Mr. Ed Huebert reports

CANADIAN GOLD CORP. ANNOUNCES TARTAN MINE DELIVERS HIGH-GRADE GOLD EXPANDING THE HANGING WALL ZONE 20.6 G/T GOLD OVER 5.7 METRES INCLUDING 30.4 G/T GOLD OVER 3.0 METRES

Canadian Gold Corp. has released continued results from its phase 2 exploration program at the Tartan mine, located near Flin Flon, Man. Since the company's last update on Jan. 11, 2024, two holes have been completed with assays having been received for one, TLMZ21-12W4, which was intended to expand the high-grade gold located in the hangingwall zone to the west and to intersect the main zone, demonstrating further extension of the deposit.

1) Hangingwall zone (HWZ)

20.6 grams per tonne gold over 5.7 metres, including 30.4 g/t gold over three metres

High-grade gold mineralization within the HWZ at depth was first encountered in December, 2021, when hole TLMZ21-12 intersected 47.6 g/t gold over 5.8 metres within 23.8 g/t gold over 12.6 metres. Initial attempts to target the HWZ along a projected western plunge during phase 1 drilling in summer 2023 were unsuccessful due to excess hole deviation. In order to intersect the target area and prevent hole deviation, the Canadian Gold team has been using a cost-effective directional drilling tool, which has been successful.

Hole TLMZ21-12W4 is the first attempt using directional drilling, targeting the western plunge of the HWZ, which has returned 30.4 g/t gold over three metres, within a wider interval of 20.6 g/t gold over 5.7 metres. Both holes within the HWZ contain gold grades that are significantly higher than the grade that was historically mined at Tartan and reported in the current National Instrument 43-101 resource estimate.

This intersection is located approximately 20 metres down plunge and 10 metres to the west of hole TLMZ21-12. In addition to expanding the size of the resource, a key objective for Canadian Gold is to increase the amount of contained gold per vertical metre, which should increase the company's ultimate return on invested dollars.

Ed Huebert, chief executive officer, stated: "We are thrilled to continue to expand the resource at Tartan with this significant high-grade gold intersection. It is this ability to find significant high-grade gold over good widths that makes the Tartan mine a unique asset at a time when gold grades are going down across the industry. From a corporate perspective, the project further benefits from low-cost green power and other Manitoba government supported programs such as the Manitoba mineral exploration tax credit and funding through the Manitoba Mineral Development Fund."

2) Main zone (MZ)

Eight g/t gold over three metres, within 3.1 g/t gold over 18.4 metres

Hole TLMZ21-12W4 also successfully intersected the MZ (secondary target), where the majority of the current resource is contained and returned eight g/t gold over three metres, inside of another wider zone of disseminated gold mineralization that returned 3.1 g/t gold over 18.4 metres. This result extended the MZ by 28 metres below and 18 metres west of hole TLMZ21-12 at an approximate depth of 722 metres below surface. This is another example of wider intervals surrounding high-grade gold at depth and is being reviewed by the company's geological team to determine its importance and the ability to convert this mineralization into a potential resource.

Phase 2 exploration program update

Canadian Gold is continuing with its phase 2 drill program at Tartan with a total of 4,000 metres. Assays for one hole are currently pending, infilling a deeper gap between drill holes in anticipation for an updated resource estimate, and a second hole is nearing completion, targeting the HWZ high grade. Planned drilling will also target the south zone (SZ), a parallel zone of mineralization 75 metres south of the main zone. The company intends to focus drilling on specific areas within the SZ, with the primary objective of extending the mineralization to increase the existing resource. Currently, mineralization within the SZ has been tested to depths of 250 metres and therefore, potential exists beyond these depths. Encouraging intersections at the SZ East target include 9.6 g/t gold over 11.8 metres and 8.8 g/t gold over 4.8 metres (see news release Oct. 7, 2021), and the SZ West target with intersections of 7.8 g/t gold over 2.9 metres and six g/t gold over 4.8 metres which remain open for expansion.

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 and described in this news release were examined by a geologist, marked and cut by a technician. One-half of the core is kept and the other half is placed in an individual sample bag, given an identification number and sealed for transport. Samples are then placed into larger secure sealed bags and transported for preparation and assay by MSA Labs in Timmins, Ont. Once received the samples were crushed in their entirety to 70 per cent passing two millimetres. The samples were then riffle split to fill one 500-gram jar for PhotonAssay.

Drill program quality assurance/quality control of results is preformed by a qualified person consistent with industry best practices. A standard and blank are inserted every 10 samples representing a minimum of 10 per cent in addition to the lab's internal quality assurance samples. QA/QC data are evaluated following receipt of the results from the laboratory to verify allowable tolerances and adhere to Canadian Gold QA/QC protocols.

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 36 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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