Mr. Ian Ball reports

CANADIAN GOLD CORP PHASE 1 EXPLORATION AT TARTAN MINE SIGNIFICANTLY EXPANDS HIGH-GRADE MINERALIZATION BELOW RESOURCE LIMIT INDICATING POTENTIAL FOR LARGER DISCOVERY AT DEPTH

Canadian Gold Corp. has released initial results from its phase 1 exploration program at the Tartan mine, located near Flin Flon, Man., 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 per cent compared with the resource. Hole TLMZ23-26 returned 12 grams per tonne gold over eight metres, inside the widest interval ever at the Tartan mine, 4.2 g/t gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. The drill highlights for the first three holes can be seen herein.

"This first hole, testing well beyond the limits of the resource, has the potential to alter the importance of the Tartan mine. Not only are the assay results significant but so is the hole location. We need to receive the remaining assays, but the ability to grow the deposit looks promising. In addition to these exploration results, we are advancing the project's permitting and engineering that are designed to lower the cost of production, reduce the technical risk while minimizing the environmental footprint. The company will be providing shareholders with an update on these items. The Tartan mine benefits from good road access, renewable electric power that comes to site and significant underground infrastructure. Lastly, our geological team is hard at work conducting regional prospecting around the Tartan mine to advance near-mine targets to a drill-ready stage. Early results have been promising, showing the potential for additional high-grade gold in new areas," stated Ian Ball, interim chief executive officer and president.

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.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, PGeo, consulting geologist for the company and a qualified person as defined under National Instrument 43-101.

Technical information

The samples collected by Canadian Gold described in this news release were transported in secure sealed bags for preparation and assay by Act Labs in Thunder Bay, Ont. The samples reported were crushed in their entirety to 80 per cent passing minus 10 mesh, with one 500-gram subsample split and pulverized to 95 per cent passing 150 mesh. One 50-gram aliquot was taken from the subsample for fire assay (FA) with an atomic absorption spectroscopy finish. Samples over five g/t gold were subject to a 50-gram aliquot FA with gravimetric finish. Samples containing visible gold were subject to one-kilogram metallic screen analysis with a FA gravimetric finish.

About Canadian Gold Corp.

Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past-producing Tartan mine, located in Flin Flon, Man. The company holds a 100-per-cent interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic mine (Quebec), the Hemlo mine (Ontario) and Hammond Reef project (Ontario). The company is 37.6 per cent owned by Robert McEwen, who was the founder and CEO of Goldcorp and is chairman and CEO of McEwen Mining.

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