High-Grade Gold Intercepts at New Polaris
Canagold Resources Ltd. recently announced the results of its 10,300-meter resource expansion program at the New Polaris Gold project in Northern British Columbia. This project, located south of Atlin, B.C., and northeast of Juneau, Alaska, is the site of a historically significant high-grade gold mine. The mine produced 232,000 ounces of gold between 1938 and 1957 from ore grading 11.9 grams per metric ton.
In 2023, New Polaris was estimated to host 2.53 million metric tons of indicated resource averaging 12.75 g/t gold and 706,000 metric tons of inferred resource averaging 10.16 g/t gold. This year’s drill program focused on high-grade resource expansion targets near historic workings within the deposit.
Initial Results and Highlights
Earlier assays from the 2024 drilling campaign showed promising results, with significant gold intercepts in various holes. Some of the highlights include:
– Hole NP24-01: 3.8 meters averaging 14.5 g/t gold and 3.8 meters averaging 12.9 g/t gold.
– Hole NP24-02: Five meters averaging 10.6 g/t gold, including 17.6 g/t gold over three meters.
– Hole NP24-04: 9.8 meters averaging 8.6 g/t gold, including 13.2 g/t gold over 2.6 meters.
– Hole NP24-09: 4.4 meters averaging 10.2 g/t gold and 9.8 meters averaging 9.4 g/t gold.
Additional Insight: The high-grade gold intercepts from these holes indicate the presence of potentially significant mineralization in the area, suggesting the possibility of expanding the known resources at the New Polaris project.
Multiple Zones of Gold Mineralization
The drilling efforts this year identified five separate zones of gold mineralization within the resource expansion area. The final assays from the 34 holes drilled continued to demonstrate high-grade gold intercepts, further emphasizing the mineralization potential at New Polaris.
Some of the highlights from the final holes include:
– Hole NP24-33A: 1.1 meters averaging 14.1 g/t gold and 1.2 meters averaging 10.4 g/t gold.
– Hole NP24-34: 3.6 meters averaging 10.4 g/t gold and 4.3 meters averaging 10.8 g/t gold.
CEO’s Statement
Canagold Resources CEO Catalin Kilofliski expressed optimism about the results, stating, “With all assay results now received, we are actively modeling the new mineralization to assess the potential for expanding the already identified high-grade resources with additional shallow high-grade resources at the New Polaris Project.”
In conclusion, the high-grade gold intercepts at New Polaris indicate the project’s significant mineralization potential, prompting further exploration and evaluation of expanding the known resources at this historic site.
