Property Overview
Princeton Gold Property consists of 14,650 hectares and lies 35 kilometers south of Princeton, British Columbia and is readily accessible by road. It lies 95 km south of the new high grade gold discovery by Westhaven Ventures on their Shovelnose property, and 11 km south of the producing Copper Mountain Mine of Copper Mountain Mining.
Geology
The property is underlain by volcanic rocks of both the Eocene Princeton Group and the Triassic-Jurassic Nicola Group. Recent mapping by the British Columbia Geological Survey and by Tasca geologists suggests the quartz vein gold mineralization is hosted primarily by Princeton volcanics.
Surface quartz veins range from 0.3 to 1.8 m in width and consist of white quartz with limonite fractures, irregular limonitic patches and rare vuggy textures.
Past Exploration Highlights
Combined 2010 and 2011 surface sampling and 2018 trenching programs highlights as reported by Tasca include:
- Quartz discovery in fall 2010 with boulder highlight of 25.24 g/t Au
- Five zones of mineralization identified: One zone of quartz veins and four zones of abundant quartz float along a 3 km quartz corridor
- Quartz vein assaying 217 grams per tonne (gpt) gold over 0.9 meters (m) with a second sample three meters along strike assaying 99.7 gpt gold over 0.9 m.
- The zone was traced over 120 m along strike beyond which point the overburden depth exceeded the 6 m reach of excavator.
- Two angular quartz float samples assayed 115.5 gpt gold and 108.5 gpt gold.
- 38 of 53 in-place or angular float quartz vein samples exceeded 1.0 gpt gold.
- 24 samples assayed in exceeded 10 gpt gold to a maximum of 217 gpt gold.
- Drilling permit is in place
Canagold considers these results to be historical, it has not completed sufficient work to independently verify these historic results, and therefore they should not be relied upon and also cautions investors that float samples are grab samples and may not be representative of mineralization on the Princeton Property.
Claim Map
Early Area 2 Sampling
The Area 2 samples were collected from three separate locations consisting of angular float, sub crop or outcrop of rusty weathered, limonite stained quartz with trace to 5% very fine grained disseminated pyrite. Several of the samples exhibit remnant vugs or cellular boxwork structure. A 2011 grid soil sampling survey indicates Area 2 hosts multiple, linear, parallel gold-in-soil anomalies with the strongest anomaly striking a minimum of 500 metres to a maximum of 650 metres in a northwestern direction.
September 2018 Trenching
- The most significant result from this program is a quartz vein assaying 217 g/t gold over 0.9 metres. A second sample three metres along the vein ran 99.7 g/t gold also over 0.9 metres.
- Two angular quartz float samples assayed 115.5 g/t gold and 108.5 g/t Au.
- The 2018 trenching program combined with the 2011 surface program, has resulted in the collection of 53 in-place or angular quartz vein samples. Thirty-eight of the samples exceeded 1 g/t gold, with 24 of the 38 exceeding 10 g/t gold to a maximum of 217 g/t gold.
- Zone traced over 120 metres, overburden exceeded the 6 metre reach of excavator
A total of 51 bedrock samples and 5 float samples were taken and submitted to the ALS Minerals Laboratory in North Vancouver, B.C. for AuME TL-43 analysis with an upper limit of 1 g/t gold. Seventeen of the 56 samples returned value in excess of 1 g/t gold and were subsequently analyzed with procedure Au-AROR43 with an upper limit of 100 g/t gold. Three samples returned values in excess of 100 g/t gold, with a fourth sample reporting at 100 g/t gold. These four samples returned values of 99.7, 108.5, 115.5 and 217 g/t Au through procedure Au-GRA21. Final sampling details can be found in the following table:
| Trench | Distance | Description | m width | g/t Au | Trench | Distance | Description | m width | g/t Au |
|---|---|---|---|---|---|---|---|---|---|
| PM1 | 0 to 1 | andesite | 1 | 0.009 | PM3 | 0 to 1 | andesite | 1 | 0.156 |
| PM1 | 1 to 2 | andesite | 1 | 0.007 | PM3 | 1 to 2 | andesite | 1 | 0.092 |
| PM1 | 2 to 3 | andesite | 1 | 0.019 | PM3 | 2 to 3 | quartz vein | 1.1 | 2.6 |
| PM1 | 3 to 4 | andesite | 1 | 0.075 | PM3 | 3 to 4 | andesite | 1 | 0.442 |
| PM1 | 4 to 5 | andesite | 1 | 14.55 | PM 4 | 0 to 1 | andesite | 1 | 0.144 |
| PM1 | 5 to 6 | andesite | 1 | 0.074 | PM 4 | 1 to 2 | andesite | 1 | 0.714 |
| PM1 | 6 to 7 | andesite | 1 | 0.071 | PM 4 | 2 to 3 | quartz vein | 0.5 | 11.65 |
| PM1 | 7 to 8 | andesite | 1 | 0.01 | PM 4 | 3 to 4 | andesite | 1.2 | 0.168 |
| PM1 | 8 to 9 | andesite | 1 | 0.016 | PM 4 | 4 to 5 | quartz vein | 0.3 | 0.235 |
| PM1 | 9 to 10 | andesite | 1 | 0.004 | PM 4 | 5 to 6 | andesite | 1 | 0.056 |
| PM1 | 10 to 11 | andesite | 1 | 0.006 | PM 5 | 11 to 12 | andesite | 1 | 1.56 |
| PM1 | 11 to 12 | andesite | 1 | 0.01 | PM 5 | 12 to 13 | andesite | 1 | 0.058 |
| PM1 | 12 to 13 | andesite | 1 | 0.009 | PM 5 | 13 to 14 | andesite | 1 | 0.047 |
| PM1 | 13 to 14 | andesite | 1 | 0.004 | PM 5 | 14 to 15 | andesite | 1 | 0.112 |
| PM 2 | 0 to 1 | andesite | 1 | 0.009 | PM 5 | 15 to 16 | quartz vein | 0.15 | 12.95 |
| PM 2 | 1 to 2 | andesite | 1 | 0.018 | PM 5 | 16 to 17 | andesite | 0.85 | 0.203 |
| PM 2 | 2 to 3 | andesite | 1 | 0.065 | PM 5 | 17 to 18 | andesite | 1 | 0.278 |
| PM 2 | 3 to 4 | quartz vein | 1 | 48.1 | PM 6 | 9 to 10 | andesite | 1 | 0.061 |
| PM 2 | 4 to 4.5 | quartz vein | 0.5 | 16.25 | PM 6 | 10 to 11 | andesite | 1 | 0.056 |
| PM 2 | 4.5 to 5.5 | andesite | 1 | 4.22 | PM 6 | 11 to 12 | quartz vein | 0.3 | 21.6 |
| PM 2 | 5.5 to 6.5 | andesite | 1 | 0.049 | PM 6 | 12 to 13 | andesite | 1 | 0.61 |
| PM 2 | 6.5 to 7.5 | andesite | 1 | 0.033 | PM 6 | 13 to 14 | andesite | 1 | 0.145 |
| Pit 1 | andesite | 0.55 | 0.088 | PM 6 | quartz composite | grab | 2.99 | ||
| PM2 ext | quartz vein | 0.9 | 217 | quartz boulder float | grab | 0.643 | |||
| PM 2 ext | quartz vein | 0.9 | 99.7 | quartz boulder float | grab | 0.235 | |||
| Pit 1 | quartz stringers | 0.75 | 13.85 | quartz boulder float | grab | 108.5 | |||
| quartz boulder float | grab | 37.1 | |||||||
| quartz boulder float | grab | 115.5 | |||||||
| PM 16 | andesite | 1 | 0.414 | ||||||
| PM 17 | andesite | grab | 1.79 |
The trenching was able to trace the main vein structure approximately 120 metres along strike before the vein zone disappeared beneath thick overburden cover in both directions. Trenches were cut perpendicular to vein strike with short distances opened in each direction along the vein where possible. Mineralization is confined to the quartz veins or within the first metre of the andesitic host rock. The quartz vein ranges from 0.3 to 1.8 metres in width and consists of white quartz with limonite fractures and irregular limonitic patches and a rare vuggy texture.
Two other areas highlighted by anomalous rock samples or soil samples were tested. Overburden thicknesses were beyond the limit of the excavator boom so bedrock was not reached. These areas will need to be tested by diamond drilling.
Canagold cautions investors float samples are grab samples and may not be representative of mineralization on the Princeton Property.