Canadian Gold Corp. announced initial results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including its first test at depth. Drilling has intersected one of the best holes in the mine's history, 325 metres below the lower limit of the current resource estimate, increasing the vertical extent of the high-grade mineralization by 61% compared to the resource.

Hole TLMZ23-26 returned 12.0 gpt gold over 8.0 metres, inside the widest interval ever at the Tartan Mine, 4.2 gpt gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. Each of the first three holes encountered multiple zones of high-grade and numerous occurrences of visible gold. The objective of TLMZ23-26, the deepest hole ever drilled, was to determine if the mineral system at the Tartan Mine could be materially expanded at depth and thereby justify a larger exploration program and focus, which it has.

This intersection is the widest ever encountered at the Tartan Mine and will have important implications moving forward. Drill Holes TLMZ21-12W2 and TLMZ21-12W1, were designed to fill the gap that exists between the current resource estimate and the drill holes completed in 2021 by the Company. These successful holes will assist in updating the resource estimate and future mine planning.

The Company will provide an additional update on the remaining drill holes once the results have been received.