Eagle Plains Resources Ltd. spinoff Taiga Gold Corp. CSE- TGC has now launched its website.
The company also announces that it has established a tentative opening date for the trading in its securities of Monday, April 30, on the Canadian Securities Exchange. This date is intended to ensure that all shareholders have possession of their shares prior to the opening of trading.
Taiga was created through a plan of arrangement with Eagle Plains Resources and owns five projects targeting gold in the area near the Seabee gold operation, owned and operated by SSR Mining Inc. (formerly Silver Standard Resources Inc.) (SSRM). Taiga’s flagship property is named Fisher and is currently being explored by SSRM under option from Taiga (see details below). As announced by Eagle Plains on March 21, 2018, SSRM has commenced phase 1 of an 18,000-metre drilling campaign within Fisher property boundaries and currently has two drills in operation.
Fisher project overview
The Fisher project is located 125 kilometres east of La Ronge, Sask. SSRM is currently in the second year of a four-year option agreement whereby SSRM may earn up to an 80-per-cent interest in the 34,000-hectare property by completing $4-million in exploration expenditures and making $3.2-million in cash payments to Taiga (see details below — all figures in Canadian dollars). The Fisher project is contiguous to the north, south and east with SSRM’s Seabee gold operation. As announced by Eagle Plains on March 21, 2018, SSRM has commenced phase 1 of an 18,000-metre drilling campaign within Fisher property boundaries, with two drills currently in operation.
The 2017 surface exploration activity carried out by SSRM consisted of till sampling, soil geochemical sampling, geological mapping and prospecting. Results were encouraging, with numerous areas of elevated gold in soils documented within Fisher property boundaries. A cluster of elevated gold-in-soil anomalies correlate to areas of high strain and shearing, significant alteration, and quartz veining that were identified during mapping. The anomalies also coincide with a bifurcation of the Santoy shear zone, with anomalous values following both branches of the structure.
To earn a 60-per-cent interest over four years, SSR Mining paid $100,000 on signing of the formal agreement, and has agreed to complete $4-million in exploration expenditures and make annual cash payments of $75,000 for each of the four years of the option period. Once the 60-per-cent earn-in has been completed, SSRM has a 90-day, one-time option to earn an additional 20-per-cent interest (for a total of 80% per cent by making a cash payment of $3-million to Taiga, at which time an 80/20 joint venture will be formed to further advance the property. Eagle Plains will retain a 2.5-per-cent net smelter return (NSR), subject to reduction on certain claims by underlying NSR agreements. Eagle Plains’ NSR may be reduced by 1 per cent at any time upon payment of $1-million by the joint venture. In addition, Eagle Plains will receive advance royalty payments of $100,000 annually from the joint venture until commencement of commercial production.
About Taiga Gold Corp
Based in Cranbrook, B.C., Taiga Gold was created in April, 2018, by way of plan of arrangement and as a spinoff of Eagle Plains Resources on a one-share-for-two-share basis to the shareholders of Eagle Plains. As part of the spinout transaction, Eagle Plains currently holds approximately 19.9 per cent of the total common shares of Taiga Gold.
Taiga Gold will focus on the exploration and development of its gold projects located adjacent to SSR Mining’s Seabee gold operation and along the Tabbernor fault structure in eastern Saskatchewan, a highly prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second-best place in the world in terms of investment attractiveness. Throughout the exploration and development process, the company’s mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.