 metres, within a wider interval of 20.6 g/t gold over 5.7 metres. Both holes within the HWZ contain gold grades that are significantly higher than the grade that was historically mined at Tartan and reported in the current 43-101 Resource Estimate.

This intersection is located approximately 20 metres down-plunge and 10 metres to the west of hole TLMZ21-12. In addition to expanding the size of the resource, a key objective for Canadian Gold is to increase the amount of contained gold per vertical metre, which should increase the Company's ultimate return on invested dollars. Main Zone (MZ): 8.0 g/t Gold Over 3.0 Metres, Within 3.1 g/t Gold Over 18.4 Metres Hole TLMZ21-12W4 also successfully intersected the MZ (secondary target), where the majority of the current resource is contained and returned 8.0 gpt gold over 3.0 metres, inside of another wider zone of disseminated gold mineralization that returned 3.1 gpt gold over 18.4 metres.

This result extended the MZ by 28 metres below and 18 metres west of hole TLMZ21-12 at an approximate depth of 722 metres below surface. This is another example of wider intervals surrounding high-grade gold at depth and is being reviewed by the Company's geological team to determine its importance and the ability to convert this mineralization into a potential resource. Phase 2 Exploration Program Update: Canadian Gold is continuing with its Phase 2 drill program at Tartan with a total of 4,000 metres.

Assays for one hole are currently pending, infilling a deeper gap between drill holes in anticipation for an updated resource estimate and a second hole is nearing completion, targeting the HWZ high-grade. Planned drilling will also target the South Zone (SZ), a parallel zone of mineralization 75 metres south of the Main Zone. The Company intends to focus drilling on specific areas within the SZ, with the primary objective of extending the mineralization to increase the existing resource.

Currently, mineralization within the SZ has been tested to depths of 250 metres and therefore, potential exists beyond these depths. Encouraging intersections at the SZ East Target include 9.6 gpt gold over 11.8 metres and 8.8 gpt gold over 4.8 metres, and the SZ West Target with intersections of 7.8 gpt gold over 2.9 metres and 6.0 gpt gold over 4.8 metres which remain open for expansion.