*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 April 18, 2019.Ĭanagold's flagship asset is the 100% owned New Polaris Gold Mine project located in northwestern British Columbia about 100 kilometers south of Atlin, BC and 60 kilometers northeast of Juneau, Alaska. Typically, mesothermal gold systems continue for depths far exceeding the current 600 m depth of New Polaris (similar high grade gold mineralization at Red Lake, ON for example has been mined to depths of more than 2,200 m.). These will be the deepest holes drilled on the project to date and the results will serve to guide the design of future drill programs. Two deeper exploration holes of approximately 1,000 m in length will be drilled as part of the program to test between 200 to 250 m down plunge of the modeled extent to the gold mineralization.
POLARIS PROJECT UPGRADE
The improved drill density will be used to upgrade parts of the resource categorized as Inferred in the 2019 Preliminary Economic Assessment ("PEA")* to the Indicated Resource category for inclusion in a future feasibility study.Įxploration Holes to Test Down Plunge Potential and Expand Mineralized Zone The infill drill holes range in depth from 300 to 650 m and are designed to provide greater density of drill intercepts (20 - 25 m spacing) in areas of Inferred resources between 150 and 600 m below surface. The program is designed to primarily in-fill drill the Inferred category areas of the C West Main vein system and to explore the down-plunge potential 200 to 250 m below the 600 m depth of the currently defined resources. Infill Holes to Upgrade Inferred Resources to Indicated Resources Results from the remaining 44 holes to be drilled in this program will be released every few weeks as they become available throughout the summer and fall. The collar locations of the three holes in relation to other drill holes of the infill program are shown on the Drill Hole Location Map and the mineralized intercepts relative to previous drilling on Section 1775mE. Detailed information for the three drill holes and the sample assay results and mineralized intercepts are provided in Table 1 and Table 2 below. The drill holes intercepted the mineralized zone within meters of the anticipated intersection depth which emphasizes the consistency of the mineralization from hole to hole.Īll the samples collected from the mineralized zone in these holes have been submitted to the ALS Geochemistry lab in Whitehorse, YT for gold analysis. These early results should have a meaningful impact on the resource and demonstrate that the size and confidence are both increasing at New Polaris."ĭrilling commenced in late May, with the first eight diamond drill core holes now complete, of which the first three have been assayed, out of the planned 47-hole, 24,000 m program. The first three holes returned stronger than anticipated results, with multiple intercepts returning grades up to 2 ½ times higher than the average grade of our indicated and inferred resources, and true widths above our 3m average mining width from the 2019 PEA. Scott Eldridge, CEO and Director, remarked, "We are very encouraged by the initial drill results of our 2021 drill program at New Polaris. The focus of the drill program is the C West Main vein system which hosts a major part of the gold resources.ġ2.0 grams per tonne (gpt) gold (Au) over 3.0 meters (m) in hole 21-1737E1ġ5.8 gpt Au over 13.0 m in hole 21-1783E2 Canagold is committed to providing employment and business opportunities that help support the local economies in the vicinity of its exploration projects. New Polaris lies within the Taku River Tlingit First Nations traditional territory. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CANA) announces initial high-grade gold assay results from the first three diamond drill holes of the 24,000 meter (m), 47-hole drill program currently underway at its 100% owned New Polaris Gold project in northwestern British Columbia, located 100 kilometers (km) south of Atlin and 60 km northeast of Juneau, Alaska. VANCOUVER, BC / ACCESSWIRE / J/ Canagold Resources Ltd.
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