The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - July 19, 2024
Core from a 1.8-meter intercept averaging 50.1 g/t gold that was cut during 2021 drilling at New Polaris.
Canagold's 2024 drill program is targeting a shallow resource expansion area adjacent to current deposits at New Polaris.
Canagold Resources Ltd. July 18 reported high-grade gold intercepts from the first five holes of a 12,000-meter drill program slated for this year at the company's New Polaris Gold project in northwestern British Columbia.
Lying about 60 miles (100 kilometers) south of Atlin, B.C., and 35 miles (60 kilometers) northeast of Juneau, Alaska, New Polaris is the site of a historical high-grade gold mine that produced 232,000 ounces of gold from roughly 691,000 metric tons of ore grading 11.9 grams per metric ton gold during intermittent operations between 1938 and 1957.
According to a calculation completed last April, New Polaris hosts 2.53 million metric tons of indicated resource averaging 12.75 g/t (1.04 million oz) gold and 706,000 metric tons of inferred resource averaging 10.16 g/t (231,000 oz) gold.
This year's drilling is primarily focused on high-grade resource expansion targets adjacent to historic workings in the upper part of the deposit.
Canagold's 2024 drill program is targeting a shallow resource expansion area adjacent to current deposits at New Polaris.
"Through our thorough review and modeling of historic drill data, we are pleased to announce the discovery of this mineralized area, presenting an opportunity to add significant high-grade, near-surface resources," Canagold CEO Catalin Kilofliski said upon the June launch of the 2024 drill program.
So far, the company has completed roughly 6,000 meters of drilling and has received assay results from the first five holes.
Highlights from the first five holes include:
• 3.8 meters averaging 14.5 g/t gold from a depth of 108.8 meters and 3.8 meters averaging 12.9 g/t gold from 206.5 meters in hole NP24-01.
• Five meters averaging 10.6 g/t gold from a depth of 109 meters, including 17.6 g/t gold over three meters in hole NP24-02
• 9.8 meters averaging 8.6 g/t gold from a depth of 75 meters, including 13.2 g/t gold over 2.6 meters in hole NP24-04.
• 3.6 meters averaging 12.3 g/t gold from a depth of 83.5 meters and 4.6 meters averaging 12.9 g/t gold from 230.8 meters in hole NP24-05.
"These initial drilling results located in close proximity to our existing resources are encouraging as they are showcasing the potential to increase the shallow, high-grade resources already defined at the New Polaris project," said Kilofliski.
New indicated resources defined in this area of shallow mineralization will be considered for inclusion in an ongoing feasibility study for developing a mine at New Polaris.
Canagold officially entered the permitting process for New Polaris early last year and entered into an agreement with the Taku River Tlingit First Nation (TRTFN) that establishes a framework for a long-term cooperative and mutually respectful working relationship in support of advanced exploration and permitting.
TRTFN says Canagold has demonstrated an ongoing commitment to good relations with the First Nation over the years. This has included local employment throughout the exploration phase, site visits for staff and citizens, and open sharing of project information.
"We look forward to working collaboratively with Canagold and crown regulators with respect to sustainable resource extraction and economic development in our territory," Jìnìk (Charmaine Thom), spokesperson for TRFN, said early last year.
Canagold and TRTFN have formed a technical working group that meets regularly to discuss project design and operating parameters.
Canagold anticipates provincial approval of the New Polaris mine project in the second half of 2025.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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