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Canagold Continues to Intercept Strong Mineralization in Resource Expansion Drilling Program at New Polaris

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Canagold Continues to Intercept Strong Mineralization in Resource Expansion Drilling Program at New Polaris

 

 

 

 

 

Canagold Resources Ltd.  (TSX: CCM) (OTCQB: CRCUF) (Frankfurt: CANA), announces sample assay results from an additional 26 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 are shown below and details of the holes are shown in Table 1.

 

Highlights

  • 20.2 grams per tonne gold over 4.4 m from 121.6 m down hole in Hole NP24-09
    • Including 26.9 gpt Au over 3.0 m from 123.0 m
  • 18.3 gpt Au over 4.5 m from 69.8 m down hole in Hole NP24-28
    • Including 33.6 gpt Au over 2.0 m from 72.3 m
  • 14.9 gpt Au over 2.1 m from 106.7 m down hole in Hole NP24-11
    • Including 30.1 gpt Au over 1.7 m from 106.7 m
  • 12.4 gpt Au over 3.2 m from 213.3 m down hole in Hole NP24-25
    • Including 19.7 gpt Au over 1.0 m from 213.3 m
  • 9.4 gpt Au over 9.8 m from 153.0 m down hole in Hole NP24-09
    • Including 15.6 gpt Au over 2.6 m from 154.5 m

 

Catalin Kilofliski, Canagold’s CEO, stated“The results from this additional drilling are encouraging, as they highlight the potential to expand the shallow, high-grade resources* already identified at the New Polaris Project. We eagerly await the receipt of all assays and the opportunity to model this new mineralization.”

 

*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.

 

Additional Drilling Highlights

Hole ID Interval* (m) Au (gpt) From (m) Including
NP24-09 2.5 m 10.5 gpt 74.8 m 23.8 gpt Au / 0.9 m from 74.8 m
NP24-10 1.6 m 10.0 gpt 205.5 m  
NP24-11 2.1 m 10.2 gpt 61.3 m 20.4 gpt Au / 1.0 m from 61.3 m
NP24-12 2.5 m 8.5 gpt 80.8 m 14.7 gpt Au / 1.0 m from 80.0 m
NP24-12 1.8 m 10.0 gpt 85.5 m  
NP24-13 2.3 m 12.8 gpt 246.1 m 17.3 gpt Au / 1.6 m from 246.9 m
NP24-14 0.8 m 13.5 gpt 184.6 m  
NP24-14 2.0 m 15.6 gpt 214.8 m  
NP24-15 1.4 m 14.9 gpt 34.1 m  
NP24-15 4.2 m 9.9 gpt 79.8 m 17.3 gpt Au / 2.0 m from 82.0 m
NP24-16 0.9 m 20.9 gpt 138.8 m  
NP24-17 2.3 m 21.7 gpt 51.7 m 25.2 gpt Au / 1.5 m from 51.7 m
NP24-17 1.0 m 12.3 gpt 97.5 m  
NP24-18 1.8 m 12.9 gpt 213.2 m  
NP24-19 2.2 m 14.3 gpt 228.5 m  
NP24-20 3.9 m 7.6 gpt 54.4 m 54.3 gpt Au / 0.5 m from 55.9 m
NP24-22 2.3 m 14.1 gpt 56.9 m 20.2 gpt Au / 1.5 m from 56.9 m
NP24-24 1.0 m 12.3 gpt 138.0 m  
NP24-26 3.1 m 9.6 gpt 84.8 m 23.1 gpt Au / 1.2 m from 84.8 m
NP24-29 3.0 m 10.8 gpt 185.0 m 16.2 gpt Au / 1.5 m from 186.5m
NP24-31 1.2 m 10.3 gpt 34.7 m  
 

 

Hole ID

UTM E NAD83 UTM N NAD83 Elev(m) Azi (deg) Dip (deg) Depth (m)
             
NP24-09 579097 6507839 180 294.5 -31 306
NP24-10 579156 6507898 172 277 -23 321
NP24-11 579097 6507839 180 295 -11 414
NP24-12 579097 6507839 180 272 -47 300
NP24-13 579156 6507898 172 285 -23 302
NP24-14 579156 6507898 172 277 -43 440
NP24-15 579097 6507839 180 252 -43 303
NP24-16 579156 6507898 172 262 -41 344
NP24-17 579097 6507839 180 284 -11 360
NP24-18 579156 6507898 172 269 -42 323
NP24-19 579156 6507898 172 277 -48 353
NP24-20 579097 6507839 180 283 -23 303
NP24-22 579097 6507839 180 245 -45 330
NP24-24 579097 6507839 180 272 -41 279
NP24-25 579156 6507898 172 269 -29 275
NP24-26 579097 6507839 180 252 -38 240
NP24-28 579097 6507839 180 262 -33 98
NP24-29 579156 6507898 172 277 -29 293
NP24-31 579156 6507898 172 262 -46 162

Table 1: Drill Hole Data

 

*Drill intercepts shown are core length as insufficient drilling and modelling 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 Figure 1.

 

The drilling program has now been completed with 10,300 meters being drilled in 34 holes. The drilling has intercepted five separate zones of mineralization in this area.

 

 Figure 1:

 

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.

 

Diamond drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Canagold personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001

 

Some diamond drill core samples were submitted to the ALS Geochemistry Lab in Whitehorse, YT for preparation and assaying. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Canagold personnel. 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.

 

MSA Labs and ALS Labs are independent of the Company.

 

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.

 

About Canagold

 

Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the Company is poised to unlock substantial value for its shareholders.

 

Posted August 29, 2024

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