Canagold Resources drills 52.8 g/t gold over 4.64m at New Polaris
The interval also returned 0.83 per cent antimony, but true widths remain unknown after the completed 14-hole campaign.
Mara Quinlan
Canagold Resources Ltd. TSECCM OTCMKTSCRCUF FRACANA reported on Thursday 52.8 grams per tonne gold over 4.64 metres in hole NP26-08 at its wholly owned New Polaris project in British Columbia. The interval also graded 0.83 per cent antimony, and the company says most high-grade intervals reported are outside its current resource model or mine plan.
Shares TSECCM closed at C$0.64 on the Toronto Stock Exchange at 4:00 p.m. EDT on Wednesday, down 1.54 per cent before the announcement.
The Oct. 22 release places the intercept 503 metres downhole and says all intervals are core lengths. Canagold has not determined true widths because drilling and modelling are insufficient to establish the veins' dip and strike.
The developer has completed 7,277 metres in 14 holes targeting the gold and antimony zone, about 100 kilometres south of Atlin. Thursday's results cover three additional holes from the resource infill and expansion campaign.
The higher-grade portion of NP26-08 returned 69.8 grams per tonne gold over 2.64 metres. The adjoining 2.00 metres carried 30.4 grams per tonne gold and 1.75 per cent antimony.
Hole NP26-07 returned 24.6 grams per tonne gold over 7.33 metres. The interval began 458.52 metres downhole and included 70.4 grams per tonne over 1.18 metres.
The same hole also returned 8.04 grams per tonne gold over 10.00 metres, beginning 294 metres downhole.
Hole NP26-09 returned 6.50 grams per tonne gold over 6.92 metres. The interval started 231.08 metres downhole.
No follow-up drilling date was specified alongside the results.
The Oct. 1 batch reported five holes, including an interval of 13.20 metres grading 19.38 grams per tonne gold. That result came from NP26-01 and carried 3.83 per cent antimony.
The reported assays use half-core samples, with the other half retained on site. Standards, blanks and duplicates were inserted to check laboratory performance.
"Importantly, most of these high-grade intervals are not included in the current mineral resource model or mine plan, highlighting the significant potential for resource expansion," chief executive Catalin Kilofliski said in the release.
Read more: Cambria Gold Mines drills 98.56 g/t gold over 8.2m at Silver Coin
Canagold's Sept. 17 presentation says its existing feasibility study excludes antimony revenue because the process design did not include production of an antimony concentrate. The company said the potential economic uplift from antimony was under study.
Canagold closed a C$7.1 million private placement on Sept. 18, selling ordinary common shares at C$0.47 and flow-through shares at C$0.52.
Proceeds from ordinary shares were assigned to working capital, administration and project development. Flow-through proceeds were assigned to qualifying exploration expenditures at New Polaris.
The hold period on those placement shares expires on Jan. 19, 2027.
