Canagold Resources (TSX:CCM) has returned 2.64m @ 69.8 grams per tonne gold (Au) at its New Polaris Gold Project in northwestern British Columbia, Canada, with most intervals sitting outside the current resource model.
The company received results from three holes, NP26-07, NP26-08, and NP26-09, completed in its 14-hole, 7,277m resource infill and expansion program.
The program targets the ‘high-grade’ gold and antimony zone at the 100%-owned project, about 100km south of Atlin and 60km northeast of Juneau, Alaska, US.
NP26-08 returned 4.64m @ 52.8g/t Au and 0.83% antimony (Sb) from 503m, including 2.64m @ 69.8g/t Au and 0.13% Sb, and 2m @ 30.4g/t Au and 1.75% Sb.
NP26-07 intersected 7.33m @ 24.6g/t Au from 458.5m, including 1.18m @ 70.4g/t Au, and 10m @ 8.04g/t Au from 294m. NP26-09 returned 6.92m @ 6.50g/t Au from 231m.
The reported intercepts are core lengths, with the company noting that drilling and modelling are insufficient to determine the true dip and strike of the veins.
CEO Catalin Kilofliski says most of the ‘high-grade’ intervals sit outside the current resource model and mine plan, suggesting the scale and extent of the mineralisation “may be greater than previously understood”.
The program was designed to define and expand the antimony mineralisation and assess its potential contribution to gold resources. The current resource was filed on SEDAR+ on 30 June 2023.
Canagold shares closed at C$0.61 ($0.62) on Thursday, valuing the company at about C$139.15 million.
Canagold Resources is a Canadian gold developer advancing the New Polaris Project in British Columbia.
Write to JC Villarba at Mining.com.au
Images: Canagold Resources
