Canagold Announces Antimony Mineral Resource Estimate for New Polaris Gold Project
Canagold Announces Antimony Mineral Resource Estimate for New
Polaris Gold Project
Vancouver, B.C. – February 21, 2025 - Canagold Resources Ltd. (TSX: CCM, OTC -QB: CRCUF, Frankfurt:
CANA) (“Canagold” or the “Company”) is pleased to announce a Mineral Resource Update for New Polaris
Gold Project that quantifies the antimony metal contained within the current gold resource.
The current gold resource includes
• 5,630 tonnes of antimony metal within the base case indicated gold resource, and
• 1,195 tonnes of antimony metal within the base case inferred gold resource
“We are thrilled to incorporate a substantial antimony resource alongside our high-grade gold deposits at
the New Polaris project,” said Catalin Kilofliski, CEO of Canagold . “Past metallurgical testing has shown
excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to
enhance future revenue streams. With New Polaris at an advanced stage of development, Canagold is
strategically positioned as a leading Canadian company ready to play a key role in strengthening Canada’s
critical mineral supply.”
Table 1. Mineral Resource Estimate for Antimony (Sb) within the Base Case Au Resource
Class Tonnage Sb (%) Sb Metal
(tonnes)
Indicated 859,989 0.65 5,630.2
Inferred 99,581 1.20 1,195.3
Table 2. New Polaris April 20, 2023 Resources
2023 Resource
Class Cutoff Tonnage
(ktonnes)
Au
(gpt)
Au
(koz) (Au gpt)
Indicated
3 3,118 11.21 1,124
4 2,965 11.61 1,107
5 2,769 12.11 1,078
6 2,525 12.75 1,035
7 2,270 13.45 981
8 2,049 14.09 928
9 1,814 14.81 864
10 1,594 15.55 797
Inferred
3 1,061 8.24 281
4 926 8.93 266
5 817 9.52 250
6 706 10.16 231
7 603 10.78 209
8 491 11.52 182
9 371 12.51 149
10 291 13.33 125
Notes on the Resource Tables:
1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
2. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
3. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM
Best Practices Guidelines.
4. The base case Au Mineral Resource has been confined by "reasonable prospects of eventual economic
extraction" shape using the following assumptions:
• Metal prices of US$1,750/oz Au and Forex of 0.75 $US:$CDN;
• Payable metal of 99% Au;
• Offsite costs (refining, transport and insurance) of US$7/oz;
• Mining cost of CDN$82.78/t ,
• Processing costs of CDN$105.00/t and G&A and site costs of CDN$66.00/t.
• Metallurgical Au recovery of 90.5%;
5. The resulting Net Smelter Return equation is: NSR (CDN$/t)=Au*90.5%*US$74.72g/t;
6. The specific gravity is 2.81 for the entire deposit;
7. The Antimony Resource is reported as a subset of the total Mineral resource at the 4 gpt Au cutoff.
8. The Sb is a by-product of the Au processing and therefore is reported using the same Classification as the
Au resource at the 4 gpt Au cutoff.
9. Numbers may not add due to rounding.
About the Mineral Resource Estimate
• A comprehensive statistical review of all available QA/QC assay data from the drilling was undertaken as
part of the 2023 MRE.
• Gold values were capped for each individual domain of the geological model based on statistical probability
plots.
• The 2023 MRE is based on a 5 m block model using a Percentage Model (meaning that the percentage of
the block within the domain is used for the MRE).
• A constant specific gravity of 2.81 g/cc is used for all blocks in the model, based on an average of measured
sample SG’s.
• Indicated classification of a block required either 1) average distance to two drill holes of 35 m, maximum
distance 50 m and minimum number of two quadrants, or 2) average distance to two drill holes of 50 m,
maximum distance 70 m and minimum number of two quadrants, or 3) distance to closest drill hole of 10
m, maximum distance of 50 m used and minimum number of three drill holes used.
• The classification was checked for cohesiveness, with a cohesive shape of Indicated and Inferred material
produced.
• The base case cutoff grade of 4 gpt Au is based on a US$1,750/ounce price of gold and preliminary recovery,
processing and mining costs which are based on preliminary production rate values as summarized in the
Notes to the resource table.
• The 2023 MRE table presents undiluted values of gold grade and contained gold ounces.
• The following factors, among others, could affect the 2023 MRE: assumptions used in generating confining
shapes, stope design; mining methods; metal recoveries, mining and process cost assumptions and
commodity price and exchange rate assumptions. The QP is not aware of any environmental, permitting,
legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially
affect the 2023 MRE.
In 2025, further analysis of the antimony resource and expansion potential will take place, accompanied
by additional metallurgical testing, aimed at establishing the best processing methods for producing a
commercially viable antimony product.
Canagold remains committed to exploring ways to maximize the potential of its New Polaris asset as a
source of both gold and antimony, aiming to enhance the project’s overall value while contributing to the
increasing demand for critical minerals.
Qualified Person
The 2023 MRE and the antimony resource was prepared by Sue Bird, M Sc., P.Eng. V.P. of Resources and
Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-
101. Sue has also reviewed and approved the technical information about the 2023 MRE and antimony
resource contained in this news release.
Garry Biles, P.Eng, President & COO for Canagold Resources Ltd, is the Qualified Person who reviewed and
approved the contents of this news release.
About Canagold
Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris
Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its
asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team
of technical experts, the Company is poised to unlock substantial value for its shareholders.
“Catalin Kilofliski”
_____________________
Catalin Kilofliski, Chief Executive Officer
CANAGOLD RESOURCES LTD
[email protected], 604-685-9700
Neither the T oronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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 t o 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",
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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 securiti es laws.