Canagold Resources Celebrates Progress at New Polaris Project

Significant Milestone for Canagold Resources Ltd.

Canagold Resources Ltd. (“Canagold”) (TSX: CCM) is excited to announce a major step forward in the development of its New Polaris Project. This project is making significant progress, having received a recommendation from the British Columbia Environmental Assessment Office (BCEAO) to move into the Process Planning Phase. This recommendation is a key indication of the project's potential, marking a substantial achievement for Canagold, which operates with a commitment to responsible and sustainable mining practices.

Understanding the Project's Environmental Assessment

The recommendation by the BCEAO came after a detailed evaluation of the environmental and socio-economic implications of the New Polaris Project. The thorough assessment process highlighted the importance of collaboration with local communities, particularly with the Taku River Tlingit First Nation. Their support underscores Canagold’s dedication to involving Indigenous groups in the development and execution of the project.

Collaboration and Community Engagement

Throughout the early engagement stages of the project, Canagold diligently addressed concerns from various stakeholders, including the Taku River Tlingit and other Indigenous groups from Alaska. The feedback collected has been invaluable and has led to strategic adjustments in the project that enhance its feasibility and environmental sustainability.

Enhanced Project Practices

One of the pivotal changes is the decision to produce a high-grade flotation concentrate rather than engaging in the more complex and potentially riskier on-site dore production. This choice not only diminishes environmental impact but also enhances the economic viability of the New Polaris Project. The company is committed to minimizing its ecological footprint through innovative strategies, including:

• Lower Power Requirements: The project has been designed to significantly decrease its energy consumption and diesel dependency for generating power. Future developments may include on-site hydro power, which could further minimize diesel usage.
• Elimination of Cyanide: The flotation process will operate without the use of cyanide, and the project’s Co-Storage Facility will not include arsenic-rich materials, ensuring safer practices.
• Transportation Efficiency: By transporting concentrate via air rather than relying on barges, the logistics of operational supplies will be greatly simplified after initial construction phases, further reducing overall environmental impact.
• Streamlined Storage: The operation will minimize on-site storage by ensuring supplies are delivered throughout the year, therefore necessitating smaller fuel storage facilities.

Canagold appreciates the contributions and insights received from community members and stakeholders that have shaped the project’s strategy and implementation plan.

Anticipating Future Developments

As the project transitions to the Process Planning Phase, the focus will shift towards creating detailed environmental assessment plans. This includes ongoing consultations with both stakeholders and the public. Canagold is committed to transparency and aims to keep the community informed with regular updates as the New Polaris Project progresses toward completion.

What This Means for Canagold's Future

Transitioning into this phase not only emphasizes the project's viability but also highlights Canagold’s commitment to fostering strong relationships with local Indigenous communities and addressing environmental concerns proactively. As Canagold pursues the development of the New Polaris Project, it aims to unlock significant economic contributions to the surrounding region while maintaining rigorous environmental and social standards.

About Canagold Resources Ltd.

Canagold Resources Ltd. is a dynamic gold exploration company with a strategic focus on high-quality projects in Canada, particularly in British Columbia. The Company is devoted to advancing its resource projects responsibly to create long-term value for its shareholders and stakeholders, ensuring the highest environmental and social standards throughout its operations.

Frequently Asked Questions

What is the key development for Canagold's New Polaris Project?

The key development is the recommendation from the BCEAO to proceed to the Process Planning Phase, marking a significant milestone in the project.

What are the main environmental considerations for the New Polaris Project?

The project focuses on reducing power needs, eliminating cyanide usage, improving transportation logistics, and minimizing on-site storage requirements.

Who supports the New Polaris Project?

The Taku River Tlingit First Nation has expressed support for the project, reflecting Canagold's commitment to collaboration and responsible development.

What is Canagold’s commitment to its stakeholders?

Canagold is dedicated to engaging with stakeholders, incorporating their feedback, and maintaining transparency throughout the project's various phases.

Where can I find more information about Canagold Resources Ltd.?

For more information about the New Polaris Project and other endeavors, visit Canagold's official website.

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