CanaGold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) announces the high-grade gold research effects of the first 4 of 20 completed drilling wells in an allocation of 8,000 one-meter and vein drilling programs at New Polaris.
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The 8,000 meters (“m”) of drilling being done lately for 2022 primarily targets the high-grade shallow Y-vein formula, located just north of the C-West Main vein main resource. Vein formula Y comprises two parallel veins with strong north-south oriented dips (Y19 and Y20 veins). Upon completion of the previous drilling, the planned wells will measure the value of the resource from the inferred point to the point indicated for inclusion in the feasibility study for which Canagold contracted Ausenco Engineering. *
The effects come from the first 4 fill holes, in the northern component of the Y vein system. These effects obviously verify the ancient high-grade resource.
Gold mineralization periods and actual thicknesses [m] on analytical effects include:
(Drilling details in Table 1 and Table 2 below)
“These high-grade drilling effects demonstrate the possibility of loading more ounces of gold into an absolutely separate zone closer to the surface of the C-West Main vein, and at this point, the Y veins are in the flat mine of our 2019 AEP,” said Canagold CEO Catalin Kilofliski.
“To date, we have completed more than 5,400 meters of our 8,000-meter program, which is ahead of schedule and within budget. The program is another testament to our commitment to shareholders and the one we get from our largest shareholder. Since the formation of our new Board of Directors, we raised the required capital to continue our exploration drilling program, we interacted with Ausenco Engineering to begin a full feasibility study at New Polaris, and recently, our full Board of Directors and control team became available to have interaction with the local grid and Taku River Tlingit First Nations. “
*The New Polaris resource is contained in a Preliminary Economic Assessment Report (“AEP”) prepared through Moose Mountain Technical Services in the format prescribed through NI43-101 Disclosure Standards for Mineral Projects and filed at SEDAR on April 18, 2019.
Table 1: Details of drill core pattern results
Section
Vein
Identification of the hole
of (m)
Thomas)
Interval
(metro)
Actual width
(metro)
In (gpt)
1400
Y19
P22Y02
198,0
202. 7
4. 7
2. 9
7. 48
Included
200,0
202. 0
2. 0
17. 4
1375
Y19
P22Y03
194. 6
197. 6
3. 0
2. 1
22,9
Included
194. 6
195. 6
1. 0
22. 3
et
195. 6
196. 6
1. 0
46. 3
1425
Y20
P22Y03
272. 6
279. 9
7. 3
2. 6
9. 39
Included
276,0
279. 3
3. 3
19. 4
Unknown
P22Y04
123. 2
124. 2
3. 3
Unknown
7,85
Included
124. 2
126,5
2. 3
11. 0
1350
Y19
P22Y04
225. 7
230,0
4. 3
1. 8
22. 1
Included
226,8
227,5
0. 7
57,4
1350
Y20
P22Y04
308. 0
313. 5
5. 5
2. 1
5. 81
Included
310. 2
311. 3
1. 1
24,9
Unknown
P22Y01
122,0
124,0
2. 0
Unknown
5. 25
Unknown
P22Y01W1
196. 2
197,5
1. 3
Unknown
4. 27
Unknown
P22Y01W1
207. 8
208. 9
1. 1
Unknown
31,5
Table 2: Information about the collar piercing
Section
Identification of the hole
East Mine
(metro)
North Mine
(metro)
UTM is NAD83 Z8
(metro)
UTM North NAD83 Z8
(metro)
Elevation
(metro)
Compensation
(°)
Azimuth
(°)
final depth
(metro)
1400
P22Y01
1774. 5
1365. 5
579570. 0
6507645. 0
21. 7
-62
288
374
1400
P22Y02
1774. 5
1365. 5
579570. 0
6507645. 0
21. 7
-52
289
278
1375
P22Y03
1774. 5
1365. 5
579570. 0
6507645. 0
21. 7
-56
273
296
1350
P22Y04
1774. 5
1365. 5
579570. 0
6507645. 0
21. 7
-63
262
335
Introducing the new Polaris
Canagold’s flagship asset is the allocation of the one hundred percent owned New Polaris gold mine located in northwestern British Columbia, approximately one hundred kilometers south of Atlin, British Columbia, and 60 kilometers northeast of Juneau, Alaska. The assets are comprised of 61 contiguous mineral claims awarded through the Crown and a modified network concession covering 850 hectares. New Polaris is located in the classic Tlingit First Nations territory of the Taku River. Canagold is committed to providing employment and business opportunities that help local economies in the vicinity of its exploration assignments.
The New Polaris gold deposit is a formula of early Tertiary mesothermic gold veins occupying shear zones intersecting late Late Paleozoic andesitic volcanic rocks. 000 ounces of gold from 740,000 tons of ore with an average grade of 10. 3 gpt of gold. Three main veins (“AB, C and Y”) were extracted at a maximum intensity of 150 m and drilled up to 1,000 m along the direction and up to 800 m downstream, open to expansion. Gold is discovered basically in arsenopyrite finely disseminated in quartz-carbonate reserve veins and eroded host rocks. Individual mineralized zones increase up to 250 meters in length and 14 meters in width. Average widths regularly range from 2 to 5 meters.
Core Sampling and Quality Assurance – Quality Control Program
The drill core is geologically recorded to identify gold-mineralized zones that are assigned unique pattern number tickets and marked for cutting using a specially designed diamond blade rock saw. Half of the carrot patterns are collected in sorted bags and the other part remains in the original carrot box stored on site. Quality control (QC) standards, adding qualified reference curtain patterns, blanks, and duplicates, are inserted into the pattern series in one out of 10 rotation periods to monitor laboratory functionality and provide quality assurance of analytical results. Multiple bags of patterns are transported in combination in rice bags with unique numbered security labels attached and sorted with corporate and laboratory touch data to ensure some pattern protection and chain-of-custody shipment to the laboratory.
Samples are sent to the ALS Geochemistry Laboratory in Yellowknife, NT for preparation and research. The entire pattern is subjected to the soil up to 70% passing -2 mm and an aliquot of 250 grams is fractionated and pulverized up to 85% passing -75 microns. The investigation of gold is carried out by pyrognostic verification of 30 grams and gravimetric finish. A set of 30 other elements, which add arsenic, antimony, sulfur and iron, are analyzed by digestion with aqua regia and atomic emission spectroscopy with inductively coupled plasma (ICP-AES). ALS Canada Ltd. is accredited through the Standards Council of Canada and is an ISO/IEC 9001:2015 and 17025:2017 qualified analytical laboratory in North America.
Qualified person
Garry Biles, P. Eng. , president and chief operating officer of CanaGold Resources Ltd. , is the qualified user who reviewed the contents of this press release.
About Canagold
CanaGold Resources Ltd. es a growth-oriented gold exploration company whose goal is to promote the new allocation of Polaris through feasibility and permitting. Canagold will also increase its asset base through long-term acquisitions of more complex allocations. The company has access to a team of expert technicians who can help create a meaningful price for all Canagold shareholders.
“Catherine Kilofski”
Catalin Kilofliski President and CEO
Neither the Toronto Stock Exchange nor its Regulation Service Provider (as that term is in TSX policies) accepts responsibility for the suitability or accuracy of this release.
Cautionary Note On Forward-Looking Statements
This press release “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking data” within the meaning of applicable Canadian securities laws. Statements contained in this press release that are not old facts are forward-looking data involving known and unknown dangers and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements relating to Canagold’s long-term performance as well as the Company’s exploration plans and systems for its mineral properties, adding the timing of such plans and systems. In some cases, forward-looking statements may be made known by using words such as “anticipates,” “has tested,” “expects,” “expects,” “potential,” “apparently,” “budget,” “planned,” “estimates,” “plans,” “at least,” “intends,” “anticipates” or “does not anticipate,” or “believes” aggregate or diversification of such words and words or assert that certain actions, occasions or effects “could,” “could,” “should,” “should,” “could,” or “will be taken,” “will occur,” or “will be achieved. “
Forward-looking statements involve known and unknown dangers, uncertainties and other matters that could cause the actual effects, performance or achievements of the Company to be materially different from the long-term effects, performance or achievements expressed or implied through the future. looking for statements. forward-looking statements. These hazards and other items include, but are not limited to, hazards related to the uncertainties inherent in estimating mineral resources; raw material prices; adjustments in general economic conditions; Market sentiment; exposure rate; the Company’s ability to continue as a going concern; the Company’s ability to increase the budget through fair financings; dangers inherent in mining exploration; dangers similar to foreign operations; long-term steel prices; failure of apparatus or processes to perform as intended; accidents, labor conflicts and other dangers of the mining industry; delays in obtaining government approvals; government regulation of mining operations; environmental hazards; name disputes or claims; the limits of the insurance policy and the timing and final conceivable results of the disputes. Although the Company has attempted to identify vital points that may also have effects on the Company and cause actual actions, events or effects to differ materially from those described in the forward-looking statements, there may be other points that cause actions, events or effects other than those foreseen, estimated or intended. There can be no guarantee that forward-looking statements will prove to be accurate, as actual effects and long-term events may also differ materially from those expected from such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this press release and the Company assumes no legal responsibility to update or reposition any forward-looking statements, except as required by applicable securities laws.
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For information, please contact:
Knox Henderson, Vice President of Corporate Development Tel. : (604) 604-416-0337 ; Cellphone: (604) 551-2360 Toll Free: 1-877-684-9700 Email: knox@canagoldresources. com Website: www. canagoldresources. com