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 ____________________________________________________________________
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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, Canada - July 19, 2021 – Canagold Resources Ltd. (TSX: CCM, OTC -QB: 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 north western
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 categ ory. 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 c ompare 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, t welve 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
CANAGOLD RESOURCES LTD.
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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 s erve 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 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: Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
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 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" o r
"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 pr ices 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 dispute s 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.