Trans Canada Gold Corp Receives Well License and Prepares for Drilling

Trans Canada Gold Corp. has received a well license to drill its second multilateral well targeting the General Petroleum (GP) Zone near Lloydminster, Alberta. This new well mirrors the success of similar wells in the GP oil formation. Surface preparations are in progress, with lease construction planned for completion by August 10, 2024. Drilling operations are set for mid-August.

Located on lands managed by Croverro Energy, the well aims to access over 8000 meters of the GP oil reservoir. Trans Canada holds an 18.75% interest in this strategic partnership. The estimated cost for drilling and equipping the new well is $2.2 million, with Trans Canada's share being $412,500, fully funded.

Trans Canada has also acquired an additional 320-acre parcel, increasing its land holdings. This acquisition allows for the drilling of up to four more multilateral wells, enhancing the company's potential in both the Sparky and GP zones.