Business
Canagold Resources Summarizes 2020 Results and Outlines 2021 Plans to Advance the High Grade New Polaris Gold Mine Project, British Columbia
VANCOUVER, BC / ACCESSWIRE / January 14, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canagold Resources Summarizes 2020 Results and Outlines 2021 Plans to Advance the High Grade New Polaris Gold Mine Project, British ColumbiaVANCOUVER, BC / ACCESSWIRE / January 14, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FSE:CAN) highlights the results of its 2020 activities and outlines its 2021 plans to advance the high grade New Polaris gold mine project in BC and other gold exploration projects in the USA and Canada.2020 Highlights:CorporateCompleted a name change to Canagold Resources Ltd. and a 5:1 share consolidation.Strengthened the Board of Directors with the addition of Andrew Bowering.Strengthened the Management Team with the addition of Troy Gill as Vice-President of Exploration.Closed a private placement of common shares for gross proceeds of CAD $8.4 million.New Polaris Project, British ColumbiaUpdated Preliminary Economic Assessment (PEA) for New Polaris at US$1500 gold price and $0.71 exchange rate which improved NPV to US$333 million and IRR to 56% after tax.The undiscounted pre-tax, life-of-mine cash flow totals CAD$847 million with a 68% IRR and a 1.7 year pay-back period; compared to undiscounted cash flow total of CAD$554 million, a 47% IRR and a 2.3 year pay-back period in the previous PEA. Given a PEA is conceptual in nature, there is no certainty that the results of the PEA will be realized.Obtained a multi-year exploration permit from the BC government and undertook site maintenance work to prepare the site equipment and camp facilities for the planned 2021 exploration drilling and environmental baseline studies.Contracted Hemmera Envirochem Inc. to perform environmental assessment services and initiated twelve months of environmental baseline studies required for submission of an application to obtain a British Columbia Environmental Approval Permit for the project.Windfall Hills Project, British ColumbiaCompleted a six-hole, 1,500 meter diamond drill program to follow up on gold-silver mineralization intersected in the 2014 Phase 1 drilling, including 0.89 grams per tonne (\"gpt\") gold and 39 gpt silver over 28 meters in hole WH-14-03.Best intercepts were 0.26 gpt gold and 39 gpt silver (0.75 gpt gold equivalent using an 80:1 silver:gold ratio) over 33.0 m in hole WH-20-02 and 0.15 gpt gold and 7.9 gpt silver (0.25 gpt gold equivalent) over 78 m in hole WH-20-05, associated with more int...