The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Mining Explorers 2024 - January 15, 2025
Core from a 1.8-meter intercept averaging 50.1 g/t gold that was cut during Canagold's 2021 drill program at the New Polaris project.
Canagold's 2024 program is targeting a shallow resource expansion area adjacent to historical underground mine workings and current deposits at New Polaris.
Canagold's 2024 drilling at New Polaris cut multiple veins with high-grade gold.
Navigating toward the development of a high-grade gold mine at New Polaris, Canagold Resources Ltd. completed 10,300 meters of resource expansion drilling at this historic mine site on the Tulsequah River in Northern British Columbia.
Canagold's 2024 drilling at New Polaris cut multiple veins with high-grade gold.
Lying about 100 kilometers (60 miles) 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 1951.
A 2019 preliminary economic assessment outlined plans for a 750-metric-ton-per-day operation at New Polaris that would average roughly 80,000 oz of gold annually for nearly nine years.
Since the completion of the PEA, Canagold has upgraded and expanded the resource.
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.
Canagold's 2024 program focused largely on further expanding high-grade resources adjacent to historic workings in the upper part of the deposit.
Highlights 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.
• 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.
"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," Canagold Resources CEO Catalin Kilofliski said in October.
Canagold's 2024 program is targeting a shallow resource expansion area adjacent to historical underground mine workings and current deposits at New Polaris.
An updated resource would likely be incorporated into a feasibility study slated for completion later this year.
The company officially entered the B.C. environmental permitting process in 2023. In October, the B.C. Environmental Assessment Office recommended that New Polaris proceed to the process planning phase of the environmental assessment.
"This milestone underscores our commitment to responsible mining practices and our ongoing collaboration with the Taku River Tlingit First Nation, Indigenous groups in Alaska, stakeholders, and government regulators in both British Columbia and Alaska," said Kilofliski.
This collaboration includes a historic agreement with the Taku River Tlingit First Nation that establishes a framework for a long-term, mutually respectful working relationship between the parties in support of Canagold's efforts to advance exploration and permitting activities at the New Polaris gold project on the Tulsequah River.
"Taku River Tlingit First Nation is leading the way with mining company relationships. Consent agreements are beginning with our nation and our people," Jìnìk (Charmaine Thom), spokesperson for the Taku River Tlingit First Nation, said in March. "We look forward to working collaboratively with Canagold and crown regulators with respect to sustainable resource extraction and economic development in our territory."
Canagold anticipates that it will be near the end of the permitting process and ready to make a decision on financing and developing a New Polaris gold mine by early 2026.
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