Taiga Gold expands Mari Lake land package, extends warrant expiry date
Taiga Gold (TGC.C) has purchased additional claims adjoining the existing Mari Lake project in Saskatchewan. No acquisition terms were disclosed but we can’t imagine this was an expensive deal and we expect the cash payments to be minimal. The seller was also awarded a 2% NSR on the claims. Mari Lake was acquired by Taiga Gold in 2020 and consists of almost 6,000 hectares. The project has been around for a while as the Saskatchewan Government first mapped the area around 1950 and subsequent exploration programs by third parties resulted in the discovery of the Aga and Naza occurrences where high grade grab samples with a grade of respectively 12.7 g/t gold and 14.4 g/t gold were discovered.
BHP completed a widespread sampling program in the area and outlined near-surface gold anomalies for at least a kilometer to the north of Aga, but strangely enough only two holes were drilled on the project: one about 1.4 kilometers north of Naza, and one about 1.3 kilometers west of Aga but according to Taiga neither drill hole tested the target stratigraphy that hosts the gold mineralization. No work program has been announced yet, but Taiga Gold will undoubtedly unveil a grassroots exploration program to expand its knowledge of the asset and perhaps figure out some drill targets.
In other news, Taiga will extend the expiry date of 3.94M warrants issued in 2018 by once again by an additional year. Those warrants – with an exercise price of C$0.40 – will now expire on June 6th 2022. There is an acceleration clause which provides for an accelerated expiry if the Taiga Gold share price trades at at least C$0.50 for 20 consecutive trading days.
Disclosure: The author has a long position in Taiga Gold and participated in the recent capital raise. Taiga Gold is a sponsor of the website. Please read our disclaimer.