Canagold Announces Additional High-Grade Gold Drill Intercepts from the C-10 and the C-West Main Veins at New Polaris Project, BC __________________________________________________________________
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Canagold Announces Additional High-Grade Gold Drill Intercepts from the
C-10 and the C-West Main Veins at New Polaris Project, BC
__________________________________________________________________
Vancouver, Canada – March 21, 2022 – Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF,
Frankfurt: CANA) announces high-grade gold assays for five more drill holes from the expanded drill
program at its 100% owned New Polaris Gold project located in northwestern British Columbia, 100
kilometers (km) south of Atlin and 60 km northeast of Juneau, Alaska.
The assay results include samples from recently completed drilling of additional intercepts of the C-10 vein
(“C-10”) as well as the C-West Main vein (“CWM”):
Highlights:
21-1875E3W1
• 14.2 grams per tonne (“gpt”) gold (“Au”) over 2.9 meters (“m”) from 426.8 m (C-10)
• 5.99 gpt Au over 2.1 m from 633.6 m (CWM)
21-1844E4
• 4.10 gpt Au over 12.5 m from 549.3 m (C-10)
• 5.16 gpt Au over 1.9 m from 738.7 m (CWM)
21-1875E1
• 8.61 gpt Au over 2.9 m from 504.1 m (C-10)
• 5.81 gpt Au over 0.7 m from 569.9 m (CWM)
21-1875E2
• 4.62 gpt Au over 0.6 m from 491.1 m (C-10)
• 6.84 gpt Au over 1.5 m from 555.7 m (CWM)
21-1935E1
• 8.10 gpt Au over 1.5 m from 479.0 m (C-10)
• 8.37 gpt Au over 2.8 m from 523.0 m (CWM)
Scott Eldridge, CEO and Director, said, “We continue to receive robust assay results from approximately
30,000 meters of drilling we’ve conducted since May of last year. This most recent batch of results is of
particular interest as we’ve now expanded the C-10 vein by 500%. The C-10 does not contain any resources
do date, but has delivered robust results consistently, thus increasing our confidence to increase the overall
CANAGOLD RESOURCES LTD.
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resource size at New Polaris. We still have multiple results pending on the C-10 to potentially see additional
continuity at depth.”
Click to enlarge image
Click to enlarge image
Detailed information for the five drill holes including the sample gold assay results and mineralized
intercepts with true widths calculated for the CWM are provided in Table 1 and Table 2 below.
These additional intercepts of the C -10 vein have expanded the size of the interpreted C-10 geological
model by 500% since the last reported results. Drill holes 21-1875E2 and 21-1935E1 infilled the area to the
east and down dip of the previously defined limits to the C -10 allowing for interpolation of the model to
include mineralized intercepts from previously drilled holes including:
• 10.0 gpt Au over 5.1 m from 493.8 m in hole P95C40
• 4.15 gpt Au over 1.3 m from 494.3 m in hole P95C44
Four more drill holes completed during the program still have results pending that could extend the C-10
vein further.
All of the planned 47-holes of the originally proposed 24,000 m infill drill program were completed by the
end of 2021 and assay results have been received for 37 holes. An additional 6,000 meters of drilling in 7
holes were completed in January and February 2022. The samples collected from the mineralized zone in
all of those holes have been submitted to the ALS Geochemistry lab in Whitehorse, YT for gold analysis.
Results from the remaining holes of the original infill program and those from the extended program will
be released as they are received in the coming weeks. Drilling has now been completed for the season prior
to the spring thaw, as planned . Drilling equipment is being stored on site ready for the start of the next
drilling campaign in the summer of 2022.
Infill Holes to Upgrade Inferred Resources to Indicated Resources
The current drill program is designed primarily to in-fill drill the Inferred Resources of the CWM vein
system within the currently defined resources in the PEA*. 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 Inferred Resources to Indicated Resources for inclusion in a future feasibility study.
*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. New Polaris lies within the Taku River Tlingit First Nations traditional territory. Canagold is
committed to providing employment and business opport unities that help support the local economies in
the vicinity of its exploration projects.
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 again from 1946 to early 1951, producing approximately 245,000 oz gold from 740,000
tonnes of ore at an aver age grade of 10.3 g pt 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
quartz-carbonate stock-work veins and altered wall -rocks. Individual mineralized zones extend up to 250
meters in length and 14 meters in width. Average widths more commonly range from 2 to 5 meters.
Director Resignation
The Company also announces that Andrew Bowering has resigned from the Board of Directors in order to
focus on his own companies. The Board and management team would like to take this opportunity to thank
him for his valuable contributions since joining.
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 n umbered 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: Knox Henderson, VP Corporate Development
Toll Free: 1-877-684-9700 Tel: (604) 604-416-0337 Cell: (604) 551-2360
Email: [email protected] 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 an d
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, perfo rmance 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 fund s
through equity financings; risks inherent in mineral exploration; risks related to operations in foreign c ountries; 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; enviro nmental 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
21-1844E4 1844.00 460.00 19.6 -78 344 836
21-1875E1 1875.00 510.00 19.7 -78 348 590
21-1875E2 1874.70 511.45 19.7 -76 348 593
21-1875E3W1 1874.06 514.40 19.7 -76 346 731
21-1935E1 1935.95 520.70 19.7 -78 348 572
Table 2: Drill Core Sample Results Details
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1844E4 549.3 550.3 1.0 13.3
21-1844E4 550.3 550.9 0.6 0.025
21-1844E4 550.9 551.5 0.6 5.61
21-1844E4 551.5 552.7 1.2 2.71
21-1844E4 552.7 553.6 0.9 0.025
21-1844E4 553.6 554.6 1.0 3.58
21-1844E4 554.6 555.6 1.0 2.23
21-1844E4 555.6 556.5 0.9 0.025
21-1844E4 556.5 557.6 1.1 3.78
21-1844E4 557.6 558.6 1.0 0.91
21-1844E4 558.6 559.4 0.8 0.82
21-1844E4 559.4 560.6 1.2 12.6
21-1844E4 560.6 561.7 1.1 4.53
21-1844E4 549.3 561.7 12.5 4.10
21-1844E4 738.7 739.7 1.0 5.54
21-1844E4 739.7 740.6 0.9 4.79
21-1844E4 738.7 740.6 1.9 [1.3] 5.16
21-1844E4 788.8 789.6 0.7 11.4
21-1844E4 789.6 790.6 1.0 0.5
21-1844E4 790.6 791.2 0.6 6.01
21-1844E4 788.9 791.2 2.3 5.48
21-1875E1 504.1 506 1.9 8.35
21-1875E1 506.0 507.0 1.0 9.08
21-1875E1 504.1 507.0 2.9 8.61
21-1875E1 569.9 570.6 0.7 [0.5] 5.81
21-1875E2 193.6 194.6 1.0 6.00
21-1875E2 194.6 195.4 0.8 11.2
21-1875E2 195.4 195.8 0.4 14.1
21-1875E2 195.8 196.1 0.3 3.08
21-1875E2 193.6 196.1 2.5 8.37
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1875E2 491.1 491.7 0.6 4.62
21-1875E2 555.7 556.2 0.5 6.16
21-1875E2 556.2 556.6 0.4 13.1
21-1875E2 556.6 557.2 0.6 2.85
21-1875E2 555.7 557.2 1.5 [1.1] 6.84
21-1875E3W1 426.8 427.2 0.4 1.13
21-1875E3W1 427.2 427.7 0.5 21.7
21-1875E3W1 427.7 428.7 1.0 18.4
21-1875E3W1 428.7 429.7 1.0 10.6
21-1875E3W1 426.8 429.7 2.9 14.2
21-1875E3W1 633.5 634.3 0.8 10.4
21-1875E3W1 634.3 634.7 0.4 7.44
21-1875E3W1 634.7 635.6 0.9 1.67
21-1875E3W1 633.6 635.6 2.1 [1.6] 5.99
21-1935E1 479.0 479.7 0.7 11.2
21-1935E1 479.7 480.5 0.8 5.10
21-1935E1 479.0 480.5 1.5 8.10
21-1935E1 523.0 524.4 1.4 5.91
21-1935E1 524.4 525.8 1.4 10.9
21-1935E1 523.0 525.8 2.8 [2.1] 8.37
Based on the current spacing of the drill hole intercepts the exact attitude of the C-10 vein remains open to interpretation, so the true widths have
not been calculated at this time. Composites were calculated from length weighted Au sample interval results. Grade capping and cut-off have not
been applied.