Canagold Confirms Near Surface High-Grade Gold, Including 53.8 gpt Au over 2.78 m and 18.0 gpt Au over 5.64 m in Y-Vein System at New Polaris
Canagold Resources Ltd. (OTC-QB: CRCUF) announced high-grade gold assay results from 21 drill holes in its recent 9,000-meter drill program at the New Polaris project. Key highlights include:
- 53.8 gpt Au over 2.78 m from hole P22Y10.
- 18.0 gpt Au over 5.64 m from a previously unmodeled vein in hole P22Y15W1.
- The Y19 and Y20 veins exhibit high-grade potential.
These results enhance resource estimates and integrate previously unconsidered veins into the mining plan. Canagold is progressing with a feasibility study and environmental assessment due later this year. Additionally, Mihai Draguleasa is appointed CFO, succeeding Philip Yee.
- High-grade gold results confirm potential at New Polaris, particularly in Y19 and Y20 veins.
- Average gold grades like 53.8 gpt Au over 2.78 m demonstrate significant mineralization.
- Drilling enhances resource classification from inferred to indicated for the feasibility study.
- Appointment of an experienced CFO can strengthen financial oversight and strategy.
- None.
New Polaris Deposit Overview (Graphic: Business Wire)
Highlights of gold mineralized intervals and true widths (“m”)
-
53.8 gpt Au over 2.78 m [2.03 m] from 63.92 m down hole P22Y10 in the
Y20 vein - 18.0 gpt Au over 5.64 m from 120.08 m down hole P22Y15W1 in a previously unmodeled vein
-
9.64 gpt Au over 7.14 m [5.66 m] from 47.81 m down hole P22Y09 in the
Y20 vein -
12.5 gpt Au over 4.70 m [2.16 m] from 213.05 m down hole P22Y06 in the
Y20 vein -
11.0 gpt Au over 4.56 m [2.84 m] from 85.85 m down hole P22Y12 in the
Y19 vein
The results from the Y-vein infill drill holes confirm the high-grade gold potential of the
Intervals of 18.0 gpt Au over 5.64 m down hole at 120.08 m in hole P2215W1 and 19.5 gpt Au over 0.3 m down hole from 148.20 m in hole P22Y07A in previously unmodeled veins are indicative of the en echelon nature of the Y vein system. The final drill hole of P22Y25 was designed to intercept
"Our high-grade drilling results demonstrate the significant potential for adding more ounces of gold from a new zone that is both completely separate and nearer to the surface in the C-West Main vein,” said Catalin Kilofliski, Canagold CEO. “It’s a most welcome and rewarding development for all of us at New Polaris as the Y-veins were not originally part of the mine plan from the 2019 Preliminary Economic Assessment. It is a further testament to the support we have received from all of our project stakeholders, including Company shareholders, Sun Valley Investments, our largest shareholder, the local community and the Taku River Tlingit First Nation.”
The drill program was completed at the end of November, 2022 with a total of 8,940 metres drilled in 28 diamond core drill holes. One of the holes was designed to collect geotechnical data for underground development purposes as part of the feasibility study, and two additional holes were used to test a limestone unit that outcrops just south of the New Polaris deposit for possible use in ore processing. Three more drill holes targeted the C-vein system to improve the drill spacing at key locations. A total of 25 drill holes targeted the shallow high-grade Y-vein system.
The Y-vein system has two parallel, steeply dipping veins striking north–south (
Technical Studies Update:
The New Polaris Feasibility Study and the Environmental Assessment application preparations are progressing. Entry into the BC Environmental Assessment process is targeted for later in February and completion of the Feasibility Study is expected to take about 12 months. Ausenco Engineering is conducting the Feasibility Study and Ausenco Sustainability the Environmental Assessment work.
Management Appointments
The Company would like to announce that Mr. Mihai Draguleasa will join the Company as Chief Financial Officer and Corporate Secretary, effective immediately. Mr. Draguleasa is a Chartered Professional Accountant (CPA) with over fifteen years of accounting experience. He earned his CPA in
Mr. Draguleasa replaces Mr.
*The New Polaris resource is contained within a preliminary economic assessment (“PEA”) 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
Table 1: Drill Core Sample Results Details |
|||||||
Section |
Vein |
Hole ID |
From (m) |
To (m) |
Interval (m) |
True Width (m) |
Au (gpt) |
|
Unknown |
P22Y05 |
117.30 |
118.40 |
1.10 |
|
7.74 |
1350 |
|
P22Y05 |
123.00 |
124.00 |
1.00 |
|
1.86 |
1350 |
|
P22Y05 |
206.00 |
207.52 |
1.52 |
Mine Workings |
|
1350 |
|
P22Y06 |
184.65 |
185.85 |
1.20 |
|
1.73 |
1400 |
|
P22Y06 |
213.05 |
217.75 |
4.70 |
2.16 |
12.5 |
|
|
Including |
214.10 |
215.00 |
0.90 |
|
19.8 |
|
|
and |
215.70 |
216.80 |
1.10 |
|
35.8 |
1350 |
Unknown |
P22Y07A |
67.20 |
70.63 |
3.43 |
|
6.46 |
|
|
Including |
69.98 |
70.63 |
0.65 |
|
29.0 |
1350 |
|
P22Y07A |
87.25 |
92.86 |
6.86 |
|
0.48 |
1325 |
|
P22Y07A |
115.83 |
121.76 |
5.91 |
4.65 |
2.24 |
1300 |
Unknown |
P22Y07A |
148.20 |
148.50 |
0.30 |
|
19.5 |
1250 |
|
P22Y08 |
40.95 |
50.00 |
9.05 |
|
0.25 |
1300 |
|
P22Y09 |
15.40 |
16.40 |
3.00 |
|
1.68 |
1300 |
|
P22Y09 |
47.81 |
54.95 |
7.14 |
5.66 |
9.64 |
1300 |
Unknown |
P22Y09 |
77.00 |
79.30 |
2.30 |
|
8.72 |
1300 |
Unknown |
P22Y10 |
28.70 |
32.20 |
3.50 |
|
7.44 |
|
|
Including |
31.60 |
32.20 |
0.60 |
|
18.2 |
1300 |
|
P22Y10 |
63.92 |
66.70 |
2.78 |
2.03 |
53.8 |
|
|
Including |
63.92 |
64.95 |
1.03 |
|
80.8 |
|
|
Including |
64.95 |
65.70 |
0.75 |
|
85.5 |
1300 |
|
P22Y10 |
86.89 |
88.11 |
1.22 |
|
6.76 |
1300 |
Unknown |
P22Y10 |
111.58 |
114.40 |
2.82 |
|
4.88 |
|
|
Including |
111.58 |
112.40 |
0.82 |
|
14.45 |
1300 |
Unknown |
P22Y11 |
43.09 |
45.34 |
2.25 |
|
15.6 |
1300 |
|
P22Y11 |
52.25 |
58.04 |
5.79 |
3.29 |
2.60 |
1300 |
|
P22Y11 |
75.11 |
77.12 |
2.01 |
1.16 |
4.74 |
1250 |
Unknown |
P22Y12 |
13.35 |
14.35 |
1.00 |
|
17.2 |
1250 |
Unknown |
P22Y12 |
32.32 |
34.28 |
1.96 |
|
10.8 |
1250 |
|
P22Y12 |
73.50 |
75.46 |
1.96 |
1.33 |
1.47 |
1250 |
|
P22Y12 |
85.85 |
90.41 |
4.56 |
2.84 |
11.0 |
|
|
Including |
86.60 |
87.44 |
0.84 |
|
42.5 |
1200 |
|
P22Y13 |
90.65 |
94.35 |
3.70 |
2.74 |
0.67 |
1200 |
|
P22Y13 |
137.40 |
143.50 |
6.10 |
4.53 |
7.06 |
|
|
Including |
142.62 |
143.50 |
0.88 |
|
24.5 |
1200 |
Unknown |
P22Y14 |
53.55 |
58.59 |
5.04 |
|
1.64 |
1200 |
|
P22Y14 |
78.45 |
84.00 |
5.55 |
5.08 |
0.99 |
1200 |
|
P22Y14 |
99.62 |
107.73 |
8.11 |
5.22 |
1.37 |
1200 |
Unknown |
P22Y14 |
113.00 |
114.65 |
1.65 |
|
3.73 |
1200 |
Unknown |
P22Y15W1 |
120.08 |
125.72 |
5.64 |
|
18.0 |
|
|
Including |
122.00 |
122.86 |
0.86 |
|
31.9 |
|
|
Including |
124.77 |
125.72 |
0.95 |
|
38.7 |
1200 |
Unknown |
P22Y16 |
72.58 |
74.00 |
1.42 |
|
37.6 |
1200 |
|
P22Y16 |
199.25 |
200.78 |
1.53 |
0.88 |
1.87 |
1200 |
|
P22Y17 |
300.63 |
304.30 |
3.67 |
2.26 |
5.10 |
1200 |
Unknown |
P22Y18 |
280.77 |
281.68 |
0.91 |
|
12.7 |
1250 |
|
P22Y19 |
238.35 |
240.06 |
1.71 |
0.75 |
3.55 |
1250 |
|
P22Y19 |
293.89 |
298.08 |
4.19 |
2.20 |
1.60 |
1250 |
Unknown |
P22Y20 |
174.51 |
176.83 |
2.32 |
|
4.17 |
1300 |
Unknown |
P22Y21 |
232.80 |
238.35 |
5.55 |
|
3.89 |
1300 |
|
P22Y21 |
411.12 |
418.65 |
7.53 |
1.85 |
8.09 |
1300 |
|
P22Y22 |
315.90 |
319.30 |
3.40 |
2.03 |
6.71 |
|
|
Including |
318.45 |
319.30 |
0.85 |
|
23.0 |
1300 |
Unknown |
P22Y23 |
167.00 |
169.30 |
2.30 |
|
9.72 |
1225 |
Unknown |
P22Y24 |
88.47 |
92.00 |
3.53 |
|
9.53 |
1350 |
Unknown |
P22Y25 |
324.10 |
326.10 |
2.00 |
|
10.81 |
1350 |
|
P22Y25 |
452.00 |
456.15 |
4.15 |
2.30 |
7.54 |
Table 2: Drill Hole Collar Information |
|||||||||
Section |
Hole ID |
(m) |
(m) |
UTM East NAD83 Z8 (m) |
UTM North NAD83 Z8 (m) |
Elevation (m) |
Dip (°) |
Azimuth (°) |
Final Depth (m) |
1350 |
P22Y05 |
1774.5 |
1365.5 |
579570.0 |
6507645.0 |
21.7 |
-48 |
258 |
225 |
1400 |
P22Y06 |
1724.5 |
1371.5 |
579518.5 |
6507655.0 |
24.3 |
-57 |
289 |
248 |
1350 |
P22Y07A |
1724.5 |
1371.5 |
579518.5 |
6507655.0 |
24.3 |
-45 |
235 |
173 |
1250 |
P22Y08 |
1656.6 |
1259.1 |
579454.4 |
6507536.3 |
22.9 |
-70 |
268 |
74 |
1300 |
P22Y09 |
1668.3 |
1307.6 |
579465.0 |
6507585.0 |
28.9 |
-70 |
268 |
101 |
1300 |
P22Y10 |
1615.5 |
1300.0 |
579412.4 |
6507576.3 |
39.4 |
-55 |
088 |
125.0 |
1300 |
P22Y11 |
1615.5 |
1300.0 |
579412.4 |
6507576.3 |
39.4 |
-45 |
088 |
101.0 |
1250 |
P22Y12 |
1588.0 |
1250.3 |
579385.9 |
6507526.1 |
37.9 |
-45 |
096 |
134.0 |
1200 |
P22Y13 |
1725.0 |
1200.0 |
579523.9 |
6507478.6 |
21.4 |
-58 |
270 |
161.0 |
1200 |
P22Y14 |
1725.0 |
1200.0 |
579523.9 |
6507478.6 |
21.4 |
-45 |
270 |
137.0 |
1200 |
P22Y15W1 |
1777.2 |
1195.0 |
579576.2 |
6507474.6 |
21.4 |
-58 |
262 |
302.0 |
1200 |
P22Y16 |
1777.2 |
1195.0 |
579576.2 |
6507474.6 |
21.4 |
-48 |
262 |
227.0 |
1200 |
P22Y17 |
1825.0 |
1200.0 |
579623.9 |
6507480.6 |
21.1 |
-58 |
265 |
332.0 |
1200 |
P22Y18 |
1825.0 |
1200.0 |
579623.9 |
6507480.6 |
21.1 |
-52 |
265 |
302.0 |
1250 |
P22Y19 |
1826.6 |
1251.0 |
579624.4 |
6507531.6 |
21.9 |
-58 |
270 |
326.0 |
1250 |
P22Y20 |
1826.6 |
1251.0 |
579624.4 |
6507531.6 |
21.9 |
-50 |
270 |
293.4 |
1300 |
P22Y21 |
1814.0 |
1290.0 |
579611.0 |
6507570.4 |
22.0 |
-63 |
270 |
425.0 |
1300 |
P22Y22 |
1814.0 |
1290.0 |
579611.0 |
6507570.4 |
22.0 |
-58 |
270 |
338.0 |
1300 |
P22Y23 |
1814.0 |
1290.0 |
579611.0 |
6507570.4 |
22.0 |
-48 |
270 |
266.0 |
1200 |
P22Y24 |
1772.2 |
1195.0 |
579576.2 |
6507474.6 |
21.4 |
-50 |
285 |
201.0 |
1325 |
P22Y25 |
1875.0 |
1325.0 |
579671.3 |
6507606.6 |
21.4 |
-62 |
275 |
470.0 |
New Polaris Overview
Canagold’s flagship asset is the
The New Polaris gold deposit is an early Tertiary, mesothermal gold-bearing vein system occupying shear zones cross-cutting late Paleozoic andesitic volcanic rocks. It was mined by underground methods from 1938 to 1942, and again from 1946 to early 1951, producing approximately 245,000 oz gold from 740,000 tonnes of ore at an average grade of 10.3 gpt gold. Three main veins (“AB, C and Y”) were mined to a maximum depth of 150 m and have been traced by drilling for up to 1,000 m along strike and up to 800 m down dip, still open for expansion. The gold occurs dominantly in finely disseminated arsenopyrite within quartz-carbonate stock-work veins and altered wall-rocks. Individual mineralized zones extend up to 250 metres in length and 14 meters in width. Average widths more commonly range from 2 to 5 metres.
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.
The samples are submitted to the ALS Geochemistry lab in
Qualified Person
About Canagold
On Behalf of the Board of Directors
“Catalin Kilofliski”
Catalin Kilofliski
Chief Executive Officer
Neither the
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of
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 any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks 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 Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices 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; government 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005212/en/
Tel: (604) 416-0337; Cell: (604) 551-2360
Toll Free: 1-877-684-9700
Email: knox@canagoldresources.com
Website: www.canagoldresources.com
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FAQ
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