DIEPPE, New Brunswick, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Canadian Gold Resources Ltd. ("Canadian Gold" or the "Company") (TSX.V: CAN), a Canadian exploration company focused on developing high-grade gold projects in the Gaspé Gold Belt of Quebec, is excited to announce the preliminary interpretation of airborne magnetic survey data for its Robidoux property in Quebec’s Gaspé Peninsula.
The results represent a major milestone for the Company, providing detailed structural insights into the Robidoux property, which is part of the Company’s broader 34 km stretch along the highly prospective Grand Pabos Fault.
“The promising results from our Robidoux property survey significantly enhance the outlook for our projects along the Grand Pabos Fault system,” said Ronald Goguen, Chairman, President and CEO of Canadian Gold. "With clear structural continuity, we're confident in new gold and silver discoveries and expanding our resource base, marking a key milestone in our strategy to lead the Gaspé Gold Belt."
Key Findings:
Identified key fault structures that align with known mineral showings, structures are critical in the emplacement of gold-silver mineralization and point to significant exploration potential.
The new data has allowed for a more precise location of the Grand Pabos Fault, which was previously unclear in regional datasets. Also revealed are key splay and secondary structures offering valuable drill targets for future exploration.
The interpreted structures coincide with known showings such as the Robidoux-Appalache Au-Ag-Pb showing, and the location of the historic bulk sample. Canadian Gold Resources has not verified these historic results and is not relying on them. The Robidoux-Appalache Au-Ag-Pb showing source of historical information referred to herein is report GM58486 filed with Ressources naturelles et Forêts. The historic bulk sample source of historical information referred to herein is Fancamp press release dated March 15, 2021 referencing Fancamp press release dated March 26, 2015. Historical production grades are not an indication of existing mineral resources or grades of any existing mineral deposits.
First Vertical Derivative data (FVD) magnetic data with interpreted structures.
Figure 1. First Vertical Derivative data (FVD) magnetic data with interpreted structures.
Total Magnetic Intensity data (TMI) magnetic data with interpreted structures.
Figure 2. Total Magnetic Intensity data (TMI) magnetic data with interpreted structures.
“The structural trends we’re seeing on the Robidoux property are very similar to those on the Lac Arsenault property and appear to be repeating sets of orientations of structures. These structures hold mineralization in the Baker vein on the Lac Arsenault property, and hold mineralization as shown by the historic bulk sample on the Robidoux property. This suggests that the same systems may extend across both properties,” said Mark Smethurst (P.Geo.), Director and Geologist of Canadian Gold. “These similarities strengthen our belief in the mineralization potential along the Grand Pabos Fault system and provide valuable guidance as we move forward with drilling on the Robidoux, Lac Arsenault, and VG Boulder properties.”
Canadian Gold will continue to integrate these findings with additional geological data as it moves forward with exploration, positioning the Company for further discoveries in the Gaspé Gold Belt.
The Company has also appointed David Henniger to its Board of Directors, effective immediately. David Henniger is a seasoned corporate leader with extensive experience in governance and finance. He currently serves as Chairman and Director of Annapolis Group, Grand River Ironsands, and Landmark Global Financial. Henniger has held key roles including Lead Director of Crombie REIT and Chairman of Crown Life, Crownx, Jennings Capital, and Scotia Investments.
In addition, effective January 23, 2025, Canadian Gold has granted a total of 2,000,000 stock options to its Board members as part of its long-term incentive plan. These options were issued in accordance with the terms and conditions outlined in the Company’s stock option plan.
Qualified Person Mark T. Smethurst, P.Geo., a director of Canadian Gold, is a qualified person as defined by NI 43-101 and has reviewed and approved the contents and technical disclosures in this press release.
About Canadian Gold Resources Ltd. Canadian Gold Resources Ltd. (TSX.V: CAN) is a Canadian exploration company focused on developing high-grade gold projects in the Gaspé Gold Belt of Quebec. The Company targets under-explored, past-producing properties with significant growth potential, leveraging modern exploration techniques to unlock value. With a team of experienced professionals and a commitment to sustainability and community engagement, Canadian Gold Resources is well-positioned to capitalize on opportunities within this historic and promising gold region. For more information, visit www.cdngold.com.
For further information, please contact: Ronald Goguen Chairman, President & CEO of Canadian Gold Resources rongoguen@cdngold.com 506-383-4274
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (collectively, "FLI") within the meaning of applicable Canadian securities legislation. FLI is based on the current expectations, estimates, projections, and assumptions as of the date of this news release. All statements, other than statements of historical fact, included herein are FLI and involve various risks, uncertainties, and assumptions. Generally, FLI can be identified by terminology such as "expects," "anticipates," "believes," "estimates," "plans," "intends," "predicts," "projects," "seeks," "potential," "targets," or similar expressions suggesting future outcomes or statements regarding an outlook. FLI includes, but is not limited to, statements regarding the Company's exploration activities, anticipated economic assessments, projected production, operating costs, capital costs, potential revenues, and other forward-looking metrics related to the Robidoux Project.
FLI is provided to help readers understand management's current expectations and is not a guarantee of future results. FLI is subject to various known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such FLI. These risks include, but are not limited to, the accuracy of mineral grade estimates, metallurgical recovery rates, gold price fluctuations, foreign exchange rate volatility, unforeseen technical or operational challenges, regulatory changes, environmental risks, community and governmental actions, and the ability of the Company to secure required funding and approvals.
While management believes the assumptions and expectations reflected in the FLI are reasonable as of the date of this news release, no assurance can be given that such expectations will prove correct, and actual outcomes may vary materially. Readers are cautioned not to place undue reliance on FLI. The Company will only update or revise any FLI in accordance with applicable law, whether as a result of new information, future events, or otherwise and may even withdraw such FLI if it feels that such action is warranted. Such updates, revisions or withdrawals of FLI will be disclosed in such manner as required by law.
The assumptions upon which the FLI is based include, but are not limited to, geological data, historical exploration results, economic conditions, market demand for gold, and the accuracy of fixed contractual cost estimates. Additional risks and uncertainties regarding the Company's business are outlined in the Company's public disclosure documents available at www.sedarplus.ca.
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