31.98 g/t Gold Hit Extends 220 Meters Below Historic Saskatchewan Mine Workings

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1. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCQB; 6BP0:FSE) reported the completion of a fixed-wing, low-level, high-resolution radiometric and magnetic survey over its Reindeer Gold Project in Saskatchewan's La Ronge Gold Belt. The survey comprised more than 6,600 line kilometers and covered the entirety of the early-stage 29,300-hectare property.

The Reindeer Project hosts multiple documented mineral occurrences and straddles more than 40 kilometers of the Duck Lake Shear Zone, which marks the contact between the La Ronge and Kisseynew lithostructural domains. The boundary is associated with several past-producing mines, existing gold deposits, and numerous gold occurrences throughout the La Ronge Gold Belt.

The combined radiometric and magnetic survey used 50-meter line spacing with 250-meter tie lines. The resulting high-resolution data will be interpreted and combined with existing surface data to delineate lithologic boundaries and geologic structures and generate prospective drill targets. The Reindeer survey area also contains three distinct strands of the regional Tabbenor Fault System.

Trident also reported that a tightly spaced drone magnetic survey is underway at its Contact Lake Gold Property. The survey uses 25-meter spacing and will cover an eight-square-kilometer area encompassing the Contact Lake mine site and an area containing intersecting shear structures with coincident gold-in-soil and gold-in-rock anomalies.

The company has completed more than 2,500 soil samples in the area covered by the drone survey in 2026. Trident said surface, magnetic, and existing drill data will be combined to better understand controlling structures and locate near-term drill targets at Contact Lake.

The company's 2026 summer drilling program at Contact Lake has completed 17 drill holes totaling 12,066 meters of an anticipated 20,000 meters, with approximately 8,000 meters remaining. Drilling is focused on extending known high-grade mineralization at depth and along strike. Trident is also conducting a 9,000-sample soil program at Contact Lake and the adjacent Preview Project, with 7,000 samples collected and sent for analysis as of September 17.

The Contact Lake Gold Project covers approximately 22,790 hectares and includes the past-producing Contact Lake gold mine. The mine produced approximately 190,000 ounces of gold at an average head grade of 6.16 g/t Au during operations between 1994 and 1998. The presentation provided by the company reported approximately 95% recovery. The property also hosts the Preview SW, Preview North, and North Lake gold deposits.

According to the company's presentation, current indicated resources across North Lake, Preview SW, Preview North, and Greywacke total 24,733,000 tonnes grading 1.13 g/t Au and containing 896,530 ounces of gold. Inferred resources total 38,595,000 tonnes grading 0.91 g/t Au and containing 1,129,643 ounces. The presentation stated that the estimates conform to CIM and NI 43-101 standards, have an effective date of November 6, 2025, and use a cut-off grade of 0.25 g/t Au.

The company also completed the acquisition of a 100% interest in Reindeer ahead of the schedule established under its original option agreement. Trident issued one million common shares to Reinco Exploration Ltd. to complete the remaining two stages of the earn-in simultaneously. The shares are subject to a four-month statutory hold period.

"We continue to build out the compelling district and regional-scale potential of the La Ronge gold belt," Chief Executive Officer Jon Wiesblatt said. "Our expansive land position of nearly 100,000 hectares gives Trident a critical competitive advantage in this emerging gold district, underpinning a resource base of over 2.0 million ounces across four wholly owned deposits."

Trident also reported analytical results on September 17 from the first three drill holes of its 2026 summer program at Contact Lake. Hole CL26050 intersected 8.69 g/t Au over 11.97 meters from 613.03 meters depth, including 31.98 g/t Au over 3.16 meters from 617.74 meters depth. The high-grade interval was encountered 220 vertical meters below the lowest historical mine workings in the Main Zone.

The other two reported holes tested the shallower Buffer Zone between the BK1 and BK3 zones. Hole CL26049 returned 3.46 g/t Au over 15 meters, including 3.91 g/t Au over 13 meters. Hole CL26051 returned three reported intervals of 6.43 g/t Au over 7.45 meters, 6.12 g/t Au over 5.03 meters, and 3.45 g/t Au over 13.42 meters. The company noted that the reported widths are drilled intercepts and that true thickness has not been accurately determined, with true thickness estimated at 70–75% of the drilled intercept for CL26050 and 80–85% for CL26049 and CL26051.

The summer program had completed 17 drill holes totaling 12,066 meters of an anticipated 20,000-meter summer and fall program. Approximately 8,000 meters remained, with drilling focused on new gold mineralization at depth beneath the BK1 Zone, extending mineralization along strike at BK2, and testing continuity of high-grade gold between the BK1 and BK3 zones. Trident said assay results were expected to continue through the fourth quarter of 2026 and into the first quarter of 2027.

Gold Holds Above US$4,300 Amid Rate Shifts and Central Bank Buying

Gold traded above US$4,300 per ounce in mid-September as markets tracked changes in interest-rate expectations, inflation, and central bank purchases. According to BullionVault on September 16, gold rebounded after reaching a five-week low earlier in the week, while crude oil prices declined and government bond yields eased around the Federal Reserve's interest-rate decision.

Precious metals strategist Nicky Shiels noted a divergence between signals from gold and the wider interest-rate market. "Gold is saying the Fed should hike once within 6 months; broader market is saying it should hike twice," Shiels said, according to BullionVault. She added, "Real policy rates are barely positive against 3.7% [inflation]."

Metals Focus cited both interest rates and central bank purchases as factors affecting gold. "[While] a more hawkish interest rate outlook has weighed on investor interest," the consultancy said, "healthy buying by central banks during July-August has provided important support to gold prices."

Bob Moriarty of 321Gold wrote, "This is a big system loaded with high-grade gold."

That same day, The Wall Street Journal reported that gold prices were weighed by the Federal Reserve's rate hike and expectations for the future path of interest rates. The increase followed higher energy prices and stronger-than-expected underlying inflation. According to the report, MUFG's Soojin Kim wrote, "Inflation and elevated Treasury yields limit gold's upside despite geopolitical and safe-haven providing support."

On September 17, Trading Economics reported that gold had moved above US$4,300 per ounce as lower oil prices eased inflationary pressures. Gold was quoted at US$4,346.80 per ounce, up 1.95% for the day and 19.30% from a year earlier.

Trading Economics reported that gold had remained under pressure following the Federal Reserve's 25-basis-point rate increase, which brought the federal funds rate to a range of 3.75% to 4%.

The source described gold as "one of the most widely followed precious metals" and "often regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk." It also identified financial markets, jewelry consumption, and industrial use as sources of gold demand, with investment demand accounting for a major component of the global market.

Third-Party Highlights Depth of High-Grade Gold System

In a statement to Streetwise Reports on September 17, 2-26, Bob Moriarty of 321Gold wrote, "Trident again announced another greater than 100 gram/meter hole on September 17 when they reported an intercept of 31.98 g/t over a 3.16 meter interval. This hole is important because it was designed to go deep. And indeed that interval was found 220 meters lower than the lowest level of the old mine working."

He continued, "This is a big system loaded with high-grade gold."

Exploration Work Advances Across Reindeer, Contact Lake, and Preview

At Reindeer, the completed 6,600-plus-line-kilometer radiometric and magnetic survey provides a new high-resolution dataset covering the entire 29,300-hectare property. The survey data will be used to delineate lithologic boundaries and geologic structures that could host undiscovered gold deposits.

Work is also continuing at Contact Lake through the 25-meter-spaced drone magnetic survey. The survey will cover eight square kilometers around the former mine and an area containing intersecting shear structures accompanied by gold-in-soil and gold-in-rock anomalies. More than 2,500 soil samples have already been completed within the survey area. Trident plans to combine the surface results with magnetic and existing drill data to understand the controlling structures and locate near-term drill targets.

The Contact Lake drilling program provides another ongoing work stream. The summer drill program had completed 17 drill holes totaling 12,066 meters of the anticipated 20,000-meter program, with approximately 8,000 meters remaining. The drilling is focused on extending known high-grade mineralization at depth and along strike.

Additional surface exploration is underway through the 9,000-sample soil program covering Contact Lake and the adjacent Preview Project. At Preview, soil grids are designed to cover areas along the mineralized trend between the Preview SW and Preview North deposits, as well as the area southwest of Preview SW, where existing magnetic data outlines exploration targets.

The company's presentation described Preview SW, Preview North, and North Lake as road-accessible and open along strike and at depth. It similarly described the Greywacke Lake Gold Project as road-accessible and open along strike and at depth.

Trident's broader La Ronge Gold Belt position encompasses approximately 98,700 hectares, while its presentation reported a regional land position of approximately 160,300 hectares across northern Saskatchewan.

Assay results from the company's 20,000-meter summer and fall drill programs were identified by Wiesblatt among the developments expected during the remainder of 2026.

"Looking ahead, shareholders can expect a steady stream of catalysts over the remainder of the year, including assay results from our 20,000-meter summer and fall drill programs," Wiesblatt said.

Ownership and Share Information¹

Trident Resources Corp. has a market cap of CA$173.01 million, with 41.05 million shares outstanding. The company's 52-week range is CA$0.71-CA$4.70.

Institutions own 5.53% of shares, with management and insiders owning 3.59%. The rest is held by retail.

Frequently Asked Questions

What is Trident Resources' Reindeer Gold Project in Saskatchewan?
The Reindeer Gold Project is a 29,300-hectare property in Saskatchewan's La Ronge Gold Belt. Trident Resources Corp. completed a high-resolution radiometric and magnetic survey covering the entire property, totaling more than 6,600 line kilometers.

What did Trident Resources' geophysical survey find at the Reindeer Gold Project?
The completed survey produced high-resolution radiometric and magnetic data that will be used to delineate lithologic boundaries and geologic structures that could host undiscovered gold deposits. The survey used 50-meter line spacing and 250-meter tie lines.

What is Trident Resources doing at the Contact Lake Gold Project?
Trident Resources is conducting drilling, soil sampling, and a drone magnetic survey at Contact Lake. The 2026 summer drilling program has completed 17 drill holes totaling 12,066 meters of an anticipated 20,000 meters, with approximately 8,000 meters remaining.

What were Trident Resources' latest high-grade gold drill results at Contact Lake?
According to Bob Moriarty of 321Gold in a September 17 statement to Streetwise Reports, Trident reported an intercept of 31.98 g/t gold over 3.16 meters. Moriarty said the interval was approximately 220 meters below the lowest level of the former mine workings.

How much gold did the historic Contact Lake mine produce?
The past-producing Contact Lake gold mine produced approximately 190,000 ounces of gold at an average head grade of 6.16 g/t Au between 1994 and 1998.

How large are Trident Resources' gold resources in Saskatchewan?
Trident's presentation reported indicated resources totaling 24.733 million tonnes grading 1.13 g/t Au and containing 896,530 ounces of gold across North Lake, Preview SW, Preview North, and Greywacke. Inferred resources totaled 38.595 million tonnes grading 0.91 g/t Au and containing 1,129,643 ounces.

What are the next catalysts for Trident Resources in 2026?
Ongoing work includes the Contact Lake drilling program, the 25-meter-spaced drone magnetic survey, and the 9,000-sample soil program covering Contact Lake and Preview. Trident has also received finalized data from the completed Reindeer geophysical survey, which will be interpreted and combined with existing surface data to generate prospective drill targets.

Where are Trident Resources' gold projects located?
Trident's Reindeer, Contact Lake, Preview, North Lake, and Greywacke projects are located in Saskatchewan's La Ronge Gold Belt. The company reported a land position of approximately 98,700 hectares within the belt.