VANCOUVER, British Columbia--(BUSINESS WIRE)-- Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) is pleased to announce a Mineral Resource Update for New Polaris Gold Project that quantifies the antimony metal contained within the current gold resource.

The current gold resource includes

• 5,630 tonnes of antimony metal within the base case indicated gold resource, and
• 1,195 tonnes of antimony metal within the base case inferred gold resource

“We are thrilled to incorporate a substantial antimony resource alongside our high-grade gold deposits at the New Polaris project,” said Catalin Kilofliski, CEO of Canagold. “Past metallurgical testing has shown excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to enhance future revenue streams. With New Polaris at an advanced stage of development, Canagold is strategically positioned as a leading Canadian company ready to play a key role in strengthening Canada’s critical mineral supply.”

Table 1. Mineral Resource Estimate for Antimony (Sb) within the Base Case Au Resource

Table 2. New Polaris April 20, 2023 Resources

Notes on the Resource Tables:

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 Au 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 at the 4 gpt Au cutoff.
8. The Sb is a by-product of the Au processing and therefore is reported using the same Classification as the Au resource at the 4 gpt Au cutoff.
9. Numbers may not add due to rounding.

About the Mineral Resource Estimate

• A comprehensive statistical review of all available QA/QC assay data from the drilling was undertaken as part of the 2023 MRE.
• Gold values were capped for each individual domain of the geological model based on statistical probability plots.
• The 2023 MRE is based on a 5 m block model using a Percentage Model (meaning that the percentage of the block within the domain is used for the MRE).
• A constant specific gravity of 2.81 g/cc is used for all blocks in the model, based on an average of measured sample SG’s.
• Indicated classification of a block required either 1) average distance to two drill holes of 35 m, maximum distance 50 m and minimum number of two quadrants, or 2) average distance to two drill holes of 50 m, maximum distance 70 m and minimum number of two quadrants, or 3) distance to closest drill hole of 10 m, maximum distance of 50 m used and minimum number of three drill holes used.
• The classification was checked for cohesiveness, with a cohesive shape of Indicated and Inferred material produced.
• The base case cutoff grade of 4 gpt Au is based on a US$1,750/ounce price of gold and preliminary recovery, processing and mining costs which are based on preliminary production rate values as summarized in the Notes to the resource table.
• The 2023 MRE table presents undiluted values of gold grade and contained gold ounces.
• The following factors, among others, could affect the 2023 MRE: assumptions used in generating confining shapes, stope design; mining methods; metal recoveries, mining and process cost assumptions and commodity price and exchange rate assumptions. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially affect the 2023 MRE.

In 2025, further analysis of the antimony resource and expansion potential will take place, accompanied by additional metallurgical testing, aimed at establishing the best processing methods for producing a commercially viable antimony product.

Canagold remains committed to exploring ways to maximize the potential of its New Polaris asset as a source of both gold and antimony, aiming to enhance the project’s overall value while contributing to the increasing demand for critical minerals.

Qualified Person

The 2023 MRE and the antimony resource was prepared by Sue Bird, M Sc., P.Eng. V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the 2023 MRE and antimony resource contained in this news release.

Garry Biles, P.Eng, President & COO for Canagold Resources Ltd, is the Qualified Person who reviewed and approved the contents of this news release.

About Canagold

Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the Company is poised to unlock substantial value for its shareholders.

“Catalin Kilofliski”
_____________________

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements - Canagold

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