Canagold Announces Antimony Mineral Resource Estimate for New Polaris Gold Project
Canagold Resources (TSX: CCM, OTC-QB: CRCUF) has announced a Mineral Resource Update for its New Polaris Gold Project, specifically quantifying the antimony metal content within the existing gold resource. The update reveals 5,630 tonnes of antimony within the indicated gold resource and 1,195 tonnes within the inferred gold resource.
The resource estimation is based on metal prices of US$1,750/oz Au with a 0.75 US:CDN forex rate, including 99% payable metal for gold. The project's economics factor in mining costs of CDN$82.78/t, processing costs of CDN$105.00/t, and G&A costs of CDN$66.00/t, with a metallurgical gold recovery rate of 90.5%.
The company views this antimony resource as a potential additional revenue stream, positioning Canagold as a significant player in Canada's critical mineral supply chain. The antimony resource is reported as a subset of the total mineral resource at a 4 gpt Au cutoff.
Canagold Resources (TSX: CCM, OTC-QB: CRCUF) ha annunciato un Aggiornamento delle Risorse Minerarie per il suo Progetto Aurifero New Polaris, quantificando specificamente il contenuto di metallo antimonio all'interno della risorsa aurea esistente. L'aggiornamento rivela 5.630 tonnellate di antimonio all'interno della risorsa aurea indicata e 1.195 tonnellate all'interno della risorsa aurea inferita.
La stima delle risorse si basa su prezzi dei metalli di 1.750 USD/oz Au con un tasso di cambio 0,75 US:CDN, includendo il 99% di metallo pagabile per l'oro. L'economia del progetto considera costi di estrazione di 82,78 CDN$/t, costi di lavorazione di 105,00 CDN$/t e costi generali e amministrativi di 66,00 CDN$/t, con un tasso di recupero metallurgico dell'oro del 90,5%.
L'azienda considera questa risorsa di antimonio come una potenziale ulteriore fonte di reddito, posizionando Canagold come un attore significativo nella catena di approvvigionamento dei minerali critici in Canada. La risorsa di antimonio è riportata come un sottoinsieme della risorsa mineraria totale con un taglio di 4 gpt Au.
Canagold Resources (TSX: CCM, OTC-QB: CRCUF) ha anunciado una Actualización de Recursos Minerales para su Proyecto de Oro New Polaris, cuantificando específicamente el contenido de metal antimonio dentro del recurso de oro existente. La actualización revela 5.630 toneladas de antimonio dentro del recurso de oro indicado y 1.195 toneladas dentro del recurso de oro inferido.
La estimación de recursos se basa en precios de metales de 1.750 USD/oz Au con una tasa de cambio de 0,75 US:CDN, incluyendo el 99% de metal pagadero por el oro. La economía del proyecto considera costos de minería de 82,78 CDN$/t, costos de procesamiento de 105,00 CDN$/t y costos generales y administrativos de 66,00 CDN$/t, con una tasa de recuperación metalúrgica de oro del 90,5%.
La empresa ve este recurso de antimonio como una posible fuente adicional de ingresos, posicionando a Canagold como un actor significativo en la cadena de suministro de minerales críticos en Canadá. El recurso de antimonio se informa como un subconjunto del recurso mineral total con un corte de 4 gpt Au.
Canagold Resources (TSX: CCM, OTC-QB: CRCUF)는 New Polaris 금 프로젝트에 대한 광물 자원 업데이트를 발표하였으며, 기존 금 자원 내의 안티모니 금속 함량을 구체적으로 정량화하였습니다. 업데이트에 따르면 5,630톤의 안티모니가 확인된 금 자원 내에 포함되어 있으며, 1,195톤은 추정된 금 자원 내에 포함되어 있습니다.
자원 추정은 금 가격이 1,750 USD/oz Au, 환율이 0.75 US:CDN일 때를 기준으로 하며, 금에 대해 99%의 지급 가능한 금속을 포함합니다. 프로젝트의 경제성은 채굴 비용이 82.78 CDN$/t, 가공 비용이 105.00 CDN$/t, 일반 관리 비용이 66.00 CDN$/t, 금의 금속 회수율이 90.5%로 고려됩니다.
회사는 이 안티모니 자원을 추가적인 수익원으로 보고 있으며, Canagold를 캐나다의 중요한 광물 공급망에서 중요한 플레이어로 자리잡게 하고 있습니다. 안티모니 자원은 4 gpt Au 컷오프에서 총 광물 자원의 하위 집합으로 보고됩니다.
Canagold Resources (TSX: CCM, OTC-QB: CRCUF) a annoncé une Mise à Jour des Ressources Minérales pour son Projet d'Or New Polaris, quantifiant spécifiquement la teneur en métal d'antimoine au sein de la ressource aurifère existante. La mise à jour révèle 5.630 tonnes d'antimoine au sein de la ressource aurifère indiquée et 1.195 tonnes au sein de la ressource aurifère inférée.
L'estimation des ressources est basée sur des prix des métaux de 1.750 USD/oz Au avec un taux de change de 0,75 US:CDN, incluant 99% de métal payable pour l'or. L'économie du projet prend en compte des coûts d'exploitation minière de 82,78 CDN$/t, des coûts de traitement de 105,00 CDN$/t et des coûts généraux et administratifs de 66,00 CDN$/t, avec un taux de récupération métallurgique de l'or de 90,5%.
L'entreprise considère cette ressource d'antimoine comme un potentiel flux de revenus supplémentaire, positionnant Canagold comme un acteur significatif dans la chaîne d'approvisionnement des minéraux critiques au Canada. La ressource d'antimoine est rapportée comme un sous-ensemble de la ressource minérale totale avec un seuil de 4 gpt Au.
Canagold Resources (TSX: CCM, OTC-QB: CRCUF) hat ein Mineralressourcen-Update für das New Polaris Gold-Projekt angekündigt, das speziell den Antimon-Metallgehalt innerhalb der bestehenden Goldressource quantifiziert. Das Update zeigt 5.630 Tonnen Antimon innerhalb der angegebenen Goldressource und 1.195 Tonnen innerhalb der abgeleiteten Goldressource.
Die Ressourcenschätzung basiert auf Metallpreisen von 1.750 USD/oz Au mit einem Wechselkurs von 0,75 US:CDN, einschließlich 99% zahlbarem Metall für Gold. Die Wirtschaftlichkeit des Projekts berücksichtigt Abbaukosten von 82,78 CDN$/t, Verarbeitungskosten von 105,00 CDN$/t und Gemeinkosten von 66,00 CDN$/t, mit einer metallurgischen Gold-Rückgewinnungsrate von 90,5%.
Das Unternehmen betrachtet diese Antimonressource als eine potenzielle zusätzliche Einnahmequelle und positioniert Canagold als einen bedeutenden Akteur in der kritischen Mineralversorgungskette Kanadas. Die Antimonressource wird als Teilmenge der gesamten Mineralressource bei einem Schnitt von 4 gpt Au berichtet.
- Identification of substantial antimony reserves: 5,630 tonnes indicated and 1,195 tonnes inferred
- High metallurgical recovery rates for antimony in concentrate
- Potential additional revenue stream from antimony production
- Strategic positioning in Canada's critical mineral supply chain
- Resources are not proven reserves and lack demonstrated economic viability
- No certainty of resource conversion into mineral reserves
The current gold resource includes
- 5,630 tonnes of antimony metal within the base case indicated gold resource, and
- 1,195 tonnes of antimony metal within the base case inferred gold resource
“We are thrilled to incorporate a substantial antimony resource alongside our high-grade gold deposits at the New Polaris project,” said Catalin Kilofliski, CEO of Canagold. “Past metallurgical testing has shown excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to enhance future revenue streams. With New Polaris at an advanced stage of development, Canagold is strategically positioned as a leading Canadian company ready to play a key role in strengthening Canada’s critical mineral supply.”
Table 1. Mineral Resource Estimate for Antimony (Sb) within the Base Case Au Resource
Class |
Tonnage |
Sb (%) |
Sb Metal (tonnes) |
|||||
Indicated |
859,989 |
0.65 |
5,630.2 |
|||||
Inferred |
99,581 |
1.20 |
1,195.3 |
Table 2. New Polaris April 20, 2023 Resources
|
|
2023 Resource |
|||||||
Class |
Cutoff |
Tonnage (ktonnes) |
Au (gpt) |
Au (koz) |
|||||
(Au gpt) |
|||||||||
Indicated |
3 |
3,118 |
11.21 |
1,124 |
|||||
4 |
2,965 |
11.61 |
1,107 |
||||||
5 |
2,769 |
12.11 |
1,078 |
||||||
6 |
2,525 |
12.75 |
1,035 |
||||||
7 |
2,270 |
13.45 |
981 |
||||||
8 |
2,049 |
14.09 |
928 |
||||||
9 |
1,814 |
14.81 |
864 |
||||||
10 |
1,594 |
15.55 |
797 |
||||||
Inferred |
3 |
1,061 |
8.24 |
281 |
|||||
4 |
926 |
8.93 |
266 |
||||||
5 |
817 |
9.52 |
250 |
||||||
6 |
706 |
10.16 |
231 |
||||||
7 |
603 |
10.78 |
209 |
||||||
8 |
491 |
11.52 |
182 |
||||||
9 |
371 |
12.51 |
149 |
||||||
10 |
291 |
13.33 |
125 |
||||||
Notes on the Resource Tables:
- Mineral resources are not mineral reserves and do not have demonstrated economic viability.
- There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
-
The base case Au Mineral Resource has been confined by “reasonable prospects of eventual economic extraction” shape using the following assumptions:
-
Metal prices of
US /oz Au and Forex of 0.75 $US:$CDN;$1,750 -
Payable metal of
99% Au; -
Offsite costs (refining, transport and insurance) of
US /oz;$7 -
Mining cost of
CDN /t ,$82.78 -
Processing costs of
CDN /t and G&A and site costs of$105.00 CDN /t.$66.00 -
Metallurgical Au recovery of
90.5% ;
-
Metal prices of
-
The resulting Net Smelter Return equation is: NSR (CDN$/t)=Au*
90.5% *US .72g/t;$74 - The specific gravity is 2.81 for the entire deposit;
- The Antimony Resource is reported as a subset of the total Mineral resource at the 4 gpt Au cutoff.
- The Sb is a by-product of the Au processing and therefore is reported using the same Classification as the Au resource at the 4 gpt Au cutoff.
- Numbers may not add due to rounding.
About the Mineral Resource Estimate
- A comprehensive statistical review of all available QA/QC assay data from the drilling was undertaken as part of the 2023 MRE.
- Gold values were capped for each individual domain of the geological model based on statistical probability plots.
- The 2023 MRE is based on a 5 m block model using a Percentage Model (meaning that the percentage of the block within the domain is used for the MRE).
- A constant specific gravity of 2.81 g/cc is used for all blocks in the model, based on an average of measured sample SG’s.
- Indicated classification of a block required either 1) average distance to two drill holes of 35 m, maximum distance 50 m and minimum number of two quadrants, or 2) average distance to two drill holes of 50 m, maximum distance 70 m and minimum number of two quadrants, or 3) distance to closest drill hole of 10 m, maximum distance of 50 m used and minimum number of three drill holes used.
- The classification was checked for cohesiveness, with a cohesive shape of Indicated and Inferred material produced.
-
The base case cutoff grade of 4 gpt Au is based on a
US /ounce price of gold and preliminary recovery, processing and mining costs which are based on preliminary production rate values as summarized in the Notes to the resource table.$1,750 - The 2023 MRE table presents undiluted values of gold grade and contained gold ounces.
- The following factors, among others, could affect the 2023 MRE: assumptions used in generating confining shapes, stope design; mining methods; metal recoveries, mining and process cost assumptions and commodity price and exchange rate assumptions. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially affect the 2023 MRE.
In 2025, further analysis of the antimony resource and expansion potential will take place, accompanied by additional metallurgical testing, aimed at establishing the best processing methods for producing a commercially viable antimony product.
Canagold remains committed to exploring ways to maximize the potential of its New Polaris asset as a source of both gold and antimony, aiming to enhance the project’s overall value while contributing to the increasing demand for critical minerals.
Qualified Person
The 2023 MRE and the antimony resource was prepared by Sue Bird, M Sc., P.Eng. V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the 2023 MRE and antimony resource contained in this news release.
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.
“Catalin Kilofliski”
_____________________
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements - Canagold
View source version on businesswire.com: https://www.businesswire.com/news/home/20250221224463/en/
Catalin Kilofliski, Chief Executive Officer
CANAGOLD RESOURCES LTD
Catalin@canagoldresources.com, 604-685-9700
Source: Canagold Resources Ltd.
FAQ
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