Canagold Resources Ltd. announced the results of the first three drill holes by Getchell Gold Corp. from their maiden six-hole 1,995 metre drill program at the Fondaway Canyon Gold Project in Nevada. Getchell can acquire a 100% interest in Fondaway Canyon from Canagold by paying USD 4 million in cash payments and share issuances and incurring annual exploration expenditures on the property. Upon exercise of the option Canagold will retain a 2% NSR on the Project. Key Highlights: Assay results have been returned for the first three holes from the 2020 drill program at Fondaway; Holes FCG20-02 and 03 were drilled in the Central Area to test the down-dip extension of the Colorado Zone mineralization (See Figure 2 - Colorado-Pack Rat Long Section); Multiple gold zones were intersected in hole FCG20-02 including a new high-grade gold zone above the modelled Colorado Zone mineralization and closer to surface; The new high grade gold zone assayed 6.2 grams per tonne (g/t) gold (Au) over 21.9 meters (m) including 9.6 g/t Au over 12.0m, and 20.4 g/t Au over 3.2m; In addition, holes FCG20-02 and 03 both intersected broad intervals of mineralization down-dip of the Colorado Zone with higher than anticipated gold grades; Hole FCG20-02 intersected 1.9 g/t Au over 43.5m and 4.2 g/t Au over 14.9m; Hole FCG20-03 intersected 4.3 g/t Au over 21.1m including 8.7 g/t Au over 9.4m and 2.0 g/t Au over 49.0m; Hole FCG20-01 drilled 2.3km to the west at the Pediment Target Area was lost within a fault zone prior to reaching the target depth. Additional drilling is planned for this prospective target; and Assays are still pending for holes FCG20-04 to FCG20-06 drilled in the Central Area; Hole 4 targeted the Halfmoon zone, assays pending; Holes 5 and 6 targeted the Colorado zone down dip of holes 2 and 3, assays pending. The 2020 drill core was cut at Bureau Veritas Laboratories' ("BVL") facilities in Sparks, Nevada, with the samples analyzed for gold and multi-element analysis in BVL's Sparks, Nevada and Vancouver, BC laboratories respectively. Gold values were produced by fire assay with an Atomic Adsorption finish on a 30-gram sample (BV code FA430) with over limits re-analyzed using method FA530 (30g Fire Assay with gravimetric finish). The multi-element analysis was performed by ICP-MS following aqua regia digestion on a 30g sample (BV code AQ250). Quality control measures in the field included the systematic insertion of standards and blanks.