Mr. Michael Swistun reports

CANADIAN GOLD CORP. FIELD EXPLORATION UNDERWAY AT HAMMOND REEF SOUTH AND TARTAN WEST

Canadian Gold Corp. has commenced two independent field exploration programs, one at the Tartan West property (recently optioned from Hudbay Minerals Inc.) located immediately adjacent to the west of the Tartan mine property in Flin Flon, Man., and the other at the Hammond Reef South property located near Atikokan, Ont., adjacent to Agnico Eagle's fully permitted Hammond Reef gold deposit.

Hammond Reef South

The 2025 field exploration program is designed to follow up on the high-grade gold samples discovered last year, which remain open along strike. This program will be financed using proceeds of a recently closed $385,000 private placement of flow-through shares.

Last year's program successfully identified a new high-grade gold zone with assays returning 35.4 grams per tonne, 11.6 gpt, 7.1 gpt and 2.9 gpt gold (see: Sept. 25, 2024, Canadian Gold news release). The Hammond Reef South property is located only two kilometres from Agnico Eagle's Hammond Reef deposit, which contains a large mineral resource of more than five million ounces of gold and occurs in the same geological environment. Exploration is currently focused on evaluating the extent of the gold system as well as the broader mineralized corridor that extends over a 6.7 km strike and parallel to Agnico Eagle's Hammond Reef deposit.

The current program will include follow-up surface work along strike to better evaluate the lateral extent, width and continuity of the gold system, building on last year's strong results.

In addition, the company is also planning a geophysical program to target areas of higher sulphide content, which have shown a strong correlation with the gold mineralization. Together, the surface work will focus on tracing the trend of the mineralization while the geophysics will help identify potential extensions of the system beneath cover and at depth to refine high-priority targets for drilling.

Tartan West property

Field crews have also commenced a ground reconnaissance program along the Tartan shear zone on the Tartan West property.

The current Tartan West program consists of detailed mapping, prospecting and sampling to evaluate and verify the historic high-grade surface showings, which will aid with prioritization of areas for additional work such as trenching, stripping and diamond drilling.

Historic high-grade gold surface samples with no follow-up drilling returned: 118 gpt gold and 53.5 gpt gold.

Highlights of the historic drilling include extremely high-grade results: 44.2 gpt gold over 2.5 metres, 68.9 gpt gold over 1.1 metres, 60.0 gpt over 1.1 metres and 595.2 gpt over 0.2 metre. Additional drill assays have returned results comparable with the Tartan mine, including 11.6 gpt gold over 3.8 metres, 7.7 gpt gold over 4.4 metres, 6.4 gpt gold over 2.4 metres and 12.9 gpt gold over 1.13 m.

The program at the Tartan West property is an important first step toward a goal of potentially levering future infrastructure investments over an expanded resource base, delivering enhanced economies of scale including:

1. The potential to build a single process facility at the Tartan mine and source ore from multiple areas along the contiguous Tartan shear zone, reducing the capital needed on a per-ounce basis once a decision has been made to restart production.
2. Ability to access Tartan West mineralization in the future from current and planned Tartan mine underground infrastructure.

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.

About Canadian Gold Corp.

Canadian Gold is a Canadian-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 historic Tartan mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1.18 million tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). (Tartan Lake project technical report, Manitoba, Canada, April, 2017, authored by Mining Plus Canada Consulting Ltd.). The company also 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 (QC), the Hemlo mine (ON) and Hammond Reef project (ON). McEwen Inc. holds a 5.6-per-cent interest in Canadian Gold, and Robert McEwen, the founder and former chief executive officer of Goldcorp, and chairman and chief executive officer of McEwen, holds a 32.5-per-cent interest in Canadian Gold.

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