Canagold Drilling Intersects New Vein Grading 7.54 gpt Gold over 18.6 m Length at New Polaris Project, BC, Additional High-Grade Mineralization Outlined in C-West Main Vein __________________________________________________________________
e
Canagold Drilling Intersects New Vein Grading 7.54 gpt Gold over 18.6 m
Length at New Polaris Project, BC,
Additional High-Grade Mineralization Outlined in C-West Main Vein
__________________________________________________________________
Vancouver, Canada – June 14, 2022 – Canagold Resources Ltd. (TSX: CCM, OTC -QB: CRCUF,
Frankfurt: CAN A) announces sample assay results from the C-10 vein (“C -10”), C -West Main vein
(“CWM”) and a new deeper vein in seven 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.
Highlights:
• 7.41 grams per tonne (“gpt”) Au over 3.5 meters (“m”) from 483.7 m in the C-10, 7.70 gpt Au over
2.2 m from 549.8 m in the CWM and 7.54 gpt Au over 18.6 m from 679.8 m down hole in a new
vein in Hole 22-1844E2W1A.
• 4.68 gpt Au over 1.4 m from 462.7 m in the C-10 vein, 10.1 gpt Au over 3.1 m from 539.7 m in
the CWM and 12.3 gpt Au over 2.3 m from 578.5 m down hole in a new vein in Hole 22-1844E2.
• 5.27 gpt Au over 22.6 m from 453.2 m in the C-10 and 16.0 gpt Au over 6.1 m from 571.8 m in
the CWM in hole 22-1844E2W2A.
Scott Eldridge, Canagold CEO, said, “We are pleased to announce the first two intercepts on a new vein
that is deeper than the current maximum 600m depth of our resource. The grade and thickness of this new
vein is of particular interest, over 18 meters in one hole, which puts it on the top 10 list of drill intercepts
in the table below covering our recent 30,000 meter drill program.”
“This speaks to the depth potential to expand the resources at New Polaris, typical of other mesothermal
gold deposits around the world. We continue to unlock shareholder value by demonstrating the potential
to add resources at New Polaris.”
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
Click to enlarge image
Click to enlarge image
Detailed information for the seven drill holes and the sample assay results and mineralized intercepts are
provided in Table 1 and Table 2 below.
Top 10 Gold Mineralized Intercepts From 30,000m Drill Program:
Hole-ID From (m) To (m) Length
(m) Au (gpt) Vein
21-1783E2 378.0 391.0 13.0 15.8 CWM
21-1905E2 380.9 398.7 17.8 11.1 C10
21-1783E1 323.0 329.6 6.6 24.2 CWM
21-1890E1 343.0 351.4 8.4 17.1 C10
22-1844E2W1A 679.8 698.4 18.6 7.54 Unnamed
21-1783E5 433.6 437.5 3.9 30.8 CWM
22-1844E2W2A 453.2 475.8 22.6 5.27 C10
21-1750E1 299.0 308.0 9.0 12.0 CWM
21-1844E3 414.4 423.3 8.9 11.0 C9
22-1844E2W2A 571.8 577.9 6.1 16.0 CWM
Further Details of Current Results:
Three of the other holes (21 -1692E2, 21-1722E1W1 and 22-1700E2A) drilled into a region of elevation
change in the geological model towards the southwest where the CWM structurally thins then widens again
at significantly deeper elevation down dip as seen i n holes 21 -1844 and 21 -1844E2W1A. This deeper
repetition of the CWM style gold mineralization was observed in intercepts from other infill drill holes
including 21-1783E4 and 21-1844E4 as well as previous drill holes such as P95C40, P95C44, P95C44A
and 06-1685DE1.
The infill drill program was completed by the end of February 2022 for a total of 30,000 m in 54 drill holes.
Assay results have now been received for 50 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.
Results from the remaining holes will be released as they are received in the coming weeks . 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 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 securiti es 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", "occu r" 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 includ e, 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; t he 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 disputes o r
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 t hat 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
(m)
Mine North
(m)
Elevation
(m) Dip (°) Azimuth
(°)
Final Depth
(m)
21-1692E2 1691.6 540.0 18.6 -68 344 662
21-1722E1W1 1718.3 506.0 17.6 -68 350 677
21-1800E2 1802.0 523.5 19.7 -74 346 545
22-1700E2A 1699.6 591.5 19.3 -74 346 563
22-1844E2 1844.0 467.3 19.6 -78 342 611
22-1844E2W1A 1844.0 467.3 19.6 -78 342 719
22-1844E2W2A 1844.0 467.3 19.6 -78 342 749
Table 2: Drill Core Sample Results Details
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1692E2 475.5 476 0.5 [0.4] 6.92
21-1722E1W1 478.5 479.6 1.1 1.36
21-1722E1W1 479.6 480.6 1.1 0.07
21-1722E1W1 480.6 481.8 1.2 3.86
21-1722E1W1 481.8 483.1 1.3 0.03
21-1722E1W1 483.1 484.2 1.1 0.10
21-1722E1W1 478.5 484.2 5.7 [4.8] 1.08
21-1800E2 446.4 447.4 1.0 7.3
21-1800E2 515.9 516.9 1.0 0.58
21-1800E2 516.9 517.4 0.5 1.13
21-1800E2 517.4 518.4 1.0 1.76
22-1800E2 515.9 518.4 2.5 [2.0] 1.16
22-1700E2A 451.0 452.0 1.0 1.44
22-1700E2A 452.0 452.6 0.6 0.19
22-1700E2A 452.6 453.0 0.4 1.13
22-1700E2A 451. 453.0 2.0 [1.5] 0.99
22-1844E2 462.7 463.2 0.5 8.9
22-1844E2 463.2 464.1 0.9 2.9
22-1844E2 462.8 464.1 1.4 4.68
22-1844E2 539.7 540.8 1.1 6.89
22-1844E2 540.8 541.4 0.6 6.76
22-1844E2 541.4 542.8 1.4 13.9
22-1844E2 539.7 542.8 3.0 [2.5] 10.1
22-1844E2 578.5 579.4 0.9 10.65
22-1844E2 579.4 580.1 0.7 15.6
22-1844E2 580.1 580.8 0.7 11.25
22-1844E2 578.5 580.8 2.3 [1.8] 12.3
22-1844E2W1A 483.7 484.4 0.7 9.95
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
22-1844E2W1A 484.4 485.1 0.7 14.75
22-1844E2W1A 485.1 485.7 0.6 6.71
22-1844E2W1A 485.7 486.5 0.8 3.78
22-1844E2W1A 486.5 487.2 0.7 2.06
22-1844E2W1A 483.7 487.2 3.5 7.41
22-1844E2W1A 549.8 551.0 1.2 5.19
22-1844E2W1A 551.0 552.0 1.0 10.7
22-1844E2W1A 549.8 552.0 2.2 [1.5] 7.70
22-1844E2W1A 679.8 680.9 1.1 4.79
22-1844E2W1A 680.9 681.9 1.1 6.06
22-1844E2W1A 681.9 682.9 1.0 15.9
22-1844E2W1A 682.9 683.9 1.0 18.2
22-1844E2W1A 683.9 684.9 1.0 12.1
22-1844E2W1A 684.9 685.9 1.0 12.6
22-1844E2W1A 685.9 686.9 1.0 12.9
22-1844E2W1A 686.9 688.1 1.2 4.21
22-1844E2W1A 688.1 688.8 0.7 1.41
22-1844E2W1A 688.8 690.4 1.6 0.10
22-1844E2W1A 690.4 692.1 1.7 0.13
22-1844E2W1A 692.1 693.1 1.0 14.7
22-1844E2W1A 693.1 694.0 0.9 21.2
22-1844E2W1A 694.0 695.0 1.0 0.20
22-1844E2W1A 695.0 696.2 1.2 0.58
22-1844E2W1A 696.2 697.1 0.9 0.03
22-1844E2W1A 697.1 698.4 1.3 12.5
22-1844E2W1A 679.8 698.4 18.6 [12.9] 7.50
22-1844E2W2A 453.2 454.5 1.3 5.98
22-1844E2W2A 454.5 455.9 1.4 5.43
22-1844E2W2A 455.9 457.2 1.3 3.82
22-1844E2W2A 457.2 458.5 1.3 8.27
22-1844E2W2A 458.5 459.2 0.7 12.8
22-1844E2W2A 459.2 460.2 1.0 17.5
22-1844E2W2A 460.2 461.1 0.9 17.3
22-1844E2W2A 461.1 462.2 1.1 3.30
22-1844E2W2A 462.2 462.9 0.7 8.01
22-1844E2W2A 462.9 464.0 1.1 0.03
22-1844E2W2A 464.0 465.4 1.4 0.03
22-1844E2W2A 465.4 466.7 1.3 0.03
22-1844E2W2A 466.7 467.4 0.7 1.24
22-1844E2W2A 467.4 468.9 1.5 0.03