Canagold Resource (CCM.T), is advancing western Canada’s highest grade gold deposit, New Polaris in northwestern BC, to feasibility.
The company has recently been transformed with a change-of-control in August, 2022 led by its largest shareholder, Sun Valley Investments (17%) and has installed a new technically focused board and management. With strong financial backing, the team is committed to completing a feasibility within 18 months and will formally commence permitting early next year. At New Polaris, a past producer, the company is targeting over 1 million ounces of gold reserves to be mined at 100,000 ounces Au per year in a 10 year mine plan. In Oct. 2022 the retained Ausenco Engineering to complete the feasibility.
Current resource: 586 Moz gold Indicated (1.6mt at 10.8 g/t Au)
485 Moz gold Inferred (1.4mt at 10.2 g/t Au) PEA grade of 10.3 g/t Au includes 20% dilution.
New Polaris PEA (2019) demonstrates robust economics:
• After-tax IRR 56%
Payback 1.9 years ($1,500 gold)
• All in Sustaining Costs (AISC) of US$530/ounce
• Updated resource estimate expected by Q1 2023
Drilling: Canagold completed a 30,000-metre, 54-hole program (June 2021-March 2022), identified new high grade parallel zones.
• Intercepts include 24.2 g/t gold over 6.6 m and 15.8 g/t gold over 13.0 m,
• New Parallel Zone intercepts include 17.1 gpt over 8.4 m and 11.1 gpt over 17. 8m in hanging wall C10 vein (not in current resource).
• Now drilling 8,000 m in nearer-to-surface Y-Veins