Canadian Gold Corp (TSXV: CGC) is excited to announce a significant discovery of high-grade gold at its Hammond Reef South Project, located near Atikokan, Ontario. The project, which is adjacent to Agnico Eagle’s fully permitted Hammond Reef Project, has shown promising results during recent surface sampling.
A field program conducted in June identified a new high-grade gold zone, with assays returning 35.4 gpt, 7.1 gpt, and 2.9 gpt gold. These findings highlight the potential for a substantial gold resource in close proximity to Agnico Eagle’s Hammond Reef Deposit, which already boasts a mineral resource of over 5 million ounces of gold.
The gold mineralization at the new zone is found within a large gossanous shear-hosted quartz vein, containing up to 10% sulphides, mainly pyrite with accessory chalcopyrite and galena. The vein, measuring at least 2 meters in width and exposed for more than 10 meters along strike, remains open to the Northeast and Southwest. This geological setting is analogous to Agnico Eagle’s Hammond Reef Deposit, further indicating the potential of the discovery.
Recent and historic surface samples have revealed a substantial 6.7 km trend of gold mineralization across the Hammond Reef South property. To evaluate the length, width, and distribution of grade at the discovery zone, a follow-up program has been scheduled to commence this week. Additionally, Canadian Gold Corp has applied for the Ontario Junior Exploration Program grant, which, if accepted, would provide a 50% reimbursement for exploration expenses up to $200,000 for the project.
Michael Swistun, President and CEO of Canadian Gold Corp, expressed his excitement about the discovery, stating, ‘We are very excited with the discovery of high-grade gold on the Hammond Reef South property. We were prospecting the property looking for large, low-grade gold system like the Hammond Reef Deposit next door, and this gives us a new and exciting opportunity to follow up on.’
Canadian Gold Corp is a Toronto-based mineral exploration and development company focused on expanding the high-grade gold resource at the Tartan Mine in Manitoba. The company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec, adjacent to some of Canada’s largest gold mines and development projects.
For further information, please contact Michael Swistun, President & CEO of Canadian Gold Corp, at (204) 232-1373 or via email at info@canadiangoldcorp.com.