Canagold gold-antimony project added to priority list in B.C.
Canagold Resources Ltd. [CCM-TSX, CRCUF-OTCQB, CANA-FRA] said its New Polaris Gold Antimony Project has been added to the Government of British Columbia’s list of priority major projects, as outlined in the province’s recent Look West economic update.
The New Polaris Project is one of 17 new projects added to the province’s priority list as part of a strategy to strengthen economic resilience, diversify trade, and position B.C. as a leading supplier of responsibly developed national resources.
Through the Look West strategy, the Province aims to secure up to $200 billion in private sector investment by 2035, while accelerating timelines for major projects and expanding skilled trades training to support development.
“Being recognized as a priority project by the Government of British Columbia is a significant milestone for New Polaris,’’ said Canagold CEO Catalin Kilofliski. “This designation highlights the project’s potential to contribute to regional economic development, create high quality jobs, and support the responsible production of gold and critical minerals.’’
Canagold shares were unchanged Friday at 51 cents. The shares trade in a 52-week range of 79 cents and 30.5 cents.
Canagold is focused on advancing New Polaris through feasibility and permitting.
The project is located 100 kilometres south of Atlin and 60 kilometres northeast of Juneau Alaska. It consists of 61 contiguous Crown-granted mineral claims and one modified grid claim covering 850 hectares.
New Polaris was mined via underground methods from 1938 to 1942, and again from 1946 to early 1951, producing 250,000 ounces of gold from 740,000 tonnes of ore at an average grade of 10.3 g/t gold. Three main veins (AB, C and Y) were mined to a maximum depth of 150 metres and have been traced by drilling for up to 1,000 metres along strike and 800 metres down dip. They are still open for expansion.
According to a 2023 estimate, the project is currently estimated to contain an indicated resource of 2.9 million tonnes of grade 11.61 g/t gold or 1.1 million ounces at a cutoff of 4.0 g/t. On top of that is an inferred resource of 926,000 tonnes of grade 8.93 g/t gold or 266,000 ounces at a cutoff of 4.0 g/t.
The company recently announced a mineral resource update for New Polaris that quantifies the antimony metal contained with in the current gold resource. The company said the current gold resource includes 5,630 tonnes of antimony metal within the base case indicated gold resource and 1,195 tonnes of antimony metal within the base case gold resources.
Antimony, recognized as a critical mineral in Canada, the U.S. and the European Union, plays a vital role in numerous industrial applications. They include defense technologies, semiconductor production, fire retardants, and the manufacturing of solar panels.