Welcome to our dedicated page for Canagold Resources news (Ticker: CRCUF), a resource for investors and traders seeking the latest updates and insights on Canagold Resources stock.
Canagold Resources Ltd. reports developments tied to its advanced mineral-development business and its 100%-owned New Polaris gold-antimony project in northwest British Columbia. Company news commonly covers feasibility and technical reporting, environmental assessment and permitting activity, metallurgical work on antimony recovery, project development planning, and engagement with Indigenous Nations and local communities.
Updates also include capital actions such as common-share and flow-through share financings, use of proceeds for exploration and project development, insider participation in offerings, and management additions related to permitting and compliance. The recurring news profile centers on New Polaris as a gold-antimony asset moving through feasibility, permitting, and development-stage work.
Canagold Resources Ltd. (OTC-QB: CRCUF) has submitted its Initial Project Description (IPD) and Engagement Plan to the B.C. Environmental Assessment Office for the New Polaris Gold Project in British Columbia. This submission marks the start of the Early Engagement phase of environmental assessments, outlining the company's plans for developing and operating the project. CEO Catalin Kilofliski emphasizes this milestone is crucial for Canagold’s aim to establish a sustainable mining operation in partnership with the Taku River Tlingit First Nation. The company seeks to advance its growth through feasibility efforts and potential acquisitions.
Canagold Resources Ltd. (OTC-QB: CRCUF) announced high-grade gold assay results from 21 drill holes in its recent 9,000-meter drill program at the New Polaris project. Key highlights include:
- 53.8 gpt Au over 2.78 m from hole P22Y10.
- 18.0 gpt Au over 5.64 m from a previously unmodeled vein in hole P22Y15W1.
- The Y19 and Y20 veins exhibit high-grade potential.
These results enhance resource estimates and integrate previously unconsidered veins into the mining plan. Canagold is progressing with a feasibility study and environmental assessment due later this year. Additionally, Mihai Draguleasa is appointed CFO, succeeding Philip Yee.
Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) has signed an agreement with the Taku River Tlingit First Nation (TRTFN) to advance its New Polaris gold project located in British Columbia. This agreement aims to foster a respectful collaboration, ensuring minimal adverse impacts on TRTFN's rights while supporting exploration activities. It includes frameworks for information sharing, environmental protection, and community development. The New Polaris project has demonstrated strong economic viability, with a Preliminary Economic Assessment indicating a C$469 million after-tax NPV using a gold price of US$1,500 per oz. Canagold aims to create a long-term partnership with TRTFN and enhance shareholder value.
Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) successfully closed its rights offering on December 9, 2022, issuing 25,277,221 common shares at $0.175 each, raising gross proceeds of $4,423,514. The offering saw a 55% subscription rate, with substantial participation from existing shareholders. Notably, Sun Valley Investments AG acquired an additional 20,352,577 shares, raising its ownership to 40.06%. The proceeds will primarily be utilized for advancing the New Polaris Project, with repayments made to Sun Valley for prior loans and fees.
Canagold Resources Ltd. has announced a Rights Offering to shareholders of record as of November 10, 2022. Each shareholder will receive one right for each common share held, with two rights enabling the purchase of one share at $0.175. The company aims to raise approximately $7,985,215 through this offering. Sun Valley Investments AG, the largest shareholder, plans to exercise its rights and has a standby guaranty to purchase any unsubscribed shares. The Rights will trade on the Toronto Stock Exchange from November 9, 2022, until December 9, 2022, with an expected closing date around December 13, 2022.
Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) announces a guaranteed rights offering to raise approximately $7,985,215. Shareholders can acquire rights on a 1:1 basis, enabling them to purchase shares at $0.175, reflecting a 25% discount to the 5-day volume-weighted average price. The offering seeks to support the feasibility study of the New Polaris project and advance permitting processes. Key investor Sun Valley Investments AG plans to exercise its rights and has a standby agreement to cover any unexercised rights.
Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) reported high-grade gold assay results from the first four drill holes of its 8,000-metre drill program targeting the Y-veins at New Polaris. Key findings include:
- 22.1 gpt Au over 4.3 m in P22Y04 (Y19 vein)
- 22.9 gpt Au over 3.0 m in P22Y03 (Y19 vein)
- 9.39 gpt Au over 7.3 m in P22Y03 (Y20 vein)
The drilling is ahead of schedule and under budget, indicating Canagold's commitment to enhancing shareholder value. The feasibility study is underway with Ausenco Engineering.
Canagold Resources Ltd. (OTC-QB: CRCUF) has engaged Ausenco Engineering Canada Inc. to conduct a feasibility study on their New Polaris gold project in British Columbia. This study aims to update the resource model, calculate mining reserves, design infrastructure, and evaluate renewable power options. It is set to conclude in approximately 18 months. The New Polaris project has shown promising economic viability, with a PEA indicating significant after-tax NPV of CA$469 million and an IRR of 56%. Canagold remains committed to collaborating with the Taku River Tlingit First Nation throughout this process.
Canagold Resources Ltd. announced plans for additional financing to support the feasibility study, permitting, and drilling at the New Polaris project. The Company is exploring various financing options, including private placement and rights offerings, following a $1.5M Charity FT financing announced on September 1, 2022. Anticipated participation from Sun Valley or its affiliates in future financing plans is in accordance with TSX policies. Canagold aims to advance the New Polaris project while seeking to expand its asset base through future acquisitions.
Canagold Resources Ltd. has secured up to $4 million in financing to support its drilling activities through 2022. This includes a $1.5 million charity flow-through financing priced at a premium to the market. Additionally, Sun Valley Investments provided a $2.5 million unsecured credit facility at 5.5% interest. Sun Valley is expected to increase its ownership to over 20%, prompting a Special General Meeting for shareholder approval. These transactions are related party dealings necessitating exemptions under Multilateral Instrument 61-101.