Canagold Intercepts Strong Mineralization in First Five Resource Expansion Drill Holes at New Polaris __________________________________________________________________
Canagold Intercepts Strong Mineralization in First Five Resource Expansion
Drill Holes at New Polaris
__________________________________________________________________
Vancouver, Canada – July 18, 2024 – Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF,
Frankfurt: CANA) announces sample assay results from the first five drill holes from the resource
expansion drill program targeting the North Zone 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 of the gold mineralization that was intersected in the initial five drill holes are shown below.
Highlights:
14.5 grams per tonne (“gpt”) gold (“Au”) over 3.8 m from 108.8 m down hole in Hole NP24-01
o Including 21.4 gpt Au over 1.7 m from 108.8 m
12.9 gpt Au over 3.8 m from 206.5 m, in Hole NP24-01
10.6 gpt Au over 5.0 m from 109.0 m in Hole NP24-02
o Including 17.6 gpt over 3.0 m from 109.0 m
13.2 gpt Au over 2.6 m from 78.7 m down hole in Hole NP24-04
o Within a larger interval of 8.6 gpt Au over 9.8 m from 75.0 m
12.3 gpt Au over 3.6 m from 83.5 m down hole in Hole NP24-05
o Including 15.7 gpt Au over 1.4 m from 83.5 m
12.9 gpt Au over 4.6 m from 230.8 m down hole in Hole NP24-05
o Including 34.5 gpt Au over 0.8 m from 238.1 m and 21.2 gpt Au over 1.2 m from 240.4 m
Drill intercepts shown are core length as insufficient drilling has taken place to determine the true
dip and strike orientation of the veins being intercepted.
Multiple veins are being intercepted in this area of the deposit as shown in Figure1.
To date 6,000 meters of the 12,000 planned drilling has been completed with drilling expected to
continue until the middle of August. The drilling so far has intercepted four separate zones of
mineralization in this area.
CANAGOLD RESOURCES LTD.
1250-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685-9744
www. canagoldresources.com
CCM: TSX
CRCUF: OTCQB
Figure 1
Catalin Kilofliski, Canagold’s CEO, said, “These initial drilling results located in close proximity to our
existing resources* are encouraging as they are showcasing the potential to increase the shallow, high-grade
resources already defined at the New Polaris Project.”
*The New Polaris resource is contained within an Updated Resource 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 June 30,2023.
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 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 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
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 numbered 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.
"Catalin Kilofliski”
____________________
Catalin Kilofliski, Chief Executive Officer
CANAGOLD RESOURCES LTD.
About Canagold - Canagold is an advanced development company dedicated to advancing the New
Polaris Project through feasibility, permitting, and production stages.
With a team of technical experts and a solid shareholder base, Canagold aims to expand its asset base by
acquiring advanced projects, positioning itself as a leading project developer.
For More Information - Please contact: Knox Henderson, VP Corporate Development
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 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",
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"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 securities laws.