Sun Valley Investments, the largest shareholder of Canagold Resources Ltd with a 39.23% 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 – Resource Estimate, effective date: April 20, 2023 and Comparison to 2019
|
2023 Resource |
2019 Resource |
||||||
|
Class |
Cutoff |
Tonnage (ktonnes) | Au (gpt) | Au (koz) | Tonnage (ktonnes) | Au (gpt) | Au (koz) |
|
(Au gpt) |
|||||||
|
Indicated |
3 | 3,118 | 11.21 | 1,124 | 1,798 | 10.40 | 601 |
| 4 |
2,965 |
11.61 |
1,107 |
1,687 |
10.80 |
586 |
|
|
5 |
2,769 |
12.11 |
1,078 |
1,556 |
11.30 |
565 |
|
|
6 |
2,525 |
12.75 |
1,035 |
1,403 |
12.00 |
541 |
|
|
7 |
2,270 |
13.45 |
981 |
1,260 |
12.60 |
510 |
|
|
8 |
2,049 |
14.09 |
928 |
1,105 |
13.30 |
473 |
|
|
9 |
1,814 |
14.81 |
864 |
947 |
14.10 |
429 |
|
|
10 |
1,594 |
15.55 |
797 |
1,639 |
9.50 |
501 |
|
|
Inferred |
3 |
1,061 |
8.24 |
281 |
1,582 |
9.80 |
498 |
|
4 |
926 |
8.93 |
266 |
1,483 |
10.20 |
486 |
|
|
5 |
817 |
9.52 |
250 |
1,351 |
10.70 |
465 |
|
|
6 |
706 |
10.16 |
231 |
1,223 |
11.20 |
440 |
|
|
7 |
603 |
10.78 |
209 |
942 |
12.50 |
379 |
|
|
8 |
491 |
11.52 |
182 |
753 |
13.80 |
334 |
|
|
9 |
371 |
12.51 |
149 |
653 |
14.60 |
307 |
|
|
10 |
291 |
13.33 |
125 |
0 |
0.00 |
0 |
|
Notes to the Resource Table:
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
- 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$66.00/t.
- Metallurgical Au recovery of 90.5%;
- NSR (CDN$/t)=Au90.5%US$74.72g/t;
- The specific gravity is 2.81 for the entire deposit;
- Numbers may not add due to rounding.