VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG) (“Trans Canada” or the “Company”) is pleased to announce that the Company has defined and identified multiple new gold drill targets on the Crippleback Lake Gold Project. and has now received full permit approval for drilling the Crippleback Lake Gold Project in central Newfoundland (the “Crippleback Lake Gold Project”, or the “Project”) from the Government of Newfoundland and Labrador.
The Company has received full exploration permit approval for planned Mineral Exploration work on the Crippleback Lake Gold Project and the Project has been advanced to drill ready status. The diamond drill permits allow the Company to fully utilize all drilling and heavy equipment over the recently identified gold targets situated on the Crippleback Lake Gold Project. Senior Management accompanied by its geology team recently visited Newfoundland and traversed and prospected the Crippleback Lake Gold project discussing the upcoming target generation and planned drill targeting on the Project. The Cape Ray Fault hosts Marathon Gold’s Valentine Lake Gold deposit, which is anticipated to be Atlantic Canada’s largest gold mining operation, and Sokomon Minerals 100% wholly-owned Moosehead gold discovery, also strategically located in the “Corridor of Gold” in central Newfoundland.
Commented Tim Coupland, “The addition of the new high-resolution airborne survey combined with our soil sampling has helped us Identify multiple new prospective gold targets situated near Sokomon Minerals 100% wholly-owned Moosehead Gold discovery. The new gold targets are situated either alongside, or directly over the Cape Ray Shear Zone, are an important confirmation of the model associated with the shear zone and validates the continuation and confirmation of multiple gold anomalies situated on the property. The results of our recently completed Heli-GT Triaxial Magnetic airborne survey have greatly helped us identify multiple new structural lineaments and potential drill targets located on the Crippleback Lake Gold Project and have assisted greatly in identifying, developing multiple new gold targets and refining drill targeting prior to drilling. This gold exploration opportunity has now generated multiple gold targets for the project and quickly advance the Crippleback Lake Gold Project.”
Figure #1- Map and property complilation of existing and new gold -in soil results. Additional new gold targets have been identified along the Cape Ray Shear zone situated along the length of the property.
HELICOPTER HELI-GT MAGNETIC SURVEY
SHA Geophysics has completed a regional helicopter-borne Heli-GT Triaxial Magnetic Gradiometer Survey on the Crippleback Lake Gold Project situated 45 km south of Grand Falls-Windsor, in central Newfoundland and provided all of the new high resolution data sets to the Company for interpretation, The geophysical survey consisted of 579-line kilometers with traverse lines to be flown at 75-meter spacings and control lines flown at 1250-meter line spacings directly over the Crippleback Lake Gold Project claim-block, which lies directly above and over the Cape Ray Fault zone. The Heli-Gt Magnetic Gradiometer Survey is now considered one of the exploration industry’s finest, state-of -the-art, deep penetrating airborne tools used to enhance gold exploration. The helicopter borne survey produces deep penetrating and newly generated survey data, which clearly identifies, enhances and in combination with rock and soil-sampling, shows high-definition conductive gold targets, fault zones and structural features often hidden in overburden. Airborne surveys are critical in the discovery of high grade-gold and important in locating hidden base metal targets hidden in the structurally advanced Newfoundland geological environment.
EXPLORATION PERMITS GRANTED FROM THE GOVERNMENT OF NEWFOUNLDAND AND LABRADOR– CRIPPLEBACK LAKE GOLD PROJECT
The Company has now received the necessary permit approval for Planned Mineral Exploration Work from the Government of Newfoundland and Labrador, for the Crippleback Lake Gold Project situated in the “Corridor of Gold”, in central Newfoundland. The newly issued exploration permit now grants the Company permission to follow up on prospective gold targets recently identified by the Company’s geological team and has brought the Project to the drill ready stage. The exploration permit allows for prospecting, geochemical sampling, airborne geophysics and ground geophysics. Exploration permitting, drilling permits were submitted for diamond drilling and the use of heavy equipment, now that gold targets have now been generated and fully defined on the Project. The Company is positioned to move quickly, and to advance the gold potential of this centrally positioned gold property, which lies directly over the Cape Ray Faulting system, the same faulting system that hosts the Marathon Gold’s Valentine Lake Gold deposit and Sokomon’s 100% wholly-owned Moosehead gold discovery, located in central Newfoundland’s Corridor of Gold.
CRIPPLEBACK LAKE GOLD PROJECT – CORRIDOR OF GOLD, CENTRAL NEWFOUNDLAND – HIGHLIGHTS:
- 121 mineral claims (3025 ha or 7475 acre) fully road accessible from the TransCanada Highway with numerous secondary logging roads internal to the claims.
- Covers a 13-kilometre strike length of the gold rich Valentine Lake Structural Zone midway between Marathon Gold’s Valentine Lake Gold Deposit and Sokoman’s 100% wholly-owned high-grade gold Moosehead Discovery.
- Robust Gold in lake sediment and till samples, with multiple till samples exhibiting delicate (proximal to source) gold grains as well as angular float samples assaying up to 1.7 g/t gold.
- Appoints SHA Geophysics for a Heli-GT Magnetic Survey on entire Crippleback Lake Claimblock.
- Exploration Permits have been approved by the Government of Newfoundland and Labrador.
- Completes regional helicopter borne Heli-GT Triaxial Magnetic Gradiometer Survey.
- Drilling Permits have been approved and granted.
- Drill Targets identified
SUMMARY TERMS OF AGREEMENT – SOKOMON MINERALS CORP.
Trans Canada can acquire 100% of the Crippleback Lake Gold Project by issuing 1,250,000 common shares of Trans Canada, and meeting cash and work commitments totaling $600,000 over a 4-year period. Sokoman will retain a 1.0 % net smelter return royalty on the Crippleback Lake Gold Project, with Trans Canada having the right to buy down 0.5% of the royalty for $1,000,000.
CRIPPLEBACK LAKE GOLD PROJECT- CORRIDOR OF GOLD, CENTRAL NEWFOUNDLAND
The Crippleback Lake Gold Project covers the northeastern extension of the regional scale Cape Ray /Valentine Lake fault/Shear zone and is situated in the same geological units that host high grade gold mineralization at Marathon’s Gold’s Valentine Lake gold deposit which is anticipated to be Atlantic Canada’s largest gold mining operation. The Project is situated in the gold prolific and rapidly emerging Corridor of Gold in the central Newfoundland Gold Belt, and is ideally situated on trend between Marathon Gold’s Valentine Lake gold deposit, and with Sokoman’s flagship Moosehead High-Grade Gold discovery which is now in the midst of a 50,000-metre (Phase 6) drill program. The Crippleback Lake Gold Project is located near the Trans-Canada highway near Grand Falls, situated in north-central Newfoundland, is easily accessible by a network of secondary logging roads and is only a short drive from assaying and diamond drilling services in Springdale, Newfoundland. The Project has easy access to full infrastructure and a skilled workforce.
TRANS CANADA GOLD PROJECT– THE DINORWIC GOLD PROPERTY
The Trans-Canada Gold Property consists of 741 non-surveyed contiguous mineral cell claims totaling 14,880 hectares located within the Kenora Mining Division of Ontario. The property is located within the Wabigoon Greenstone Belt, which also contains the Thunder Lake Gold deposit and the Goldlund Gold Deposit. The property contains a number of large shear zones containing quartz carbonate veins, pyrite and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large regional scale iron carbonate alteration within the property, which is considered to be similar to that of the Red Lake Mining Camp. The regional scale carbonate alteration within the property associated with shear zones within iron-tholeiite are prime targets for gold exploration. The property has excellent access, with the Trans-Canada highway bisecting multiple high priority targets in a north-south direction, as well as close proximity to the large community of Dryden, Ontario. The property has access to first class infrastructure, with close proximity to a number of rail corridors and power lines. A number of gold exploration targets have been identified within the property based on their association with regional alteration, known gold showings, shear zones, complex patterns and offsets in the regional magnetic map as well as spatial association with regional structures that has the potential to be well endowed with gold mineralization.
Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the technical information disclosed in the news release.
ABOUT TRANS CANADA GOLD CORP. – GOLD MINERAL EXPLORATION/ OIL AND GAS PRODUCTION
Trans Canada Gold Corp. is a discovery focused Canadian Gold and Mineral Exploration and Oil & Gas Resource Development Company that has accumulated a large property portfolio, and is currently focused on developing its’ large District Scale Gold exploration projects in Northwestern Ontario and Newfoundland. The Company is focused on developing its property portfolio, increasing production capabilities, and increasing oil production revenues. The Company identifies, acquires and finances the acquisition of large prospective gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada, a time-honored safe mineral exploration jurisdiction. The Company has now acquired two large District Scale gold mineral exploration property opportunities in Ontario, along with the Crippleback Lake Gold Project situated in the Corridor of Gold in central Newfoundland, and continues to identify low risk exploration opportunities through selective acquisitions and development of mining exploration assets situated in these favorable resource jurisdictions. The Company has qualified Senior exploration management and Geological Mining teams of professionals, seasoned in exploration production, field exploration and drilling. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through selective property acquisitions, and responsible exploration and development of mining, and petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Trans Canada Gold Corp.
Tel: (604) 681-3131
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