Canary Gold Commences Exploration in Brazil
Canary Gold Corp. Commences Exploration in Brazil
Vancouver, British Columbia, Date 20th December 2024 – Canary Gold Corp. (CSE: BRAZ,
Frankfurt: K5D) (the “ Company ” or “ Canary Gold ”) Canary Gold Corp . is pleased to provide a
corporate update which follows its recent successful IPO on the Canadian Securities Exchange
and to introduce its Flagship Madeira River Gold Project, Rondônia, Brazil.
Canary Gold ’ s geological team has begun exploration of the Madeira River Gold Project. With a
promising geological setting and substantial gold recovered from artisanal mining in the region,
Canary Gold ’ s management sees strong potential for new gold discoveries within the ancient
mineralization of the lithified Mocururu Conglomerate. Utilizing modern exploration techniques
and the deep expertise of our technical team, Canary Gold is well - equipped to unco ver these
opportunities and generate long - term value for our shareholders.
The Madeira River Project encompasses some 68,445 hectares of contiguous exploration ground,
selected and consolidated by the C ompany based on its prospectivity for the discovery of new
gold deposits, strategically located, immediately to the east of the active Madeira River and south
of the city of Porto Velho in the Bra z ilian state of Rondônia (see Figure 1 below) . According to
Brazilian Government Records (DNPM – now ANM), more than 1.66 million ounces of gold were
mined from the primary Rio Madeira drai nage between 1979 and 1995.
Canary Gold's geophysical surveys have identified paleochannels and Mocururu stratigraphy
within the current paleo - drainages of the Madeira River System that Canary Gold ’s technical
team has identified as being prospective for gold deposition and mineralization. Government
records report approximately 1.66 million ounces of gold produced by placer miners since the
1980s 1 . These records, however, do not account for illegal mining activities, which are estimated
could increase the total to over seven million ounces. The modern drainage area exploited
between 1979 and 1995 represents only a very small percentage of the potential area for the
discovery of gold and other mineralization related to sedimentary formations including
abandoned paleochannels.
1 Source : Bastos, J.F.S. 1988 Depósitos de Ouro do Rio Madeira, Rondônia in Carlos Schobbenhaus, and Carlos Eduardo
Silva Coelho (Eds.) Principais Depósitos Minerais do Brasil, v. III DNPM, pp. 575 - 580. by National Department of
Mineral Production of Brazil
Canary Gold´s experienced Brazilian Exploration Team has mobilized to Porto Velho to establish
an operational base to support preliminary exploration activities that over the next 4 - 6 months
will generate initial drill targets. This work, which will includ e high - resolution drone magnetics, is
aimed to improve the definition of geological targets believed to be prominent paleochannel
identified by reconnaissance ground penetrating radar (GPR) and tomography (resistivity)
surveys completed since 2022.
Figure 1 - M ap showing the extent of Canary Gold´s Madeira River Project Area
Geological Context – Madeira River Project
Available reports related to the Madeira River drainage system of Rondônia in the Amazon flood
plain were reviewed and compared with sediment - hosted resources globally. The most
significant agreement is found in the orogenic control on the supply of sediments shed from
mountain belts into low - lying floodplains. Low - grade gold - mineralized sediments comprising
sand and sma ll - pebble gravels were entrapped and reworked in several phases over millions of
years. The metallic gold comprises fine grains and visib le grains (VG) within the sediments,
throughout the target area. The substantial gold grade is concentrated largely on the Miocene -
Basement contact. Structural controls on bedrock and paleo topography can be expected to have
resulted in areas where heavy minerals including gold have been concentrated into potential
more discrete economic zones, predicted but yet undiscovered, and may contain additional
metals – minerals in addition to the targeted gold mineralization. The targeted interval is not
exposed but is predicted to occur (supported by geophysics) where it is buried beneath a more
recent sedimentary cover at and to depths of some 15 - 60m below the current land surface and
as such this style of mineralization was largely undetected and avoided by previous miners. Much
of the flood plain was once buried underneath a laterally persistent bed that was turned into a
durable, lateritic horizon (known loc ally as Mocururu) that contains finer - grained gold in
potentially economic concentrations.
The underlying pre - Mocururu sedimentary interval is geologically similar to the gold bearing
Mocururu, at depths sufficiently shallow for surface mining activities although this clearly
requires further detailed investigation. The sedimentary horizons hos ting gold mineralization
may also contain concentrations of magnetite or perhaps radioactive elements which may be
detected by geophysical exploration techniques.
Update on Q4 2024 – Q1 2025 work program in Bra z il
As stated above, Canary Gold has mobilized its in - country exploration team to Rondônia to
establish local exploration support infrastructure and advance work aimed at defining initial drill
targets within a 4 - to - 6 - month timeframe. High resolution drone mag netic surveys will firstly be
flown over, and to better define, the geometrical characteristics and orientation of the known
paleochannel targets already delineated by tomography and ground penetration radar. These
initial targets are already considered to be large scale sedimentary features attaining potential
channel widths of some 500m to 1000m and a downstream (paleo direction) distance of more
than 2 - 3km.
Once drilling targets have been defined, Sonic Drilling will be completed to importantly capture
complete samples across the full targeted sedimentary profile which is expected to comprise
potentially mineralized, unconsolidated, semi - consolidated and cons olidated formations. The full
sample interval will be logged geologically prior to submission to the laboratory for full analysis
including complete heavy mineral analysis. This work will allow the companies geologists to
identify specific sedimentological controls on gold and related heavy mineral content and
potentially point to higher grade areas for follow up drill evaluation.
QP Disclaimer
Andrew Lee Smith, P.Geo., a Qualified Person as defined by National Instrument 43 - 101 –
Standards of Disclosure for Mineral Projects , has reviewed and approved the technical
information related to the Madeira River Project in Rondônia, Brazil, disclosed herein. The
information presented is based on Mr. Smith’s professional judgment and understanding of the
project at the time of review . However, readers are cautioned that the conclusions and
interpretations are subject to the inherent uncertainties and limi tations associated with
exploration activities.
The production estimates provided herein are considered historic al in nature and are not
supported by the detailed data or documentation required under current standards as set forth
in NI 43 - 101. These estimates have been obtained from sources believed to be reliable; however,
they have not been independently verified b y a Qualified Person as defined under NI 43 - 101.
About Canary Gold Corp.
Canary Gold Corp. is a mineral exploration company whose principal business is the acquisition
and exploration of gold mineral exploration properties, with a focus in Rondônia, Brazil. The
Company has the option to acquire up to a 70% undivided right, title and interest in the Rio
Madeira Project, a property that covers an area of 68,445 hectares of prospective geology in
Rondônia, Brazil.
More information about Canary can be found at www.canarygold.ca .
For further information, please contact:
Canary Gold Corp.
Mark Tommasi, President
Phone: 604 - 318 - 1448
www.canarygold.ca
Disclaimer Regarding Forward - Looking Statements
This news release contains forward - looking statements within the meaning of applicable securities laws that are not
historical facts. Forward - looking statements are often identified by terms such as “will”, “may”, “should”,
“anticipates”, “expects”, “belie ves”, and similar expressions or the negative of these words or other comparable
terminology. All statements, other than statements of historical fact, included in this release, including, without
limitation, statements regarding the Company’s planned expl oration programs and drill programs and potential
significance of results, are forward - looking statements that involve risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and future events co uld differ materially from those
anticipated in such statements. Important factors that could cause actual results to differ materially from the
Company’s expectations include but are not limited to the risks detailed in the Company’s Prospectus and in the
continuous disclosure filings made by the Company with securities regulations from time to time. The reader is
cautioned that assumptions used in the preparation of any forward - looking information may prove to be incorrect.
Events or circumstances may cau se actual results to differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any forward - looking information. Such information, although
considered reasonable by mana gement at the time of preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward - looking statements contained in this news release are expressly
qualified by this cautionary statement. The forward - lookin g statements contained in this news release are made as
of the date of this news release and the Company will update or revise publicly any of the included forward - looking
statements only as expressly required by applicable law.
No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this
release.