Canagold Drills 22.1 Grams per Tonne Gold over 4.3 Metres in Y-Vein System at New Polaris
Vancouver, B.C. – October 27, 2022 - Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) announces high-grade gold assay results from the first four drill holes of 20 completed as part of an 8,000-metre drill program targeting the Y-veins at New Polaris. The 8,000 metres (“m”) of drilling currently underway for 2022 primarily targets the shallow high-grade Y-vein system, located just north of the main resource of the C-West Main vein. The Y-vein system contains two parallel, steeply dipping veins striking north–south (Y19 and Y20 veins). By infilling the previous drilling, the planned holes will improve the resource category from the inferred to indicated level for inclusion in the feasibility study for which Canagold has engaged Ausenco Engineering.* The results are from the first four infill holes, which are located in the northern part of the Y-vein system. These results clearly confirm the high-grade historic resource. Gold mineralized intervals and true widths [m] from the assay results include: • • • • • •
22.1 gpt Au over 4.3 m [1.8 m] from 225.7 m down hole P22Y04 in the Y19 vein 22.9 gpt Au over 3.0 m [2.1 m] from 194.6 m down hole P22Y03 in the Y19 vein 9.39 gpt Au over 7.3 m [2.6 m] from 272.6 m down hole P22Y03 in the Y20 vein 7.48 gpt Au over 4.7 m [2.9 m] from198.0 m down hole P22Y02 in the Y19 vein 7.85 gpt Au over 3.3 m [unknown] from 123.2 m down hole P22Y04 in the previously unmodeled vein 5.81 gpt Au over 5.5 m [2.1 m] from 308.0 m down hole P22Y04 in the Y20 vein (Details of drilling set out in Table 1 and Table 2 below)
"These high-grade drill results demonstrate the potential to add more ounces of gold in a completely separate, and nearer-to-surface zone from the C-West Main vein, and to this point, the Y-veins are not in the mine plan of our 2019 PEA,” said Canagold CEO Catalin Kilofliski. “To date, we’ve completed over 5,400 metres of our 8,000-metre program that is running ahead of schedule and under budget. The program is further testament to our commitment to shareholders as well as the support we’re receiving from our largest shareholder, Sun Valley Investments. Since the formation of our new Board of Directors, we have raised the necessary capital to continue our exploration drill program, we’ve engaged Ausenco Engineering to commence a full feasibility study on New Polaris, and most recently, our full Board and management team was on site engaging with the local community and the Taku River Tlingit First Nations.”