Canagold Resources Reports Progress on Three Optioned Properties __________________________________________________________________
Canagold Resources Reports Progress on Three Optioned Properties
__________________________________________________________________
Vancouver, Canada - April 20, 2021 – Canago ld Resources Ltd. (TSX: CCM, OTC-QB: CRCUF,
Frankfurt: CAN) reports on recent progress and planned 2021 activ ities at three of its gold properties
optioned out to third parties. The option agreement terms typically include minimum annual property
expenditures, cash payments, share payments, and NS R royalties. The portfolio of marketable securities
received from optionees thus far has already created significant value for Canagold.
Fondaway Canyon Property, Nevada - Getchell Gold
Canagold optioned a 100% interest in the Fo ndaway Canyon and Dixie Comstock properties
located in Churchill County, Nevada to Getchell Gold Corp.
Getchell recently secured a drill rig and plans a 4,000 meter drill program commencing in May
2021.
In 2020, Getchell completed an initial drill progr am of 1,995 meters with positive results and the
new geological information led to the recently released update of the mineralization model.
Canagold has received the first year’s anni versary payments of US$100,000 in cash and
US$200,000 in Getchell Gold shares pursuant to the option agreement.
The option agreement is now in the 2nd year of property work commitment for a minimum of
US$400,000 with the 1st year minimum US$300,000 having already been spent by Getchell.
Lightning Tree Property, Idaho - Ophir Gold
Canagold optioned a 100% interest in the Lightni ng Tree claims (now part of the Breccia Gold
Property) located in Lehmi County, Idaho to Ophir Gold Corp.
Ophir recently signed a drill contract for a 3,200 meter drill program to commence June 1, 2021.
Ophir is obligated to spend an aggregate CAD $2,000,000 in exploration expenditures over three
years.
By September 2021, Canagold is scheduled receive an additional CAD$25,000 cash and an
additional 1,250,000 Ophir Gold shares and 1,250,000 Ophir Gold Warrants.
Princeton Property, British Columbia - Damara Gold Corp.
Canagold assigned its right to earn up to a 75% in terest in the Princeton property from Universal
Copper and Sydney Wilson to Damara Gold Corp.
Damara recently completed a drill program of 533 meters in 9 holes and announced high grade
gold intercepts in the main vein on the property.
Damara issued Canagold 9.9% of the outstandi ng common shares of Damara and has taken all
necessary steps to exercise the underlying option to acquire the Princeton Property.
If Damara holds its interest in the Princeton Property until December 31, 2021, Damara will issue
additional Damara Shares to in crease the Company’s ownership in Damara to 19.9% of the
CANAGOLD RESOURCES LTD.
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685-9744
www.canagoldresources.com
CCM: TSX
CRCUF: OTCQB
outstanding Damara Shares.
The Company remains primarily focused on adva ncing its 100% owned New Polaris gold mine
project in BC where a 47-hole, 24,000 meter drilling program will commence in May. In addition
to New Polaris, Canagold holds numerous gold exploration properties some of which are available
for option.
Available Projects for Option:
Canagold is seeking partners or buyers for the following projects in Nevada:
o A&T
o Bull Run
o Clear Trunk
o Corral Canyon
o Hot Springs Point
o Jarbridge
o Silver Peak
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.
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive Officer
CANAGOLD RESOURCES LTD.
About Canagold - Canagold Resources Ltd. is a growth-ori ented gold expl oration 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:
Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
Email: [email protected] Website: com
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looki ng statements” within the meaning of the Un ited States private securities litigation
reform act of 1995 and “forward-looking information” within th e meaning of applicable Cana dian 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 wi th
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, event s or results "may", "could", "would", "s hould", "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 an y future results, performance or achievements
expressed or implied by the forward-looking statements. Such risk s 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 Com pany's ability to continue as a going conc ern; the Company's ability to raise funds
through equity financings; risks inhe rent in mineral exploration; ri sks related to operations in foreign countries; future pric es 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; go vernment 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.