Mr. Ed Huebert reports

CANADIAN GOLD CORP.: PHASE 2 DRILL PROGRAM BEGINS AT THE TARTAN MINE

Canadian Gold Corp. has commenced its phase 2 drilling program at the company's 100-per-cent-held Tartan mine in the prolific Flin Flon-Snow Lake greenstone belt, Manitoba.

The phase 2 drill program is currently under way and anticipated to occur over the next several months with a minimum of 2,500 metres of drilling planned. The objective of the program is to further test the continuity of gold mineralization within the Main zone (MZ) to establish its potential size for resource estimation and mine planning purposes. The phase 1 drilling program conducted earlier this year successfully extended the MZ 325 metres below the lower limit of the current mineral resource estimate, and increased the vertical extent of the gold mineralization by 61 per cent.

The MZ mineralization remains open for expansion, and the primary objective of this phase 2 drill program is to target the extension of high-grade mineralization around drill holes TLMZ23-26 and TLMZ21-12 by wedging from existing drill holes to reduce overall costs.

TLMZ23-26 (target 1) -- hole TLMZ23-26 intersected the widest zone of continuous gold mineralization at the Tartan mine, and returned 12 grams per tonne gold over eight m within 4.2 gpt gold over 53.7 m (see news release Aug. 23, 2023). This intersection is the deepest drilled on the MZ and has indicated the potential for a larger discovery at depth below the current resource estimate. The phase 2 drilling will test east and below this intersection which remains open for meaningful expansion.

TLMZ21-12 (target 2) -- hole TLMZ21-12 intersected a hangingwall zone (HWZ) that returned 23.8 gpt gold over 12.6 m, including 47.6 gpt gold over 5.8 m (see news release Dec. 6, 2021). The phase 2 drilling will test the high-grade mineralization to the west and at depth with the use of directional drilling.

Qualified person

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

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 the Hammond Reef project (Ontario). The company is 38.8 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and CEO of McEwen Mining.

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