CANAGOLD RESOURCES LIMITED. (CCM-TSX, CRCUF-OTCQB, CANA-FRA) said its new Polaris Gold Antimony project has been added to the British Columbia government’s list of priority mega projects, as outlined in the province’s recent Look West economic update.
The New Polaris project is one of 17 new projects added to the province’s priority list as part of a strategy to enhance economic resilience, diversify trade and position British Columbia as a major supplier of responsibly developed national resources.
Through its “Look West” strategy, the province aims to secure up to $200 billion in private sector investment by 2035, while accelerating timelines for major projects and expanding skilled trades training to support development.
“Being recognized as a priority project by the British Columbia government is an important milestone for New Polaris,” said Katalin Kilovelski, CEO of Canagold. “This designation highlights the project’s ability to contribute to regional economic development, create high-quality jobs, and support the responsible production of gold and critical minerals.”
Canagold shares were unchanged Friday at 51 cents. Shares are trading in a 52-week range of 79 cents and 30.5 cents.
Canagold is focused on developing New Polaris through feasibility and permitting.
The project is located 100 kilometers south of Atlin and 60 kilometers northeast of Juneau, Alaska. It consists of 61 contiguous Crown granted mineral claims and a modified grid claim covering 850 hectares.
New Polaris was mined underground from 1938 to 1942, and again from 1946 to early 1951, producing 250,000 ounces of gold from 740,000 tons of ore averaging 10.3 g/t gold. Three main veins (AB, C and Y) were mined to a maximum depth of 150 metres, and were traced by drilling up to 1000 meters along strike and 800 meters downslope. It is still open for expansion.
Based on 2023 estimates, the project is currently estimated to have an indicated resource of 2.9 million tonnes of gold grading 11.61 g/t or 1.1 million ounces at a cut-off of 4.0 g/t. Furthermore, there is an inferred resource of 926,000 tonnes of gold grading 8.93 g/t or 266,000 ounces at a cut-off of 4.0 g/t.
The company recently announced a mineral resource update for New Polaris that quantifies the amount of antimony metal present in the current gold resource. The company said that the current gold resource includes 5,630 tons of antimony metal within the base case of the aforementioned gold resource and 1,195 tons of antimony metal within the base case of the gold resources.
Recognized as a critically important mineral in Canada, the United States and the European Union, antimony plays a vital role in many industrial applications. They include defense technologies, semiconductor production, fire retardants, and solar panel manufacturing.
