Canagold Intersects 11.1 gpt Au over 17.8 m and 11 gpt over 8.9 m in 2 Separate Hanging-Wall Veins Adjacent to C West Main Vein at New Polaris Gold Project, BC __________________________________________________________________
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Canagold Intersects 11.1 gpt Au over 17.8 m and 11 gpt over 8.9 m in 2
Separate Hanging-Wall Veins Adjacent to C West Main Vein at
New Polaris Gold Project, BC
__________________________________________________________________
Vancouver, Canada – November 10, 2021 – Canagold Resources Ltd. (TSX: CCM, OTC -QB:
CRCUF, Frankfurt: CANA) announces high-grade gold assays for two more drill holes from the ongoing
24,000 meter (m), 47 -hole 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.
The focus of the drill program is infill and step -out drilling in the C West Main (“CWM”) vein system
which hosts a major part of the gold resources at New Polaris. The intercepts reported below include results
for two holes that also intercepted thick intervals of significant gold mineralization in two veins located in
the hanging-wall of the CWM vein.
Highlights:
• Hole 21-1844E3 intersected 11.0 gpt over 8.9 m from 414.4m in the C9 vein, 14.5 gpt over 3.0 m
from 438.7m in the C10 vein and 7.92 gpt over 5.0 m from 549.0 m in the CWM Vein.
• Hole 21-1905E2 intersected 8.10 gpt over 9.9 m from 353.6 in the C9 vein, 11.1 gpt over 17.8 m
from 380.9 m in the C10 vein and 4.98 gpt over 7.6 m from 486.0 m in the CWM Vein.
Scott Eldridge, CEO and Director, said, “We continue to see impressive high -grade intervals in our infill
drilling which demonstrates the continuity of New Polaris’ mineralization. What’s more, we are now
finding impressive high-grade intercepts in the C10 vein, parallel to and about 100m vertically above the
C-West Main (CWM) vei n. Another previously disclosed high -grade intercept in the C-10 hanging-wall
returned 17.1 gpt Au over 8.4 m. None of the C -10 mineralization is in the resources estimate and these
intercepts should contribute to an expanded resource.
“With our recently closed Cdn $5.3 million financing we are now funded to continue drilling with two rigs
on site throughout the winter months as we march the project towards a feasibility study.”
The intercept of the C10 vein in hole 21-1844E3 has extended the mineralization 90 meters to the west of
the nearest previously drilled intercept with a significant down hole thickness of 17.8 meters . The new
mineralized intervals of the C9 vein are already starting to define another hanging-wall zone of significant
size similar to the C10 vein when combined with previous drill results . The infill drill ing of the CWM
continues to perform well by further defining the extent and enhancing the status of the resource with
intercepts of gold grades over mineable widths as predicted by the geological model.
Out of the planned 47-hole, 24,000 m program, 40 holes have now been completed, of which assay results
have been received for 17 holes. All the samples collected from the mineralized zone in these holes have
been submitted to the ALS Geochemistry lab in Whitehorse, YT for gold analysis. Detailed information
for the five drill holes and the sample assay results and mineralized intercepts are provided in Table 1 and
CANAGOLD RESOURCES LTD.
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685 -9744
www.c anagold resources .com
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Table 2 below. The collar locations of the five holes in relation to other drill holes of the infill program are
shown on the Drill Hole Location Map and the mineralized intercepts relative to previous drilling on the 3D
Model.
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 Mine North Elevation Dip Azimuth Final Depth
21-1844E1 1840.8m 691.9m 19.7m -72° 355° 362m
21-1844E2 1844.9m 518.0m 17.6m -74° 340° 548m
21-1844E3 1843.9m 517.2m 17.6m -78° 344° 584m
21-1905E1 1909.2m 570.3m 17.6m -74° 334° 488m
21-1905E2 1910.2m 571.6m 17.6m -78° 334° 521m
Table 2: Drill Core Sample Results Details
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1844E1 306.1 306.5 0.4 9.55
21-1844E1 347.6 349.0 1.4 [1.1] 2.80
21-1844E2 485.3 485.8 0.5 14.1
21-1844E2 511.9 513.0 1.1 5.17
21-1844E2 525.7 526.7 1.0 [0.8] 6.93
C9
21-1844E3 414.4 415.4 1.0 7.16
21-1844E3 415.4 416.4 1.0 17.5
21-1844E3 416.4 417.4 1.0 19.0
21-1844E3 417.4 418.4 1.0 8.91
21-1844E3 418.4 419.4 1.0 5.52
21-1844E3 419.4 420.4 1.0 5.27
21-1844E3 420.4 421.4 1.0 7.74
21-1844E3 421.4 422.3 0.9 23.3
21-1844E3 422.3 423.3 1.0 5.86
21-1844E3 414.4 423.3 8.9 11.0
C10
21-1844E3 438.7 439.8 1.1 8.48
21-1844E3 439.8 440.7 0.9 18.6
21-1844E3 440.7 441.7 1.0 17.6
21-1844E3 438.7 441.7 3.0 14.5
CWM
21-1844E3 549.0 549.9 0.9 5.57
21-1844E3 549.9 550.9 1.0 17.05
21-1844E3 550.9 552.0 1.1 0.42
21-1844E3 552.0 553.1 1.1 <0.05
21-1844E3 553.1 553.5 0.4 10.25
21-1844E3 553.5 554.0 0.5 25.9
21-1844E3 549.0 554.0 5.0 [3.7] 7.92
CWM
21-1905E1 464.9 465.2 0.3 14.3
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1905E1 465.2 465.6 0.4 15.7
21-1905E1 464.9 465.6 0.7 [0.6] 15.0
C9
21-1905E2 353.5 354.3 0.8 9.9
21-1905E2 354.3 355.0 0.7 4.31
21-1905E2 355.0 356.0 1.0 <0.05
21-1905E2 356.0 356.5 0.5 0.9
21-1905E2 356.5 357.5 1.0 0.06
21-1905E2 357.5 358.5 1.0 0.25
21-1905E2 358.5 359.5 1.0 0.38
21-1905E2 359.5 360.4 0.9 9.46
21-1905E2 360.4 361.5 1.1 19.5
21-1905E2 361.5 362.5 1.0 13.9
21-1905E2 362.5 363.5 1.0 26.1
21-1905E2 353.6 363.5 9.9 8.10
C10
21-1905E2 380.9 381.5 0.6 11.9
21-1905E2 381.5 382.7 1.2 16.2
21-1905E2 382.7 383.8 1.1 0.07
21-1905E2 383.8 384.5 0.7 <0.05
21-1905E2 384.5 385.5 1.0 0.17
21-1905E2 385.5 386.5 1.0 0.07
21-1905E2 386.5 387.3 0.8 0.79
21-1905E2 387.3 388.3 1.0 3.72
21-1905E2 388.3 389.4 1.1 14.9
21-1905E2 389.4 390.1 0.7 11.5
21-1905E2 390.1 390.8 0.7 23.7
21-1905E2 390.8 391.7 0.9 22.6
21-1905E2 391.7 392.1 0.4 14.1
21-1905E2 392.1 392.5 0.4 13.7
21-1905E2 392.5 393.5 1.0 17.2
21-1905E2 393.5 394.2 0.7 5.43
21-1905E2 394.2 395.0 0.8 13.2
21-1905E2 395.0 395.7 0.7 4.42
21-1905E2 395.7 396.0 0.3 30.5
21-1905E2 396.0 396.9 0.9 20.6
21-1905E2 396.9 397.6 0.7 26.9
21-1905E2 397.6 398.7 1.1 12.3
21-1905E2 380.9 398.7 17.8 11.1
CWM
21-1905E2 486.0 487.2 1.2 8.5
21-1905E2 487.2 488.0 0.8 0.38
21-1905E2 488.0 489.2 1.2 2.67
Hole ID From (m) To (m) Length (m)
[True Width] Au (gpt)
21-1905E2 489.2 490.1 0.9 3.62
21-1905E2 490.1 491.0 0.9 <0.05
21-1905E2 491.0 492.1 1.1 <0.05
21-1905E2 492.1 492.8 0.7 7.68
21-1905E2 492.8 493.6 0.8 19.95
21-1905E2 486.0 493.6 7.6 [5.8] 4.98
Composites were calculated from length weighted Au sample interval results. Grade capping and cut-off have not been applied.