VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG) (“Trans Canada” or the “Company”) is pleased to announce that the Company has 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 received initial exploration permit approval on June 28, 2021 for planned Mineral Exploration work on the Crippleback Lake Gold Project to quickly advance the Project to drill ready status. The newly issued 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 with Newfoundland prospecting legend Allan Keats, a co-vendor of part of the Project, over a three-day period confirming known gold showings and discussing the upcoming target generation and planned drill targeting on the Project. The Company is rapidly advancing the Crippleback Lake Gold Project, which is ideally situated over the Cape Ray Fault. 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’s 100% wholly-owned Moosehead gold discovery, also strategically located in the “Corridor of Gold” in central Newfoundland.
Commented Tim Coupland, “We are excited to have the first of many drill permits now in place, which will quickly advance the Crippleback Lake Gold Project and upcoming drill programs. Our Crippleback Lake Gold Project is ideally situated on the Cape Ray Fault which is widely recognized to host high grade gold mineralization, in the Corridor of Gold, in central Newfoundland. With the onset of a resurgent gold market expecting to rebound in 2021-22, the Company will be well positioned to acquire other prospective gold properties and commence drilling shortly. The results of our recently completed Heli-GT Triaxial Magnetic airborne survey has identified many additional structural lineaments located on the Crippleback Lake Gold Project and will greatly assist in identifying, developing and refining our existing gold targets and greatly assist us in targeting prior to drilling. Our team of highly experienced gold experts are preparing the selected areas for drilling the target gold zones on this strategically located Project optioned from Sokoman Minerals Corp. (TSXV-SIC) (“Sokoman”). This gold exploration opportunity will generate multiple gold targets for the project and advance the Crippleback Lake Gold Project.”
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. 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 in conjunction with Sokoman, which will quickly bring the Project to the drill ready stage. The exploration permit allows for prospecting, geochemical sampling, airborne geophysics and ground geophysics. In addition to exploration permitting, drilling permits were recently submitted on June 17, 2021 for diamond drilling and the use of heavy equipment, once gold targets have been generated and fully defined on the Project in the coming months. 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.
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, 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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