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Canagold Resources Increases Indicated Gold Resource by 89% in Updated Mineral Resource Estimate for New Polaris Gold Project, BC
VANCOUVER, British Columbia / May 16, 2023 / Business Wire / Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) is
About this update from Canagold Resources Ltd
[{"type":"text","content":"VANCOUVER, British Columbia / May 16, 2023 / Business Wire / Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) is pleased to announce the Updated Mineral Resource Estimate for New Polaris Gold Project located approximately 100 kilometres south of Atlin, BC. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230516005466/en/ Underground Mineral Resource Estimate (MRE): 2.97 million tonnes (Mt)@ 11.6 grams per tonne gold (gpt Au) for 1.11 million ounces (Moz) contained gold Indicated and 0.93 Mt @ 8.93 gpt Au for 0.27 Moz contained gold Inferred. Highlights: 89% increase in the Indicated category contained ounces of gold compared to the 2019 preliminary economic assessment (“PEA”) resource due to a very successful 2021-22 infill drill program. 23% Increase to the overall resource tonnage due to the additional veins defined by the 2021-22 infill drilling that were integrated into the new geological model. Gold grade improvement by 8% in the Indicated category to 11.61 gpt Au, up from 10.8 gpt Au in the 2019 PEA due to the refined geological model constrained by the additional drilling. The updated 2023 MRE provides the Indicated category resource required to underpin the Feasibility Study announced on October 11, 2022. “Canagold’s 2021-22 exploration program has proved highly successful in reaching our primary objective of adding more gold ounces into the Indicated category,” said Catalin Kilofliski, CEO of Canagold Resources. “The Company’s goal has been to hit our target of more than one million ounces to feed into the feasibility study currently underway with Ausenco Engineering. Right now, we’re working with a potential mine plan that targets 100,000 ounces per year based on an approximatively 10-year mine life and assuming the current drilling depth we’ve achieved to date.” The updated 2023 MRE reflects the Company’s success in completing an additional 40,000 meters (“m”) of infill drilling, targeting areas of previously inferred category resource from the 2019 PEA. The refined geological model now includes 17 vein domains of at least 2 metre width. A grade shell was applied to the block model and any outlying mineralized volumes too small to be considered to have “reasonable prospects for eventual economic extraction” were...