Sun Valley Investments, the largest shareholder of Canagold Resources Ltd with a 39.27% ownership stake, presents a compelling business case for investing in Canagold, a premier gold exploration and mining company listed on the TSX Main Board under the ticker symbol CCM. Canagold is dedicated to advancing high-grade gold projects in North America, with a strategic focus on the New Polaris project in British Columbia.

As a major stakeholder, Sun Valley Investments plays a pivotal role in the success of Canagold Resources and the New Polaris Project. Their involvement underscores their confidence in the project’s potential and Canagold’s management. Sun Valley’s financial and technical support has been instrumental in advancing the project and will continue until the Feasibility Study (FS) is released. Their primary objective is to maximize value for shareholders, supporting the project’s progression towards feasibility while aligning with Canagold’s strategies for sustainable and innovative mining practices. This partnership enhances financial stability and provides critical backing for the New Polaris Project’s development.

Canagold’s flagship asset, the New Polaris project, is a 100% owned, past-producing, high-grade gold mine located in northwestern British Columbia. The project stands out due to its substantial indicated resource of 1.03 million ounces of gold and an inferred resource of 231,000 ounces. The latest NI 43-101 resource estimate dated April 20, 2023 updates the indicated resource with an 91% increase in indicated gold ounces, an 6% rise in indicated gold grade, and a 23% improvement in overall tonnage compared to the 2019 Preliminary Economic Assessment (PEA). The updated indicated resource now comprises 2.52Mt at 12.75 g/t Au for approximately 1.03M oz Au (up from 1.4 Mt at 12.00 g/t Au for 541k oz Au in the 2019 PEA). The inferred resources consist of 0.70Mt at 10.16 g/t for 231k oz Au (down from 1.22Mt at 11.20 g/t Au for 440k oz Au in the 2019 PEA).

Resource (NI 43-101 compliant)

New Polaris – Update Mineral Resorce Estimate and Comparison to the 2019 Resorce

Classs Cutoff
(Au g/t)		 2023 Resource 2019 Resource Difference as a Percent:
(2023-2019)/2019
Tonnage
(ktonnes)		 Au
(g/t)		 Au
(koz)		 Tonnage
(ktonnes)		 Au
(g/t)		 Au
(koz)		 Tonnage Au
Grade		 Au
Metal
Indicated33,11811.211,1241,79810.4060173%8%87%
42,96511.611,1071,68710.8058676%8%89%
52,76912.111,0781,55611.3056578%7%91%
62,52512.751,0351,40312.0054180%6%91%
72,27013.459811,26012.6051080%7%92%
82,04914.099281,10513.3047385%6%96%
91,81414.8186494714.1042992%5%101%
101,59415.557971,6399.50501-3%64%59%
Inferred31,0618.242811,5829.80498-33%-16%-44%
49268.932661,48310.20486-38%-12%-45%
58179.522501,35110.70465-40%-11%-46%
670610.162311,22311.20440-42%-9%-48%
760310.7820994212.50379-36%-14%-45%
849111.5218275313.80334-35%-17%-46%
937112.5114965314.60307-43%-14%-51%
1029113.3312500.000
Classs Cutoff
(Au g/t)
Tonnage
(ktonnes)		 Au
(g/t)		 Au
(koz)
Indicated33,11811.211,124
42,96511.611,107
52,76912.111,078
62,52512.751,035
72,27013.45981
82,04914.09928
91,81414.81864
101,59415.55797
Inferred31,0618.24281
49268.93266
58179.52250
670610.16231
760310.78209
849111.52182
937112.51149
1029113.33125
Classs Cutoff
(Au g/t)
Tonnage
(ktonnes)		 Au
(g/t)		 Au
(koz)
Indicated31,79810.40601
41,68710.80586
51,55611.30565
61,40312.00541
71,26012.60510
81,10513.30473
994714.10429
101,6399.50501
Inferred31,5829.80498
41,48310.20486
51,35110.70465
61,22311.20440
794212.50379
875313.80334
965314.60307
1000.000
Classs Cutoff
(Au g/t)
Tonnage Au
Grade		 Au
Metal
Indicated373%8%87%
476%8%89%
578%7%91%
680%6%91%
780%7%92%
885%6%96%
992%5%101%
10-3%64%59%
Inferred3-33%-16%-44%
4-38%-12%-45%
5-40%-11%-46%
6-42%-9%-48%
7-36%-14%-45%
8-35%-17%-46%
9-43%-14%-51%
10 - - -

Notes to the Resource Table:

  1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
  2. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
  3. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
  4. The base case Mineral Resource has been confined by “reasonable prospects of eventual economic extraction” shape using the following assumptions:
    •  Metal prices of US$1,750/oz Au and Forex of 0.75 $US:$CDN;
    •  Payable metal of 99% Au;
    •  Offsite costs (refining, transport and insurance) of US$7/oz;
    •  Mining cost of CDN$82.78/t ,
    •  Processing costs of CDN$105.00/t and G&A and site costs of CDN$66.00/t.
    •  Metallurgical Au recovery of 90.5%;
  5. The resulting Net Smelter Return equation is: NSR (CDN$/t)=Au*90.5%*US$74.72g/t;
  6. The specific gravity is 2.81 for the entire deposit;
  7. The Antimony Resource is reported as a subset of the total Mineral resource within the 4.0 g/t Au underground mining shape;
  8. The Sb is a by-product of the Au processing and therefore is reported using the same Classification as the Au resource within the 4.0 g/t au shape;
  9. Numbers may not add due to rounding.
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