VANCOUVER, B.C. – Trans Canada Gold Corp. (TSX-V: TTG) (“Trans Canada” or the “Company”) is pleased to announce that it has now received permit approval for Planned Mineral Exploration Work from the Government of Newfoundland and Labrador, for Trans Canada Gold’s Crippleback Lake Gold property situated in the “Corridor of Gold”, in Central Newfoundland. The newly issued exploration permit now grants permission to follow up on gold targets recently identified by Sokomon Minerals (TSXV-SIC), 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 fully defined on the property 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, which also hosts the Marathon Valentine Lake Gold deposit and the Sokomon Minerals Moosehead 100% wholly-owned Gold discovery located in Central Newfoundland’s Corridor of Gold.
Commented Tim Coupland, “We are permitting and advancing the Crippleback Gold project in the Corridor of Gold, in central Newfoundland and all of our exploration activities are moving rapidly. With the welcome news of our Newfoundland Exploration Permits being granted, we are now moving quickly, and are just waiting for our formal drilling application approvals for the Crippleback Lake Gold block of gold claims in Central Newfoundland. Our seasoned Technical Advisory Team of highly experienced gold experts, are extremely excited about the 2021 summer exploration season identifying and drilling the target gold zones on this strategically located property optioned from Sokoman Minerals. This is a remarkable advanced gold exploration opportunity for the Company, who will now be able to start the summer 2021 exploration and drilling season and collaborate actively with the Sokomon Minerals geological team. We anticipate that the summer season will generate additional gold targets for the project. Both geological teams are now able now share years of seasoned mining and drilling knowledge, while completing and advancing the Crippleback Gold Project, performing exploration and drilling between Marathon Gold’s Valentine Lake gold deposit and shear zone and Sokoman’s 100% wholly owned Moosehead Gold discovery”.
The Crippleback Lake Gold Project covers the northeastern extension of the regional scale 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. The property is situated in the gold prolific and rapidly emerging Corridor of gold in the Central Newfoundland Gold Belt, and is ideally situated on trend with Sokoman’s flagship Moosehead High-Grade Gold discovery which is now in the midst of Phase 6 of a 50,000-metre (Phase 6) drill program. The Crippleback Lake Gold property is located near the Trans-Canada highway 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.
CRIPPLEBACK LAKE GOLD PROJECT, 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 Minerals 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
- All previous exploration efforts focused on base metals
- Exploration Permits have been approved by the Government of Newfoundland and Labrador
- Drilling Permits have been submitted on June 17, 2021. Approval pending.
SUMMARY TERMS OF AGREEMENT
Trans Canada can acquire 100% of Crippleback Lake by issuing 1,250,000 common shares of Trans Canada Gold, cash and work commitments totalling $600,000 over a 4-year period. Sokoman will retain a 1.0 % net smelter return royalty on Crippleback Lake, with Trans Canada Gold having the right to buy down 0.5% of the royalty for 1,000,000
The Option agreement, including the issuance of Trans Canada Gold Shares, has been accepted for filing by the TSX Venture Exchange. The Trans Canada share will be subject to a four-month statutory hold period.
TRANS CANADA GOLD CORP.- www.transcanadagold.com
The company has launched its new fully interactive website and social media platforms at www.transcanadagold.com The fully interactive website, which allows users to access social media platforms such as Twitter, Facebook and Instagram will update and allow shareholders to view the Company’s latest exploration activities and development of the Trans Canada Gold Projects which includes the Dinorwic Gold Property situated near Dryden, Ontario, the Gold Crow Gold Project-Gold, Copper-Nickel-Cobalt Property situated near Pickle Lake, Ontario and the Crippleback Lake Gold Project situated in Central Newfoundland.
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
The Company is a Canadian Gold and Mineral Exploration and Oil & Gas Resource Development Company that is currently focused on developing its’ large District Scale Gold exploration projects in Northwestern Ontario and Newfoundland, increasing its production capabilities, and obtaining potential future 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 property 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
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.