NEWS RELEASE

Canadian Gold Resources Commences Trading on the TSX Venture Exchange

December 12, 2024

VANCOUVER, British Columbia, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Canadian Gold Resources Ltd. ("Canadian Gold" or the "Company") (TSXV: CAN) (formerly “Amseco Exploration Ltd.”) is pleased to announce that the common shares of the Company will officially commence trading on the TSX Venture Exchange (“TSXV”) under the trading symbol “CAN” and new CUSIP #13585U109, as of market open today, Thursday, December 12, 2024.


“The listing marks a significant milestone for Canadian Gold, providing the Company with greater access to capital markets, increased visibility, and enhanced opportunities for growth, and development,” said Ronald Goguen Chairman, President & CEO of Canadian Gold. “This listing aligns with Canadian Gold’s strategy to advance its exploration and development projects in Canada, further solidifying its position in the growing resource sector.”


Key Investment Highlights:


  • Near-Term Cash Flow & Dividends
    Flagship Lac Arsenault project is expected to generate CAD $9 million(1) from bulk sampling activities with cash flow projected in 2025, with a significant portion of proceeds planned to be distributed as dividends to shareholders.

    (1) This is forward-looking information. Readers are advised to the full forward-looking statement at the end of this news release for important details regarding assumptions, risks and uncertainties associated with such information.


  • High-Grade Gold Projects
    Canadian Gold’s portfolio includes high-grade assets like Lac Arsenault (up to 15.43 g/t Au(2) – explored by Imperial & Esso Minerals in the mid 1970’s), Robidoux (up to 92.0 g/t Au(2)) and VG Boulder (up to 75.7 g/t Au(2)), offering strong exploration upside.

    (2) These estimates are historical and has not been verified – it is not NI 43-101 compliant –additional work is required to confirm this estimate


  • Strategic Location
    The Company controls 15,838 hectares and more than 34 km of strike along the mineral-rich Grand Pabos Fault, known for hosting significant gold deposits.


  • Experienced Leadership
    Led by Ronald Goguen, founder of Major Drilling, the team brings over 40 years of experience in advancing exploration projects to development.


  • Growth & Exploration Plans
    Ongoing exploration activities in 2025, including drilling and bulk sampling, aim to expand resources, and generate non-dilutive capital for further development.


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.


Specifically, FLI contained in this news release includes statements regarding the revenue projections from a proposed bulk sample program at the Lac Arsenault Project. These projections are based on the extraction of an estimated 10,000 tonnes of material with an average grade of 15.55 grams per tonne ("g/t") gold, translating to approximately 5,000 ounces of contained gold.

Applying a metallurgical recovery rate of 80%, this yields an estimated 4,000 ounces of gold production. At an assumed gold price of USD $1,800 per ounce and a USD/CAD exchange rate of 1.25, the anticipated revenue is approximately CAD $9,000,000. The associated costs for the bulk sample program, including drilling, transportation, and processing, are projected to total approximately CAD $2,500,000, based on existing fixed contractual agreements.


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.

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Recent News Releases

September 10, 2025
Dieppe, N.B. – September 10, 2025 – Canadian Gold Resources Ltd. (“Canadian Gold” or the “Company”), is pleased to provide an update on its exploration and development activities at its 100%-owned Lac Arsenault Property located in the Gaspé region of Québec. The Company is also announcing the resignation of Ken Booth from the Board of Directors. Applications Submitted for Lac Arsenault Maiden Drill Program Canadian Gold has submitted permit applications to the Ministère des Ressources naturelles et des Forêts (MRNF) for its maiden diamond drilling program on the Lac Arsenault Property. The proposed program comprises 36 drill holes totalling approximately 2,345 metres, with expected drilling to begin upon permit approval. The objective of the drill program is to take the extensive historical work completed at Lac Arsenault and advance it to modern reporting standards under National Instrument 43-101. Historical work at Lac Arsenault (1975–1996) outlined non-compliant resource estimates ranging from 40,000 tonnes at 15.43 g/t Au and 197 g/t Ag to approximately 200,000 tonnes averaging 9.59 g/t Au (~61,500 oz Au). These estimates predate NI 43-101 and cannot be relied upon as current resources, but they highlight the project’s long-recognized high-grade potential. Through the upcoming drill program, Canadian Gold intends to: Twin and verify historical drill holes and channel samples to confirm grades and geometry; Apply modern QA/QC protocols to establish reliability of the data; Generate sufficient new drilling data to support an independent mineral resource estimate prepared in accordance with NI 43-101 and CIM Definition Standards; Convert these historical estimates into a current, compliant mineral resource that can be reported to the market, forming a strong foundation for future project development and valuation. Management Commentary "The submission of our first drill permit applications marks an important milestone as we move toward validating the historic high-grade results at Lac Arsenault and establishing an NI 43-101 compliant resource base,” stated Ronald Goguen, President & CEO of Canadian Gold. “We believe Lac Arsenault represents a rare opportunity in Québec, one of the world’s most proven mining jurisdictions: a project with extensive historical work, strong high-grade potential, and excellent infrastructure. By applying modern exploration standards, we are committed to unlocking this value responsibly while engaging transparently with Québec regulators and local First Nations communities.” Update on Bulk Sampling Program On July 15, 2025, Canadian Gold announced that it had received permits from the Government of Québec to proceed with a 5,000-tonne bulk sampling program, conditional upon the completion of three shallow water monitoring wells in the vicinity of the proposed sampling area ( See July 9, 2025 press release ) and an Autorisation pour travaux à impacts (ATI) report. The Company is ready to drill these wells immediately; however, the Québec’s Ministère des Ressources naturelles et des Forêts (MRNF) has since requested that Canadian Gold temporarily pause while it seeks additional input from another First Nations community, located approximately 18 kilometres from the proposed bulk sampling site. Canadian Gold has already engaged with the Gesgapegiag First Nation community, which is domiciled within the project area, providing full details of the program and receiving no opposition during the allotted feedback period. In compliance with the ATI requirements, the Company is now re-engaging with the Mi'gmawei Mawio’mi Secretariat (MMS), the political and tribal council representing the three Mi'gmaq First Nations in the Gaspé region, to ensure transparency and comply with ATI. In parallel, Canadian Gold continues to work closely with the MRNF to finalize the process and is scheduled to meet jointly with the MMS and MRNF on September 11, 2025, regarding the ATI. At this time, the Company does not anticipate a material delay to the commencement of the bulk sampling program. Board Resignation Mr. Ken Booth has resigned as a Director of Canadian Gold, effective immediately, to focus on other professional commitments. The Board thanks Mr. Booth for his valued contributions since the Company’s inception and wishes him every success in his future endeavours. About the Lac Arsenault Project The Lac Arsenault Property is located in Québec’s Gaspé region along the Grand Pabos Fault, part of the Gaspé–Newfoundland tectonic belt. This structure shares geological characteristics with prolific gold-bearing systems such as the Cadillac–Larder Lake Fault Zone in Abitibi and the Cape Ray–Valentine Lake Shear Zone in Newfoundland. The property hosts multiple high-grade, epithermal-style vein systems, including the Baker, Mersereau, and Dunning veins. Historical exploration outlined significant gold-silver-base metal mineralization, providing a strong foundation for the Company’s current work. Historical Resource Estimate Disclosure (NI 43-101 2.4) Stevenson, L. (1975): 40,000 tonnes grading 15.43 g/t Au and 197 g/t Ag (Esso Minerals Canada). Côté, R. (1996): 199,580 tonnes grading 9.59 g/t Au (~61,536 contained oz Au). These historical estimates predate NI 43-101 and were based on sampling, trenching, and drilling using manual polygonal methods. A Qualified Person has not completed sufficient work to classify the estimates as current mineral resources or reserves. The Company is not treating them as current and further verification is required. To bring these into compliance, Canadian Gold plans to: Conduct systematic drilling to confirm grades and geometry; Complete verification sampling and density determinations; Build a validated geological model with modern QA/QC protocols; Commission an independent NI 43-101 compliant resource estimate.
July 15, 2025
Dieppe, N.B. – July 15, 2025 – Canadian Gold Resources Ltd. (TSXV: CAN) (“Canadian Gold” or the “Company”) is pleased to announce that it has received all required permits from the Government of Québec to proceed with a bulk sampling program with plans to test 5,000 tonnes of mineralized materials at its 100%-owned Lac Arsenault Gold Project, located in the Gaspé region of eastern Québec. The bulk sample is intended for exploration purposes only and is not considered a production decision. As a condition of the permit, the Company is required to drill three (3) shallow water monitoring wells in the vicinity of the proposed sampling area to identify potential groundwater presence. If water tables are encountered, baseline water quality testing will be conducted both before and after the program. Canadian Gold fully supports this requirement as part of its commitment to responsible exploration and environmental stewardship. Next Steps With permits secured, Canadian Gold will now begin preparations for mobilizing personnel and equipment to site. In the coming weeks, the Company will finalize agreements with drilling, excavation, and haulage contractors, complete the required water wells, and install temporary infrastructure to support safe operations near the Baker and Mersereau veins. Once site preparation is complete, material sampling is anticipated to commence and continue for approximately three weeks. The sampled material will be transported to a third-party facility for off-site processing and analysis. Updates will be provided as results become available, including recoveries and implications for future exploration planning. Management Commentary Ron Goguen, President & CEO of Canadian Gold, commented: “ Receiving this permit is a major milestone in the advancement of our Lac Arsenault Project. This program is designed to evaluate the technical and geological characteristics of the near-surface mineralization. Historical work conducted by Imperial and Esso Minerals in the 1970s reported a historical estimate of approximately 40,000 tonnes grading 15.43 g/t gold and 197 g/t silver (Stevenson, L., 1975, Geological Report on the Lac Arsenault Property, Esso Minerals Canada). A subsequent 1996 report revised the estimate to 199,580 tonnes grading 9.59 g/t gold, or approximately 61,536 contained ounces (Côté, R., 1996, Lac Arsenault Project Resource Evaluation, Unpublished Internal Report). While these historical estimates do not comply with current CIM standards, they indicate strong historical interest in this high-grade system. Additional core drilling, systematic surface sampling, and database verification will be required to validate the data and assess whether a current resource can be defined. ” Clarification on Economic Potential While Canadian Gold is encouraged by the opportunity to generate technical and metallurgical data from the bulk sample, no economic analysis has been completed, and there are no mineral reserves at Lac Arsenault. Any references to possible revenue from sample processing are entirely speculative and do not demonstrate economic viability. There is no production decision and no feasibility study has been conducted. Should positive results occur, proceeds may be allocated toward working capital, additional exploration, or future shareholder returns, but no production decision or dividend policy has been made at this time. There is no assurance that results will support future exploration or development decisions.
July 9, 2025
Dieppe, N.B. – July 9, 2025 – Canadian Gold Resources Ltd. (TSXV: CAN) (“Canadian Gold” or the “Company”) is pleased to report exciting new surface sampling results from its 100%-owned Lac Arsenault Property , located in Québec’s underexplored Gaspé Peninsula. This latest fieldwork, conducted in early June 2025, focused on exposing and sampling the Baker and Mersereau veins—two primary structures central to the Company’s upcoming bulk sample program. High-grade assay results continue to validate Lac Arsenault’s strong potential to host a precious metals system, while also identifying new zones of mineralization in previously overlooked areas. Sampling Highlights: Sample BVA2025-004: 28.9 g/t gold, 306 g/t silver Sample BVA2025-006: 22.9 g/t gold, 399 g/t silver, 17.8% lead Sample Mersereau (unnumbered): 25.5 g/t gold, 447 g/t silver, 18.4% lead Sample BVA2025-008: 5.32 g/t gold, 452 g/t silver, 25.7% lead These grades are significant for surface sampling and support the near-surface potential for bulk-tonnage extraction.
June 12, 2025
Dieppe, N.B. – June 12, 2025 – Canadian Gold Resources Ltd. (“Canadian Gold” or the “Company”), is pleased to report the completion of key site preparation activities at its 100%-owned Lac Arsenault Gold Project, located in the Gaspé region of Quebec. As part of preparations for the upcoming bulk sample program, Company crews have conducted surface washing of outcrop exposures at both the Mersereau and Baker Veins to further delineate mineralized structures and optimize the bulk sampling plan. The Mersereau and Baker Veins, previously highlighted in the Company’s April 22 and May 16, 2025 news releases, are known to host high-grade gold and silver mineralization. The recent washing activities have successfully enhanced surface visibility, exposed fresh mineralized rock and aided in the design of targeted extraction areas for the upcoming bulk sample.
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