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

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.