Canadian Gold Corp. announced the results of its Phase 2 exploration drill program at the Tartan Mine, located near Flin Flon, Manitoba, and future plans for a Phase 3 Drill Program. Notably drilling at the South Zone resulted in the discovery of a new trend, where mineralization remains open and untested below 250 metres depth.

Drilling at Main Zone continues to demonstrate expansion of the mineralized envelope, validating the upside potential of the project. Main Zone (MZ): 12.6 g/t Gold Over 2.9 Metres including 24.4 g/t Gold Over 0.9 Metres; 6.2 g/t Gold Over 5.0 Metres including 22.0 g/t Gold Over 1.0 Metre. Drilling results from the Main Zone demonstrate continuity of the system with additional high-grade intersections.

Grade and thickness of the recent MZ intersections are consistent with expectations and will support a potential update to the Company's mineral resource estimate and will help inform future mine development plans. Hole TLMZ23-26W6 intersected the MZ at 788 metres below surface and returned 12.6 g/t gold over 2.9 metres including 24.4 g/t gold over 0.9 metres, demonstrating strong continuity of the zone 10 metres west and 25 metres below hole TLMZ23-26W1, which intersected 6.6 g/t gold over 6 metres including 15.1 g/t gold over 1.0 metre. Hole TLMZ23-26W7 was originally planned to expand the high-grade Hanging Wall Zone (HWZ) in holes TLMZ21-12 and TLMZ21-12W4 which intersected 47.6 g/t gold over 5.8 metres and 30.4 g/t gold over 3 metres.

Deviation of the wedge hole, even with the use of directional drilling, prevented the planned HWZ intersection and instead intersected the MZ, returning 22.0 g/t gold over 1.0 metre within 6.2 g/t gold over 5.0 metres. Although the hole ended up 80 metres below the intended target area, development of the HWZ was present and returned 7.2 g/t gold over 1.0 metre within 3.7 g/t gold over 8.65 metres. The last hole of the Phase 2 drilling program TLSZ24-29 was designed as a new drill wedge platform to better target the HWZ from the south (To date, all attempts to intersect the HWZ have been drilled from the North to South).

The hole was successfully drilled and is currently at 653 metres, situated approximately 200 metres from the targeted HWZ area. South Zone (SZ): 14.0 g/t Gold Over 0.95 Metre Within 5.9 g/t Gold Over 2.95 Metres. As part of the Phase 2 drill program, exploration targets at the South Zone were drilled.

Holes TLSZ24- 27 and TLSZ24-28 tested an interpreted open plunge of mineralization at depth, below all previous drilling, and successfully intersected 5.9 g/t gold over 2.95 metres including 14.0 g/t gold over 0.95 metres (Fig. 2). This result extended the eastern SZ mineralization by 42 metres below, and 50 metres east of hole TLSZ21-08 (which intersected 8.0 gpt gold over 4.0 metres including 18.0 g/t gold over 1.0 metre).

This intersection has also demonstrated continuity of the eastern SZ mineralization at depth where it remains untested and is a promising exploration and resource development target for additional drilling. Phase 3 Exploration Program Set to Begin Summer 2024: Canadian Gold completed its Phase 2 winter drill program at the Tartan Mine with nine drill holes for a total of 4,550 metres. The Phase 3 drill program is anticipated to begin in the summer with plans to continue expanding the MZ, HWZ, and to test the continuity of mineralization at the eastern part of the SZ below 250 metres.

Having multiple parallel zones, such as the HWZ and SZ, will allow the Company to increase its ounces per vertical metre by allocating fixed mine development costs over more ounces. VMS Target: An anomaly situated 850 metres to the North-East of the Tartan Mine, identified from an Induced Polarization (IP) survey coincident with an Airborne Electromagnetic (AEM) geophysical survey, is a priority Volcanogenic Massive Sulfide (VMS) target where initial ground reconnaissance and subsequent drilling is planned for 2024. The prospect of VMS occurring on the under-explored Tartan property is favourable, given its proximity to the world-class gold-rich VMS district of Flin Flon, Manitoba.