NEWS RELEASE

Canadian Gold Resource Expands Lac Arsenault Property Targeting High-Grade Epithermal Gold-Silver Mineralization

December 16, 2024

VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Canadian Gold Resource Ltd. ("Canadian Gold" or the "Company”) (TSX.V: CAN) is pleased to announce the expansion of its Lac Arsenault property with the addition of 64 new claims, increasing its size by 36.62 square kilometres (3,662.2 hectares), nearly doubling the size of the existing property. This strategic acquisition targets key structural features associated with high-grade epithermal gold and silver mineralization.


Expansion and Exploration Potential

The newly staked claims encompass additional interlinking fault zones, providing excellent targets for further exploration. These areas, which have seen little prior exploration, are expected to contain further high-grade gold and silver mineralization, similar to the Baker vein discovery.


"We’re excited to expand our footprint at Lac Arsenault and explore these critical structural features that have the potential to host significant gold-silver deposits," said Ronald Goguen Chairman, President & CEO of Canadian Gold Resources. "This expansion positions us to build on our discoveries and unlock the full potential of the property."

A map showing the location of Canadian Gold's Lac Arsenault Claims

“The discovery of interlinking fault structures at Lac Arsenault is a significant finding,” said Mark Smethurst (P.Geo.), Geologist of Canadian Gold Resources. “We believe these faults, part of the Grand Pabos and Rivière Garin systems, form dilational zones that create favorable conditions for gold and silver deposition similar to the Baker and Mersereau vein systems within our newly staked claims. These types of structures are well-known for hosting high-grade mineralization.”


Qualified Person
Mark T. Smethurst, P.Geo., a director of Canadian Gold Resources 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 the Lac Arsenault Property
The Lac Arsenault property is situated within a regional fault system that hosts strike-slip faults and interlinking fault segments, key features for epithermal gold-silver mineralization. These structures create dilational zones that allow for the preferential flow and deposition of hydrothermal fluids, resulting in high-grade mineralization within veins like the Baker vein system. This system, rich in gold and silver, exemplifies the potential of the property for additional discoveries.

Fig.1. (modified from De Paola, N., et al (2008))

Figure 1: Strike-slip fault segments, ranging from millimeters to kilometers, can form interlinking faults that create dilational structures, which are key sites for fluid flow and hydrothermal mineralization, making them critical targets for gold and silver exploration.

Fig. 2. (modified from Thiele, S.T., et al (2015))

Figure 2: Rock bridges between strike-slip segments can buckle under stress, forming en-echelon extensional structures, which often develop along interlinking faults. These structures are key sites for hydrothermal fluid flow and gold-silver mineralization, making them critical exploration targets.

About Canadian Gold Resources Ltd.

Canadian Gold Resources Ltd. (TSXV: 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


Investor Relations
Caroline Sawamoto
investors@cdngold.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or 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 Lac Arsenault 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.

Share This

Recent News Releases

June 24, 2026
Dieppe, N.B. – June 24, 2026 – Canadian Gold Resources Ltd. (TSXV: CAN) ("Canadian Gold" or the "Company") is pleased to announce the voting results from its Annual and Special Meeting of Shareholders (the "Meeting") held on June 19, 2026 in Dieppe, New Brunswick. The below individuals were nominated and received the requisite majority of votes and will be directors of the Company for the ensuing year: Ronald J. Goguen Sr. Kenneth Chernin Roger Bourgault Ian McGavney David J. Hennigar In addition, shareholders: (i) approved the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as Auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration; and (ii) ratified and approved the Company's rolling stock option plan. Board and Management Comments "On behalf of the Board, I want to thank our shareholders for their continued support and engagement," said Ronald Goguen, Sr. Chairman of the Board of Canadian Gold Resources. "With our Board and governance matters confirmed, we remain focused on advancing our 2026 exploration program across the Lac Arsenault, Robidoux, and VG Boulder properties on the Gaspé Peninsula."
June 18, 2026
Dieppe, N.B. – June 18, 2026 – Canadian Gold Resources Ltd. (TSXV: CAN) ("Canadian Gold" or the "Company") is pleased to announce its 2026 exploration program, which will encompass all three of its 100% owned projects located in the Gaspé Peninsula, Québec: Lac Arsenault, Robidoux, and VG Boulder. The program reflects the Company's continued commitment to advancing its portfolio of exploration-stage assets and creating long-term value for shareholders. Management Commentary Ken Chernin, Interim President and CEO of Canadian Gold Resources, commented: "Our immediate priorities are clear: advance the Lac Arsenault bulk sample toward execution, continue expanding our understanding of the property's broader discovery potential, and unlock value across our portfolio through disciplined exploration. While certain operational initiatives have affected the timing of assay submissions, we believe these steps are necessary to ensure we have the right people, processes and technical oversight in place. We remain confident in the potential of our assets and are committed to advancing them in a manner that reflects prudent stewardship of shareholder capital and the highest professional standards." Program Highlights The 2026 exploration program will comprise reconnaissance prospecting, geological mapping, and soil geochemistry surveys across all three properties. The planned work is designed to refine the Company's geological models, identify and prioritize new areas of interest, and generate targets for upcoming drilling campaigns. Additional geophysical surveys may also be undertaken where warranted by exploration results. Lac Arsenault — Expanded Diamond Drilling Program & Bulk Sample At the Company's flagship Lac Arsenault property, Canadian Gold intends to undertake a new phase of diamond drilling focused on testing the property's complex structural setting and evaluating targets generated through the Company's ongoing geological interpretation. Interpretation of geological data identified untested fault structures across the property, which management believes represent highly prospective targets for gold-bearing polymetallic vein mineralization. Importantly, the known high-grade polymetallic gold mineralization at Lac Arsenault is hosted within an interlocking fault structure. The Company believes that the numerous additional fault intersections identified throughout the property may represent analogous mineralized systems and intends to evaluate these targets through a systematic exploration program culminating in an expanded diamond drilling campaign in late summer/fall 2026. The Company is currently preparing drill permit applications and expects drilling to commence following receipt of the necessary approvals. The Company's previously announced bulk sample program at Lac Arsenault continues to advance and is proceeding as planned. All permits required for the program remain in good standing, and excavation of mineralized material is expected to commence during the third quarter of 2026. In advance of initiating the bulk sample, the Company is awaiting assay results from its recently completed drill program. These results are expected to enhance the Company's understanding of the geometry, continuity and characteristics of the mineralized system, helping to further de-risk the project and ensure that the bulk sample is executed utilizing the most complete geological information available. Concurrently, the Company is reviewing previously obtained processing and transportation quotations and finalizing the logistical arrangements associated with the program. The Company remains encouraged by the progress to date and looks forward to advancing this important milestone in a disciplined and methodical manner. Robidoux — Diamond Drill Program Canadian Gold also plans to undertake a diamond drilling program on the Robidoux property in late summer/fall 2026, marking a significant milestone in the advancement of the asset. The exploration program will start in June with detailed reconnaissance prospecting and soil geochemistry surveys designed to further define the property's geological framework and support drill target generation. Permit applications are being prepared, and the Company expects to mobilize once approvals have been received. Canadian Gold believes the Robidoux property represents a compelling exploration opportunity, supported by gold occurrences identified through historical work. The Company is excited to commence work at Robidoux and apply modern exploration techniques to evaluate the property's full potential. VG Boulder — Reconnaissance Program At the VG Boulder property, the Company will conduct reconnaissance prospecting and soil geochemistry surveys with the potential for follow-up drilling later in 2026, subject to exploration results and permitting. A key objective of the program will be the systematic evaluation of the property's precious metal and antimony potential through systematic outcrop mapping and sampling. The Company plans to utilize a portable backpack drill to access and obtain samples from prospective outcrops, generating valuable geological data to support target generation and resource evaluation. Canadian Gold believes growing global interest in critical minerals presents a compelling opportunity to advance the VG Boulder project while continuing to build value across its broader exploration portfolio. Operational Update Assay results from the Company's recently completed drill program at Lac Arsenault have taken longer to process and interpret than originally anticipated. During this period, the Company has undertaken a number of initiatives designed to strengthen its technical capabilities and support the efficient execution of its exploration programs. Over the past several weeks, the Company has undertaken a number of initiatives designed to strengthen its technical capabilities and support the efficient execution of its exploration programs. These initiatives have included the transition to a new Qualified Person overseeing the Company's technical activities, the engagement of additional geological expertise, and the advancement of plans to formalize the appointment of an experienced project geologist to support field operations. As part of its ongoing commitment to prudent stewardship of shareholder capital and operational excellence, the Company has also been reviewing certain aspects of its analytical and sample handling processes with the objective of improving efficiency and supporting future exploration activities. While these initiatives have contributed to the timing of assay submissions, management believes they represent important investments in establishing the technical oversight, operational standards and project infrastructure necessary to support the Company's long-term objectives. The Company expects to provide shareholders with a further operational update regarding assay timing and related activities in the near term as additional information becomes available. Canadian Gold remains committed to fulfilling its continuous disclosure obligations in accordance with applicable securities laws and NI 43-101 requirements. Management appreciates the patience and continued support of its shareholders and believes that taking the time to build the right technical foundation will position the Company to advance its projects in a disciplined manner and maximize long-term shareholder value. Qualified Person The scientific and technical information in this news release has been reviewed and approved by Martin Aucoin, P.Geo., a Qualified Person under NI 43-101. Mr. Aucoin is a geological consultant to the Company and is a non-independent Qualified Person.
May 22, 2026
Dieppe, N.B. – May 22, 2026 – Canadian Gold Resources Ltd. (TSXV: CAN) ("Canadian Gold" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement offering pursuant to the "listed issuer financing exemption" (the " LIFE Offering ") under Part 5A of National Instrument 45-106 - Prospectus Exemptions (" NI 45-106 "), as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (such exemption, the " Listed Issuer Financing Exemption "). The Company intends to complete the LIFE Offering through the issuance of up to 10,875,000 units of the Company (each, a " Unit ") at a price of $0.10 per Unit (the " Offering Price ") for gross proceeds of up to $1,087,500. Each Unit will consist of: (i) one common share of the Company (each, a " Common Share ") and (ii) one common share purchase warrant (each whole warrant, a " Warrant "), with each Warrant entitling the holder thereof to acquire one Share at a price of $0.18 per Common Share for a period of 36 months after issuance. Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units sold pursuant to the LIFE Offering will be offered in all provinces and territories of Canada pursuant to the Listed Issuer Financing Exemption and certain offshore jurisdictions pursuant to available prospectus or registration exemptions in accordance with applicable laws. Subject to the rules and policies of the TSXV, the Common Shares issuable from the sale of Units to Canadian resident subscribers will not be subject to a hold period under applicable Canadian securities laws. As the Company completed a financing less than 12 months ago (see the Company's new release dated January 2 and 30, 2026), all Warrants in this LIFE Offering will be restricted from being exercised for a period of 61 days after closing to ensure compliance with the dilution restriction in section 5A.2(h) of the LIFE exemption in National Policy 45-106. Any Common Shares issued upon exercise of a LIFE Warrant after the restrictive period expires will be free trading in Canada. Insiders and certain consultants that participate in the LIFE Offering would be subject to a four-month hold period in respect of securities issued pursuant to applicable policies of the TSXV. There is an offering document related to this LIFE Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at https://www.cdngold.com. Prospective investors should read this offering document before making an investment decision. The net proceeds from the LIFE Offering will be used for exploration and drilling on the Lac Arsenault project, the Robidoux project and VG Boulder project as well as working capital. It is expected that closing of the Offering will take place on or about June 30, 2026 or such other date(s) as may be determined by the Company (the " Closing Date "). Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals, including the approval of the TSXV. The Company has engaged Research Capital Corporation (the " Finder ") as exclusive finder and sole booker runner to assist with the Offering. As consideration for services provided by the Finder, the Company may pay: (i) a cash fee equal to up to 8.0% of the gross proceeds of the Offering from investors introduced to the Company by the Finder; (ii) an additional cash advisory fee of $22,500 plus applicable taxes in cash and issue 125,000 Common Shares of the Company with a four (4) month hold at closing of the Offering; and (iii) non-transferable Unit purchase warrants (" Finder's Warrants ") equal to up to 8.0% of the aggregate number of Units issued to those investors. Each Finder's Warrant will entitle the holder to purchase one Unit at a price of $0.10 per Unit for 36 months from the date of issuance. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor may there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
May 6, 2026
Dieppe, N.B. – May 6, 2026 – Canadian Gold Resources Ltd. (TSXV: CAN) ("Canadian Gold" or the "Company") announces that Ron Goguen Sr. has stepped down from his role as President and Chief Executive Officer as part of a planned leadership transition. Mr. Goguen was a founder of Canadian Gold Resources and played a key role in establishing the Company and advancing its exploration strategy in the Gaspé Peninsula region of Québec. The Board of Directors wishes to extend the Company's sincere thanks to Mr. Goguen for his dedication in directing and managing the Company. Mr. Goguen will continue to provide guidance as the Chairman of the Board of Directors. The Board of Directors has appointed Kenneth Chernin as Interim President and Chief Executive Officer, effective immediately. Ron Goguen, Chairman of the Board commented: “It has been a privilege to help found Canadian Gold Resources and work with a talented group of professionals in advancing the Company’s projects. I believe the Company has built a strong foundation and I look forward to continuing to support the Company in my role as Chairman as the team works to unlock the potential of its assets in the Gaspé region.” Kenneth Chernin brings more than 20 years of experience in capital markets, including roles as a sell-side equity research analyst and senior executive in investor relations and corporate development, with much of his career focused on the mining industry. Since July 2025, Mr. Chernin has served as Vice President of Corporate Development for Canadian Gold Resources, where he has been involved in advancing the Company’s corporate strategy and capital markets initiatives. Ken Chernin, Interim President and CEO, commented: “Canadian Gold Resources has assembled a compelling land position in the Gaspé Peninsula, and we believe the Company is entering an exciting period with several important catalysts ahead. Our immediate focus is clear: advancing our ongoing exploration programs, strengthening corporate execution, and delivering results and milestones to shareholders in a disciplined and timely manner. I would also like to thank Ron for his leadership and contributions to the Company, and I look forward to continuing to benefit from his experience and guidance as Chairman.” The Company expects to provide additional updates on its exploration programs, including results from its drilling activities at Lac Arsenault, in the near term as results become available.
Show More