Canagold Resources Ltd. announced that, in line with its commitment to accelerating the advancement of the New Polaris Gold project towards production, drill crews have been mobilized to the site in northern British Columbia to restart drilling operations. The 2024 drilling program includes 12,000 meters of drilling, primarily targeting high-grade mineralization adjacent to historic workings in the upper part of the deposit. Recent modeling of historic drill data, comprising a total of 36 drill holes, has revealed an area of significant mineralization with numerous high-grade intercepts, indicating potential for expansion to the north.

This mineralization is not yet well enough defined to be included in the Company?s existing resource and mining plans. This target presents an opportunity to expand known mineralization and define high-grade resources at a shallow depth, which could be accessed early in the mine life, thereby potentially reducing the initial capital required to bring the property into production. Historical intercepts from previous drilling have yielded very attractive high-grade mineralization, reinforcing the potential for significant resource growth.

26.2 grams per tonne (?gpt?) gold (?Au?) over 4.3 m in drill hole 475 (late 1940s) 16.7 gpt Au over 1.6 m in drill hole PT9706 (1997) 11.9 gpt Au over 3.0 m in drill hole PT9618 (1996). The 2024 drilling program is designed to add to the Indicated Resource category for possible inclusion in the ongoing feasibility study.