Canagold Resources’ New Polaris Project Advances to Process Planning Phase Following Environmental Assessment Recommendation
Canagold Resources’ New Polaris Project Advances to Process Planning Phase Following
Environmental Assessment Recommendation
Vancouver, Canada –October 04, 2024 – Canagold Resources Ltd. (“Canagold” or the “Company”) (TSX:
CCM, OTC-QB: CRCUF, Frankfurt: CANA), is pleased to announce a significant milestone in the
development of its New Polaris Project, located in the Traditional Territory of the Taku River Tlingit in
northwestern British Columbia. The British Columbia Environmental Assessment Office (BCEAO) has
recommended that the New Polaris Project proceed to the Process Planning Phase of the environmental
assessment.
This recommendation follows a thorough review that evaluated the potential environmental and socio-
economic impacts of the project. The Taku River Tlingit First Nation’s support for this recommendation
reflects Canagold’s commitment to responsible development and collaboration with them.
Throughout the Early Engagement phases of the environmental assessment process, we have actively
addressed the concerns raised by the Taku River Tlingit, Indigenous groups in Alaska, stakeholders, and
government regulators in both British Columbia and Alaska. We have incorporated their feedback into
our project planning, leading us to forgo the more complex process of on-site dore production in favor
of producing a high-grade flotation concentrate. This strategic decision has not only reduced
environmental impacts but also enhanced the project's economic viability through:
• Reduction in Power Requirements: The revised project will have significantly lower energy
requirements and diesel needed for power generation. With the potential for on-site hydro
power development, diesel consumption can be reduced even further.
• No Cyanide Usage: Notably, there will be no cyanide used in the flotation process and our Co-
Storage Facility (for storing process tailings and mine waste rock) will no longer include
materials high in arsenic.
• Freight Transportation Improvements: With concentrate being flown off-site, operational
supplies can now be flown in as needed. This will significantly reduce the need for barging after
the initial two years of construction are completed.
• Reduced Site Storage Facilities: Delivery of operating supplies will be spread evenly throughout
the year, minimizing on-site storage requirements. This will significantly reduce the size of fuel
storage facilities required on-site.
We would like to express our gratitude to everyone who participated and provided valuable feedback.
CANAGOLD RESOURCES LTD.
1250-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685 -9744
www.canagold resources .com
CCM: TSX
CRCUF: OTCQ B
Key Highlights:
• Recommendation for Process Planning Phase: The EAO’s recommendation marks a pivotal
advancement for the New Polaris Project, moving it from the Readiness Decision to the Process
Planning Phase. This stage will involve comprehensive planning to ensure a thorough and
effective environmental assessment.
• Collaborative Effort: The support of the Taku River Tlingit First Nation highlights our
commitment to engaging with them and incorporating their perspectives into the project
planning process. This relationship reflects our dedication to environmental stewardship and
meaningful engagement and collaboration.
• Project Impact: The New Polaris Project, a high-grade gold deposit, holds potential to contribute
significantly to the regional economy. Progressing to the Process Planning Phase brings us closer
to unlocking the project’s benefits while upholding rigorous environmental and social standards.
“We are thrilled to advance to the Process Planning Phase and sincerely appreciate the constructive
engagement with the Taku River Tlingit and the BCEAO,” said Canagold Resources CEO, Catalin Kilofliski,
“This milestone underscores our commitment to responsible mining practices and our ongoing
collaboration with the Taku River Tlingit First Nation, Indigenous groups in Alaska, stakeholders, and
government regulators in both British Columbia and Alaska. We look forward to continuing this journey
and ensuring that the New Polaris Project brings positive benefits to the region.”
The Process Planning Phase will focus on developing comprehensive plans for the environmental
assessment, including consultations with stakeholders and the public. Canagold Resources is dedicated
to maintaining transparency throughout this process and will provide regular updates as the project
progresses.
About Canagold Resources Ltd.
Canagold Resources Ltd. is a growth-focused gold exploration company with projects located in British
Columbia, Canada. The Company is dedicated to advancing its high-quality gold projects to deliver value
to shareholders and stakeholders while adhering to the highest standards of environmental and social
responsibility.
For further information about the New Polaris Project and Canagold Resources Ltd, please visit
Canagold’s website at https://www.canagoldresources.com or contact:
"Catalin Kilofliski”
____________________
Catalin Kilofliski, Chief Executive Officer
CANAGOLD RESOURCES LTD.
[email protected], 604-685-9700
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