Canagold Drilling Reports Two Highest Grade Drill Results of 54 Hole Program Including 13.6 gpt Gold over 25.1 m Length and 34.4 gpt over 6.6 m Length at New Polaris Project, BC __________________________________________________________________
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Canagold Drilling Reports Two Highest Grade Drill Results of 54 Hole
Program Including 13.6 gpt Gold over 25.1 m Length and 34.4 gpt over 6.6 m
Length at New Polaris Project, BC
__________________________________________________________________
Vancouver, Canada – June 28, 2022 – Canagold Resources Ltd. (TSX: CCM, OTC -QB: CRCUF,
Frankfurt: CANA) announces sample assay results from four 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.
Two of the drill holes returned significant intercepts of gold mineralization in the C-West Main (“CWM”).
These are the final results from the 54 hole, 30,000 meter (“m”) drill program completed at the end of
February 2022. Gold was analyzed by metallic screen fire assay method due to the presence of visible gold
observed during geological logging of the drill core.
Highlights:
• 34.4 grams per tonne (“gpt”) gold (“Au”) over 6.6 m from 362.7 m down hole in Hole 21-1700E3
o Including 646 gpt Au over 0.3 m from 367.1 m
• 17.0 gpt Au over 9.0 m from 362.1 m, in Hole 21-1800E3
o Including 33.2 gpt Au over 3.0 m from 363.1 m, and
• 37.2 gpt Au over 5.0 m from 382.2 m in Hole 21-1800E3
o Including 66.8 gpt over 2.5 m from 383.2 m
• 13.6 gpt Au over 25.1 m from 362.1 m combined interval in Hole 21-1800E3
Scott Eldridge, Canagold CEO, s aid, “Today’s result of 13.6 gpt gold over 25.1 metres is the best drill
intercept of the entire 30,000 metre, 54 hole program. In addition, the 34.4 gpt gold over 6.6 metres is the
second-best drill result of the program. We continue to see visible gold in selected intervals, including the
highest single gold sample result ever on the property at 646 grams per tonne gold. Today’s intercept length
of a combined 25.1 meters also marks the longest mineralized interval ever on the project. In totality, the
results of the recently completed drill program have exceeded our expectations and clearly show we can
unlock much more shareholder value at New Polaris as we continue to de-risk the asset.”
Bradford Cooke, Canagold Chairman and Founder, commented, “Results like those reported today are
exactly why shareholders should vote in favour of the Company’s board nominees at the upcoming AGM
on July 19, 2022. We laid out a stepwise program to systematically upgrade and expand the resources, in
advance of a new resource estimate, an interim economic study and a feasibility study, and these results
certainly support that approach. Your management and board are dedicated to unfolding the full potential
of the New Polaris gold mine project for the benefit of the Company and ALL of the shareholders, not just
ONE shareholder.”
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
Top 10 Gold Mineralized Intercepts From 30,000m Drill Program:
Hole-ID From (m) To (m) Length
(m) Au (gpt) Vein
21-1800E3 362.1 387.2 25.1 13.6 CWM
21-1700E3 362.7 369.3 6.6 34.4 CWM
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
Further Details of Current Results:
The two other drill holes (21-1635E2 and 21-1737E2) were abandoned before reaching target depth due to
drilling difficulties and three other holes did not intersect the C-West Main (“CWM”) mineralized zone at
the expected depth or with any significant assay results. The intended target areas for the abandoned holes
were adequately covered by other infill drilling later in the program.
Detailed information for the four drill holes and the sample assay results and mineralized intercepts are
provided in Table 1 and Table 2 below.
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 all 52 holes in which sampling was undertaken . The samples
collected from the mineralized zone in all of those holes were submitted to the ALS Geochemistry lab in
Whitehorse, YT for gold analysis. No samples were taken from the two abandoned drill holes . 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 contain s “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 re lease 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", "ex pects" 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, 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 fund s
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 securities laws.
Table 1: Drill Hole Collar Information
Hole ID Mine East
(m)
Mine North
(m)
Elevation
(m) Dip (°) Azimuth
(°)
Final Depth
(m)
21-1635E2* 1635.0 670.0 21.6 -78 348 116
21-1737E2* 1744.1 598.7 18.6 -79 357 401
21-1700E3 1700.0 700.0 21.9 -78 342 401
21-1800E3 1800.0 685.0 20.0 -78 348 404
* Abandoned.
Table 2: Drill Core Sample Results Details
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1700E3 362.7 363.7 1.0 2.64
21-1700E3 363.7 365.5 1.8 0.21
21-1700E3 365.5 366.5 1.0 0.67
21-1700E3 366.5 367.1 0.6 35.4
21-1700E3 367.1 367.4 0.3 646
21-1700E3 367.4 367.8 0.4 4.80
21-1700E3 367.8 368.0 0.2 0.15
21-1700E3 368.0 369.0 1.0 0.19
21-1700E3 369.0 369.3 0.3 21.1
21-1700E3 362.7 369.3 6.6 [4.8] 34.4
21-1800E3 362.1 363.1 1.0 17.1
21-1800E3 363.1 364.1 1.0 43.3
21-1800E3 364.1 365.1 1.0 27.5
21-1800E3 365.1 366.1 1.0 28.9
21-1800E3 366.1 367.1 1.0 6.45
21-1800E3 367.1 368.2 1.1 25.1
21-1800E3 368.2 369.2 0.98 0.67
21-1800E3 369.2 370.2 1.0 1.90
21-1800E3 370.2 371.2 1.0 1.08
21-1800E3 371.2 372.2 1.0 0.03
21-1800E3 372.2 373.7 1.5 0.03
21-1800E3 373.7 375.1 1.4 0.03
21-1800E3 375.1 376.0 0.9 0.03
21-1800E3 376.0 377.0 1.0 0.03
21-1800E3 377.0 378.0 1.0 0.10
21-1800E3 378.0 379.0 1.0 0.03
21-1800E3 380.0 381.1 1.1 0.68
21-1800E3 381.1 382.2 1.1 0.03
21-1800E3 382.2 383.2 1.0 7.60
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1800E3 383.2 383.8 0.6 64.6
21-1800E3 383.8 384.8 1.0 35.8
21-1800E3 384.8 385.7 0.9 102
21-1800E3 385.7 386.2 0.5 9.85
21-1800E3 386.2 387.2 1.0 3.41
21-1800E3 362.1 387.2 25.1 [19.1] 13.6
Composites were calculated from length weighted Au sample interval results. Grade capping and cut-off have not been applied.