Canagold Mobilizes Drill Crews and Restarts Resource Expansion Drilling at the New Polaris Project
August 18, 2022
Vancouver, Canada – August 18, 2022 - Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (the “Company” or “Canagold”), is pleased to announce that, in line with its stated intentions of accelerating the advancement of the property towards production, drill crews have been mobilized to site to restart drilling at the New Polaris Gold project, located in northern British Columbia.
The 8000 meters of drilling planned for 2022 is primarily targeting the shallower high-grade Y-vein system which consists of two parallel, steeply dipping veins striking north–south and located just north of the C-West Main vein.
This target provides an opportunity to define high grade resources at a shallow depth that could be accessed early in the mine life. High grade intercepts from previous drill holes in this area included 30.6 grams per tonne (“gpt”) gold (“Au”) over 3.2 m, 13.0 gpt Au over 6.8 m and 22.7 gpt Au over 8.0 m.
The 2022 drilling program is designed to upgrade the Y-vein resources from Inferred to Indicated category for inclusion in the upcoming feasibility study and to explore this vein system for extensions at depth.
“We are very pleased to honour our stated commitment to shareholders and quickly restart drilling at New Polaris,” said Canagold CEO, Catalin Kilofliski. “The new Canagold Board and our management team are committed to accelerating and advancing the project as quickly as possible towards feasibility and permitting. The current drilling program will be following up on the Company’s highly successful 30,000-metre, 54-drillhole program that ran from June 2021-March 2022. We are applying a strict geological rationale, as we seek to confirm and build out additional gold ounces.”
*The New Polaris resource is provided in a preliminary economic assessment 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 April 18, 2019.
Garry Biles, P.Eng, President & COO for Canagold Resources Ltd, is the Qualified Person who reviewed and approved the contents of this news release.
Canagold Resources Ltd. is a growth-oriented gold exploration company focused on advancing the New Polaris Project through feasibility and permitting. Canagold is also seeking to grow its assets base through future acquisitions of additional advanced projects. Canagold has access to a team of technical experts that can help unlock significant value for all Canagold shareholders.
On behalf of the Board of Directors
Chief Executive Officer
For further information please contact:
Knox Henderson, VP Corporate Development
Toll Free: 1-877-684-9700; Tel: (604) 604-416-0337; Cell: (604) 551-2360
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