ACCESS Newswire

Canagold Resources Ltd.

Share
Canagold Announces Additional Results from New Polaris Drill Program Including 14.3 gpt Au Over 2.7 m and 15.3 gpt Au Over 1.7 m

VANCOUVER, BC / ACCESSWIRE / July 19, 2021 / Canagold Resources Ltd. (TSX:CCM, OTCQB:CRCUF, Frankfurt:CANA) announces high-grade gold assay results for two more drill holes from the ongoing 24,000 meter (m), 47-hole drill program at its 100% owned New Polaris Gold project in northwestern British Columbia, located 100 kilometers (km) south of Atlin and 60 km northeast of Juneau, Alaska. New Polaris lies within the Taku River Tlingit First Nations traditional territory. Canagold is committed to providing employment and business opportunities that help support the local economies in the vicinity of its exploration projects. The focus of the drill program is the C West Main vein system which hosts a major part of the gold resources at New Polaris.

Highlights

  • 14.3 grams per tonne (gpt) gold (Au) over 2.7 meters (m) in hole 21-1783E3
  • 15.3 gpt Au over 1.7 m in hole 21-1829E1

Scott Eldridge, CEO and Director, said, "Following up our first two holes, which intersected 24.2 grams per tonne gold over 6.6 metres and 15.8 grams per tonne gold over 13.0 metres, these latest results support the excellent continuity of high gold grades within our inferred resources.

As with the first two holes of the current drill program, these results fall within the PEA mine plan and support our goal to upgrade the inferred resources to the indicated category. The second objective of the current drill program is to test the depth potential by drilling deeper than the 600 metre limit of the current resource."

Similar to the first three mineralized drill hole intercepts reported in the previous news release (dated July 6, 2021), these two drill holes intercepted the mineralized zone within meters of the anticipated intersection depth. The two mineralized intervals compare well to surrounding holes drilled in 2006 on a gram-meter (g-m) gold basis (Au gpt X length of intercept in meters) that further confirms the consistency of the C West Main mineralization from hole to hole:

  • 15 g-m Au in hole 06-1813E2
  • 26 g-m Au in hole 21-1829E1
  • 39 g-m Au in hole 21-1783E3
  • 53 g-m Au in hole 06-1707DE1
  • 85 g-m Au in hole 06-1768E4A

Out of the planned 47-hole, 24,000 m program, twelve holes have now been completed, of which assay results have been received for five holes. All the samples collected from the mineralized zone in these holes have been submitted to the ALS Geochemistry lab in Whitehorse, YT for gold analysis. Detailed information for the two drill holes and the sample assay results and mineralized intercepts are provided in Table 1 and Table 2 below. The collar locations of the two holes in relation to other drill holes of the infill program are shown on the Drill Hole Location Map and the mineralized intercepts relative to previous drilling on the Long Section.

Results from the remaining 42 holes to be drilled in this program will be released every few weeks as they become available throughout the summer and fall.

Infill Holes to Upgrade Inferred Resources to Indicated Resources

The program is designed to primarily in-fill drill the Inferred category areas of the C West Main vein system and to explore the down-plunge potential 200 to 250 m below the 600 m depth of the currently defined resources. The infill drill holes range in depth from 300 to 650 m and are designed to provide greater density of drill intercepts (20 - 25 m spacing) in areas of Inferred resources between 150 and 600 m below surface. The improved drill density will be used to upgrade parts of the resource categorized as Inferred in the 2019 Preliminary Economic Assessment ("PEA")* to the Indicated Resource category for inclusion in a future feasibility study.

Exploration Holes to Test Down Plunge Potential and Expand Mineralized Zone

Two deeper exploration holes of approximately 1,000 m in length will be drilled as part of the program to test between 200 to 250 m down plunge of the modeled extent to the gold mineralization. These will be the deepest holes drilled on the project to date and the results will serve to guide the design of future drill programs. Typically, mesothermal gold systems continue for depths far exceeding the current 600 m depth of New Polaris (similar high grade gold mineralization at Red Lake, ON for example has been mined to depths of more than 2,200 m.).

*The New Polaris resource is contained within a preliminary economic assessment ("PEA") report which was prepared by Moose Mountain Technical Services in the format prescribed by NI43-101 Standards of Disclosure for Mineral Projects, and filed on Sedar April 18, 2019.

New Polaris Overview

Canagold's flagship asset is the 100% owned New Polaris Gold Mine project located in northwestern British Columbia about 100 kilometers south of Atlin, BC and 60 kilometers northeast of Juneau, Alaska. The property consists of 61 contiguous Crown-granted mineral claims and one modified grid claim covering 850 hectares.

The New Polaris gold deposit is an early Tertiary, mesothermal gold-bearing vein system occupying shear zones cross-cutting late Paleozoic andesitic volcanic rocks. It was mined by underground methods from 1938 to 1942, and from 1946 to early 1951, producing approximately 245,000 oz gold from 740,000 tonnes of ore at an average grade of 10.3 gpt gold. Three main veins ("AB, C and Y") were mined to a maximum depth of 150 m and have been traced by drilling for up to 1,000 m along strike and up to 800 m down dip, still open for expansion. The gold occurs dominantly in finely disseminated arsenopyrite within the quartz-carbonate stock-work veins and altered wall-rocks. Individual mineralized zones extend for up to 250 meters in length and up to 14 meters in width, though mineralized widths more commonly range from 2 to 5 meters.

Qualified Person

Garry Biles, P.Eng, President & COO for Canagold Resources Ltd, is the Qualified Person who reviewed and approved the contents of this news release.

Drill Core Sampling and Quality Assurance - Quality Control Program

Drill core is geologically logged to identify the gold mineralized zones that are allocated unique sample number tickets and marked for cutting using a purpose-built diamond blade rock saw. Half core samples are collected in labelled bags and the other half remains in the original core box stored on site. Quality control (QC) samples including certified reference material standards, blanks and duplicates are inserted into the sample sequence at intervals of one in ten on a rotating basis to monitor laboratory performance and provide quality assurance (QA) of the assay results. Several sample bags are transported together in rice bags with unique numbered security tags attached and labelled with Company and lab contact information to ensure sample security and chain of custody during shipment to the lab.

The samples are submitted to the ALS Geochemistry lab in Whitehorse, YT for preparation and assaying. The entire sample is crushed to 70% passing -2 millimeters and a 250 gram aliquot is split and pulverized to 85% passing -75 microns. Analysis for gold is by 30 gram fire assay and gravimetric finish. A suite of 30 other elements including arsenic, antimony, sulfur and iron are analyzed by aqua-regia digestion Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). ALS Canada Ltd. is accredited by the Standards Council of Canada and is an ISO/IEC 9001:2015 and 17025:2017 certified analytical laboratory in North America.

"Scott Eldridge"
____________________

Scott Eldridge, Chief Executive Officer

CANAGOLD RESOURCES LTD.

About Canagold - Canagold Resources Ltd. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the TSX: CCM and the OTCQB: CRCUF.

For More Information - Please contact: Scott Eldridge, CEO

Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381

Email: scott@canagoldresources.com Website: www.canagoldresources.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the future performance of Canagold, and the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others risks related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Table 1: Drill Hole Collar Information

Hole ID

Mine East

Mine North

Elevation

Dip

Azimuth

Final Depth

21-1783E3

1765m

600m

17.6m

-71°

348°

455m

21-1829E1

1835m

570m

18.6m

-66°

348°

475m

Table 2: Drill Core Sample Results Details

Hole ID

From (m)

To (m)

Length (m)

[True Width]

Au (gpt)

21-1783E3

430.0

430.7

0.7

8.55

21-1783E3

430.7

432.7

2.0

16.3

21-1737E1

430.0

432.7

2.7 [2.2]

14.3

21-1829E1

434.4

435.2

0.8

15.9

21-1829E1

435.2

436.1

0.9

14.8

21-1783E1

434.4

436.1

1.7 [1.5]

15.3

Composites were calculated from length weighted Au sample interval results. Grade capping and cut-off have not been applied.

SOURCE: Canagold Resources Ltd.



View source version on accesswire.com:
https://www.accesswire.com/656028/Canagold-Announces-Additional-Results-from-New-Polaris-Drill-Program-Including-143-gpt-Au-Over-27-m-and-153-gpt-Au-Over-17-m

To view this piece of content from www.accesswire.com, please give your consent at the top of this page.

About ACCESS Newswire

DK

Subscribe to releases from ACCESS Newswire

Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from ACCESS Newswire

Gun, Cocaine, and a High-Speed Chase: Luton Crime Haul Sparks Fresh Questions and Public Appeal11.7.2025 13:45:00 CEST | Press release

Officers discovered an estimated 25 kilograms of suspected Class A drugs, tightly packed and hidden in secret compartments. Alongside the drugs, they recovered a Beretta 92FS 9mm semi-automatic handgun, loaded with 38 rounds of ammunition. LUTON, GB / ACCESS Newswire / July 11, 2025 / A dramatic police pursuit through Luton on the night of June 29 resulted in the seizure of a loaded firearm and an estimated £600,000 worth of suspected cocaine. Nearly a week later, crucial questions remain unanswered, and police are still searching for individuals who fled the scene. The incident, which unfolded between 11:30 PM and 1:00 AM, began in Marsh Farm when Bedfordshire Police officers attempted to stop a vehicle as part of a proactive investigation into organised criminal activity. The driver failed to stop, sparking a high-speed chase that stretched through Dallow, Farley Hill, and eventually ended on Beechwood Road, where the vehicle was forcibly brought to a halt. Inside, officers discovere

The Battery Show Europe Showcases Global Acceleration10.7.2025 10:00:00 CEST | Press release

Europe's flagship event advancing the battery and EV industry from cell design to policy frameworks STUTTGART, GERMANY / ACCESS Newswire / July 10, 2025 / The Battery Show Europe and Electric & Hybrid Vehicle Technology Expo Europe, co-located with Energy Storage Summit Germany (ESG), welcomed over 17,000 industry professionals and more than 1,100 exhibitors to Messe Stuttgart. This combined event represents the only place where the entire advanced battery, electric & hybrid vehicle technology and energy storage supply chain can be accessed under one roof. From breakthrough technologies and policy insights to hands-on demos and global partnerships, the 2025 edition captured the rapid pace of industry evolution and the growing international significance. Keynote sessions across the three-day event featured high-profile speakers from across the battery, automotive and energy sectors, including BMW Group, Verkor, Mercedes-Benz, CATL and Shanghai Putailai New Energy Technology Co., Ltd. Th

Eagle Football Chairman John Textor Congratulates Olympique Lyonnais on Qualification for Ligue 1 and UEFA Europa League9.7.2025 18:55:00 CEST | Press release

PALM BEACH GARDENS, FL / ACCESS Newswire / July 9, 2025 / John Textor, Chairman and CEO of Eagle Football Holdings, today issued the following statement in response to the decision by the French Football Federation (FFF) to uphold Olympique Lyonnais's (OL) appeal, reversing the earlier decision of the DNCG, and confirming OL's participation in Ligue 1 and UEFA Europa League: John Textor, Chairman and majority owner of Eagle Football Holdings, stated: "I would like to congratulate our whole team at Olympique Lyonnais for demonstrating clearly what we have long known, that our great club in Lyon is financially strong and ready to continue its climb up the tables in France and in Europe. We previously cleared through a rigorous sustainability review by UEFA, and now, under the remarkable leadership of our Chair Michele Kang, OL has succeeded on appeal, in cooperation with the DNCG, to confirm our place in Ligue 1 and in Europa League." He continued, "Today's decision is a vital recognitio

Sandline Global Expands International Presence with New London Office9.7.2025 15:15:00 CEST | Press release

LONDON, GB / ACCESS Newswire / July 9, 2025 / Sandline Global, a leading provider of legal technology, eDiscovery, and litigation support services, is proud to announce the opening of its new office in London. This milestone marks a strategic expansion of Sandline's international footprint and reinforces the company's commitment to serving clients across the UK and broader EMEA region.Sandline Global Logo Sandline Global Logo The decision to establish a permanent presence in London was driven by significant and sustained demand for Sandline's services in the region. With a growing number of cross-border matters and increasing interest in Sandline's capabilities-including digital forensics, eDiscovery services, and managed review-the new location will enable the company to deliver tailored, more localized support to clients with complex legal and regulatory needs. "Our expansion into London reflects both the strength of our partnerships in the UK and our long-term vision for internation

Agassi Sports Entertainment Engages IBM to Help Elevate Racquet Sports Experience9.7.2025 14:30:00 CEST | Press release

LAS VEGAS, NV / ACCESS Newswire / July 9, 2025 / Agassi Sports Entertainment Corp. (OTC PINK:AASP), an emerging leader in sports entertainment and innovation, is pleased to announce an exciting collaboration with IBM (NYSE:IBM) which includes the planned use of AI aimed at transforming the digital landscape for various racquet sports worldwide. As two iconic brands with strong connections to racquet sports, and a shared commitment to excellence, Agassi Sports Entertainment has engaged IBM to help create what Agassi Sports Entertainment believes will be an unrivaled digital experience that caters to players and fans alike. This relationship represents a unique fusion of passion, technology, and innovation that Agassi Sports Entertainment expects will not only enhance the way people engage with racquet sports but will also elevate the sport's overall accessibility and enjoyment. Our joint efforts are planned to focus on harnessing cutting-edge technology to deliver personalized experienc

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye