Canagold Resources (TSX: CCM | OTCQB: CRCUF | Frankfurt: CANA) has announced an updated mineral resource estimate (MRE) for its New Polaris Gold project located in British Columbia, Canada.
The MRE now states that the underground resource is 2.97Mt at 11.6g/t Au for 1.11Moz contained gold indicated, as well as 0.93Mt at 8.93g/t Au for 0.27Moz contained gold inferred.
Highlights include an 89% increase in indicated resources compared to the 2019 preliminary economic assessment (“PEA”) resource along with an 8% gold grade improvement, from 10.8g/t to 11.6g/t. Canagold also had a 23% increase to their overall resource tonnage.
The updated MRE comes after an additional 40,000m of drilling, targeting areas from a 2019 PEA. A base cutoff rate was established at 4g/t Au and is based on a US$1,750/oz gold price to recoup on preliminary recovery, processing, and mining costs created using preliminary production rate values.
“Canagold’s 2021-22 exploration programme has proved highly successful in reaching our primary objective of adding more gold ounces into the Indicated category,” said Catalin Kilofliski, CEO of Canagold.
“The company’s goal has been to hit our target of more than 1Moz to feed into the feasibility study currently underway with Ausenco Engineering. Right now, we’re working with a potential mine plan that targets 100,000oz per year based on an approximately 10-year mine life and assuming the current drilling depth we’ve achieved to date.”
New Polaris is Canagold’s flagship asset, the 100% project consists of 61 contiguous crown-granted mineral claims and one modified grid claim covering 850ha. New Polaris lies within the Taku River Tlingit First Nation traditional territory.
For further information please visit: www.canagoldresources.com/
