RE:10 Bagger + on 1.1 m ounces @10.3 gms per tonMore info on Cannagolds ( CCM..$0.40...market cap $32 million ) New Polaris gold deposit located in elephant territory in BC Canada.
With portals and adits already in place , mining can resume quickly and cheaply .
New Polaris was last mined in the 1950s , producing 232,000 ounces at 11.9 gms per ounce.
Already 1.1 m ounces at 10.3 gms per ton , two new veins by current drilling offer significant upside above the current 1.1 million ounces...
SUMMARY OF HIGH-GRADE DRILL INTERCEPTS IN THE C-9 AND C-10 VEINS AT THE NEW POLARIS PROJECT IN BC
Canagold Resources Ltd. has summarized the expanding number of high-grade drill intercepts that define two hanging-wall veins, the C-9 and C-10 veins, which are separate from the C-West main (CWM) vein. Most of the current gold resources are located in the CWM vein so the recent drilling in the C-9 and C-10 veins should help expand the current gold resources.
The company's continuing 24,000-metre, 47-hole drill program is progressing well at its 100-per-cent-owned New Polaris gold project located in northwestern British Columbia, 100 kilometres south of Atlin and 60 kilometres northeast of Juneau, Alaska. Drilling is expected to be completed by year-end and assays are anticipated monthly, but final assays could take until late March due to the backlog of samples at all commercial laboratories in Canada.
Several drill holes of this infill drill program have returned significant intercepts of gold mineralization in two hanging-wall veins of the CWM vein system. Combined with holes previously drilled in 1995 and 2006, the number of intercepts to date include nine in the C-9 vein and 13 in the C-10 vein. Highlights of the intercepts are shown in the relevant attached table.
Scott Eldridge, chief executive officer and director, said: "The rising number of thick, high-grade drill intercepts in the C-9 and C-10 veins from this year's infill drill program is bringing about a rethinking of the economic potential of the other parallel veins in the stacked C vein system. The C-9 and C-10 occur in the southeast lower quadrant of the CWM drill area just west of the No. 1 fault.
The C-10 vein is the most developed interpretation so far, now extending over 150 metres along trend by more than 100 m down dip with downhole thicknesses up to 17.8 m. The downhole intercept of 11.1 grams per tonne gold over 17.8 m is one of the widest mineralized intervals drilled at New Polaris to date. The C-9 has slightly fewer drill intersections but also extends over 150 metres by 100 m with a drilled thickness of up to 9.9 metres."
Based on the current spacing of the drill hole intercepts, the exact attitude of these veins remains open to interpretation, so the true widths have not been calculated at this time. The C-9 and C-10 mineralized horizons were observed in at least two more drill holes that have been logged and sampled and are now awaiting assays. Seven additional drill holes are planned to infill the CWM vein in the coming months that should also intersect the C-9 and C-10 veins to expand as well as infill the area of the current drill intercepts. Once the drilling is completed and all assay results are received, the drill holes that intercept the C-9 and C-10 veins can be included in the next resource estimate for New Polaris.
Infill holes to upgrade inferred resources to indicated resources