Canagold drills 14.2 g/t gold over 2.9 metres at New Polaris, British Columbia

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Canagold Resources Ltd. [CCM-TSX; CRUCF-OTCQB; CAN-FSE] reported high-grade gold assays for five more drill holes from the expanded drill program at its 100%-owned New Polaris gold project located in northwestern British Columbia, 100 km south of Atlin and 60 km northeast of Juneau, Alaska.

Assay results include samples from recently completed drilling of additional intercepts of the C-10 vein as well as the C-West Main vein. Drill hole 21-1875E3W1 returned 14.2 g/t gold over 2.9 metres from 426.8 metres (C-10) and 5.99 g/t gold over 2.1 metres from 633.6 metres (CWM).

Hole 21-1844E4 returned 4.10 g/t gold over 12.5 metres from 549.3 metres (C-10) and 5.16 g/t gold over 1.9 metres from 738.7 metres (CWM). Hole 21-1875E1 returned 8.61 g/t gold over 2.9 metres from 504.1 metres (C-10) and 5.81 g/t gold over 0.7 metres from 569.9 metres (CWM).

Hole 21-1875E2 returned 4.62 g/t gold over 0.6 metres from 491.1 metres (C-10) and 6.84 g/t gold over 1.5 metres from 555.7 metres (CWM). Hole 21-1935E1 returned 8.10 g/t gold over 1.5 metres from 479.0 metres (C-10) and 8.37 g/t gold over 2.8 metres from 523.0 metres (CWM).

Scott Eldridge, CEO, said, “We continue to receive robust assay results from approximately 30,000 meters of drilling we’ve conducted since May of last year. This most recent batch of results is of particular interest as we’ve now expanded the C-10 vein by 500%. The C-10 does not contain any resources do date, but has delivered robust results consistently, thus increasing our confidence to increase the overall resource size at New Polaris. We still have multiple results pending on the C-10 to potentially see additional continuity at depth.”

These additional intercepts of the C-10 vein have expanded the size of the interpreted C-10 geological model by 500% since the last reported results. Drill holes 21-1875E2 and 21-1935E1 infilled the area to the east and down dip of the previously defined limits to the C-10 allowing for interpolation of the model to include mineralized intercepts from previously drilled holes including 10.0 g/t gold over 5.1 metres from 493.8 metres in hole P95C40 and 4.15 g/t gold over 1.3 metres from 494.3 metres in hole P95C44.

Four more drill holes completed during the program still have results pending that could extend the C-10 vein further.

All of the planned 47-holes of the originally proposed 24,000 m infill drill program were completed by the end of 2021 and assay results have been received for 37 holes. An additional 6,000 metres of drilling in 7 holes were completed in January and February 2022. The samples collected from the mineralized zone in all of those holes have been submitted to the ALS Geochemistry lab in Whitehorse, YT for gold analysis.

The current drill program is designed primarily to infill drill the inferred resources of the CWM vein system within the currently defined resources in the preliminary economic assessment. The infill drill holes range in depth from 300 to 650 metres and are designed to provide greater density of drill intercepts (20 to 25-metre spacing) in areas of inferred resources between 150 and 600 metres below surface. The improved drill density will be used to upgrade parts of the inferred resources to indicated resources for inclusion in a future feasibility study.

Andrew Bowering has resigned from the board of directors in order to focus on his own companies. The board and management team would like to take this opportunity to thank him for his valuable contributions since joining.

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