Canagold Continues to Intersect High-Grade Gold Mineralization in C-West Main Vein at New Polaris Project, BC __________________________________________________________________
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Canagold Continues to Intersect High-Grade Gold Mineralization in C-West
Main Vein at New Polaris Project, BC
__________________________________________________________________
Vancouver, Canada – February 24, 2022 – Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF,
Frankfurt: CANA) announces high-grade gold assays for six more drill holes from the expanded drill
program at its 100% owned New Polaris Gold project located in north western British Columbia , 100
kilometers (km) south of Atlin and 60 km northeast of Juneau, Alaska.
The assay results include samples from drill holes that have returned significant intercepts of gold
mineralization in the C-West Main (“CWM”).
Highlights:
• 19.5 grams per tonne (“gpt”) gold (“Au”) over 3.7 metres (“m”) from 427.3 m down the hole,
in Hole 21-1615E1A
• 12.2 gpt Au over 1.8 m from 440.6 m in Hole 21-1635E1
• 21.1 gpt Au over 2.2 m from 327.3 m in Hole 21-1700E2A
o Including 38.6 gpt Au over 0.7 m from 327.9m
• 22.8 gpt Au over 1.7 m from 392.8 m in Hole 21-1760E1
o Including 28.9 gpt Au over 1.3 m from 393.2m
• 11.6 gpt Au over 1.7 m from 474.6 m in Hole 21-1760E2A
• 7.25 gpt Au over 2.2 m from 316.1 m in Hole 21-1815E1
Scott Eldridge, Canagold CEO, s aid, “These drill holes were designed to reduce the drill hole spacing
within portions of the inferred resources so they can potentially be upgraded to indicated resources. These
positive results further strengthen our confidence in the continuity and uniformity of grades and widths
within the CWM vein system.”
CANAGOLD RESOURCES LTD.
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685 -9744
www. canagold resources .com
CCM: TSX
CRCUF: OTCQ B
Detailed information for the six drill holes and the sample assay results and mineralized intercepts are
provided in Table 1 and Table 2 below.
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 now been received for 28 holes. 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. The drilling program is continuing through the winter. Results from the remaining
holes of the original infill program and those to be drilled in the extended program will be released every
few weeks as they become available throughout the winter and spring.
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 opportunities 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 average 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.
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
21-1615E1A 1616.4m 725.3m 21.5m -78° 348° 473m
21-1635E1 1635.0m 700.0m 21.5m -78° 348° 491m
21-1700E2A 1699.6m 721.6m 20.8m -78° 346° 365m
21-1760E1 1760.0m 680.0m 20.3m -78° 348° 410m
21-1760E2A 1759.3m 608.5m 19.3m -78° 348° 494m
21-1815E1 1815.0m 735.0m 20.4m -78° 348° 350m
Table 2: Drill Core Sample Results Details
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1615E1A 427.3 428.4 1.1 15.5
21-1615E1A 428.4 428.8 0.4 18.5
21-1615E1A 428.8 429.7 0.9 23.9
21-1615E1A 429.7 430.4 0.7 16.1
21-1615E1A 430.4 431.0 0.6 23.8
21-1615E1A 427.3 431.0 3.7 [2.7] 19.5
21-1635E1 440.6 440.9 0.3 6.59
21-1635E1 440.9 441.4 0.5 14.1
21-1635E1 441.4 441.9 0.5 17.6
21-1635E1 441.9 442.4 0.5 7.34
21-1635E1 440.6 442.4 1.8 [1.3] 12.2
21-1700E2A 327.3 327.9 0.6 25.0
21-1700E2A 327.9 328.6 0.7 38.6
21-1700E2A 328.6 329.5 0.9 3.49
21-1700E2A 327.3 329.5 2.2 [1.7] 21.1
21-1760E1 392.8 393.2 0.4 4.39
21-1760E1 393.2 394.5 1.3 28.9
21-1760E1 392.8 394.5 1.7 [1.2] 22.8
21-1760E2A 474.6 475.4 0.8 10.7
21-1760E2A 475.4 476.3 0.9 12.5
21-1760E2A 474.6 476.3 1.7 [1.2] 11.6
21-1815E1 316.1 316.6 0.45 7.96
21-1815E1 316.6 317.2 0.65 3.98
21-1815E1 317.2 318.3 1.05 8.96
21-1815E1 316.1 318.3 2.2 [1.6] 7.25
Composites were calculated from length weighted Au sample interval results. Grade capping and cut-off have not been applied.