The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - September 18, 2024
Core from a 1.8-meter intercept averaging 50.1 g/t gold that was cut during 2021 drilling at New Polaris.
Canagold Resources Ltd. Sept. 18 reported high-grade gold intercepts in the final two holes of a 10,300-meter resource expansion program carried out this year at the company's New Polaris Gold project in Northern 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 an early 2023 calculation, 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 primarily focused on high-grade resource expansion targets adjacent to historic workings in the upper part of the deposit.
Highlights from previously reported assays from the 2024 drilling 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.
• 4.4 meters averaging 10.2 g/t gold from a depth of 121.6 meters and 9.8 meters averaging 9.4 g/t gold from 154.5 meters in hole NP24-09.
• 3.2 meters averaging 12.4 g/t gold from a depth of 213.3 meters, including one meter averaging 19.7 g/t gold in hole NP24-25.
• 4.5 meters averaging 18.3 g/t gold from a depth of 69.8 meters, including two meters averaging 33.6 g/t gold in hole NP24-28.
The drilling cut five separate zones of gold mineralization in the resource expansion area tested this year.
The final assays from the 34 holes drilled this year continued to cut multiple zones of high-grade gold. Highlights include:
• 1.1 meters averaging 14.1 g/t gold from a depth of 202.7 meters and 1.2 meters averaging 10.4 g/t from 252.3 meters in hole NP24-33A.
• 3.6 meters averaging 10.4 g/t gold from a depth of 166.8 meters and 4.3 meters averaging 10.8 g/t from 176.4 meters in hole NP24-34.
"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," said Canagold Resources CEO Catalin Kilofliski.
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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