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Exploration is heavily underway for Canadian Gold Resources (TSXV: CAN), who this morning reported on two drill programs conducted at their Lac Arsenault project, found on the Gaspe Peninsula of Quebec.
Canadian Gold’s maiden drill program, consisting of 58 holes, was completed at Lac Arsenault in late December. The program, which was designed to validate historical drill results from the property and provide a basis for a maiden resource estimate, has seen samples delivered to the lab for assay, with the initial results expected to be received later this month.
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Early indications from core logging suggest that mineralization encountered at depth at Lac Arsenault is consistent with observations of surface geology. The property is said to be characterized by major vein structures that are accompanied with stockwork-style subsidiary veins within a shear zone.
Lac Arsenault is known to host several high-grade epithermal style vein systems. Historical work on the property has identified gold-silver-base metal mineralization, with a historical resource estimate in 1996 outlining that the property contained 199,580 tonnes of material grading 9.59 g/t gold, for 61,536 contained ounces of gold.
“Completion of our maiden drill program represents an important milestone for Canadian Gold and provides the foundation for advancing Lac Arsenault toward a maiden NI 43-101-compliant mineral resource,” commented Ron Goguen, CEO of Canadian Gold Resources.
And while the maiden drill program may have wrapped up, the 2026 drill program began just weeks later in early January. Drilling in 2026 is set to consist of a 40 hole program, focusing on targets identifying following an IP survey conducted in September. Targets are centered over the Baker-Mersereau structural corridor, where multiple high priority anomalies were identified.
Referred to as the ‘Stockwork Target Corridor’, data suggests the presence of near surface stockwork zones that are up to 100 metres wide, along with the potential continuity of the Mersereau vein.
“With assays pending and a second drill program now underway targeting high-priority IP anomalies along the Baker-Mersereau structural corridor, we believe the Company is well positioned to continue evaluating the scale and continuity of mineralization across this emerging gold system,” Goguen continued.
Canadian Gold Resources last traded at $0.165 on the TSX Venture.
FULL DISCLOSURE: Canadian Gold Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Gold Resources. The author has been compensated to cover Canadian Gold Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
