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Canada

New Polaris Project

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Summary

Mine TypeUnderground
Study CompletedFeasibility
StagePermitting
Commodities
  • Gold
  • Antimony
Mining Method
  • Longhole stoping
  • Longitudinal stoping
  • Alimak
  • Drift & Fill
  • Avoca
  • Longitudinal retreat
  • Sub-level stoping
Backfill type ... Lock
Mine Life... Lock
SnapshotThe New Polaris mine is designed as a modern, fully mechanized underground operation. The site was historically mined using underground methods between 1938–1942 and 1946–1951.

The 2025 Feasibility Study excludes revenue from antimony, as the current flowsheet is designed for sulphide concentrate production. Canagold is conducting metallurgical testing and economic studies to evaluate the potential inclusion of antimony in the project’s financial model.

Key opportunities to enhance project value and reduce environmental impact include:
• Antimony recovery optimization;
• Renewable energy integration;
• Resource expansion potential.

With the Feasibility Study complete, Canagold’s primary focus has now shifted to permitting to advance New Polaris toward a construction and production decision.
Latest NewsCanagold Files Feasibility Study Report for the New Polaris Project     September 3, 2025

Owners

SourceSource
CompanyInterestOwnership
Canagold Resources Ltd. 100 % Indirect
All claims of the New Polaris project are 100% owned and held by New Polaris Gold Mines Ltd., a wholly owned subsidiary of Canagold Resources Ltd.

Contractors

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Deposit type

  • Vein / narrow vein
  • Mesothermal
  • Orogenic

Summary:

The New Polaris Mine lies on the western edge of a large body of Upper Triassic Stuhini Group volcanic rocks, which has been intruded by a Jurassic-Cretaceous granodiorite body is part of the Coast Plutonic Complex, north of the mine.

Mineralization
Mineralization of the New Polaris deposit bears strong similarities to many Archean lode gold deposits such as the arsenical gold camp of Red Lake, Ontario where the gold-bearing arsenopyrite is disseminated in the altered rock and in quartz-carbonate stringers.

The vein mineralization consists of arsenopyrite, pyrite, stibnite and gold in a gangue of quartz and carbonates. The sulphide content is up to 10% with arsenopyrite the most abundant and pyrite the next important. Stibnite is fairly abundant in some specimens but overall comprises less than one-tenth of 1% of the vein matter. The majority of the stibnite is concentrated in a high-grade core consisting of approximately 30% of the deposit while the remainder of the deposit having only very low stibnite concentrations. Alteration minerals include fuchsite, silica, pyrite, sericite, carbonate and albite.

In general, the zones of mineralization ranging from 15 to 250 m in length with widths up to 14 m appear to have been deposited only on the larger and stronger shears. Their walls pinch and swell showing considerable irregularity both vertically and horizontally. Gold values in the veins have remarkable continuity and uniformity and are usually directly associated with the amount of arsenopyrite present. The prominent strike directions are north-south and northwestsoutheast, which is interpreted to be within a major shear zone. Up to 80% of the mine production was from “structural knots” or what is now known as “C” zones. In detail the “C” zones are arcuate structures. (MMTS, 2023).

Vein mineralization has well marked contacts with the wall rock. The transition from mineralized to non-mineralized rock occurs over a few centimeters. The mineralization consists of at least three stages of quartz veining. The initial stage of quartz-ankerite introduced into the structure was accompanied by a pervasive hydrothermal alteration of the immediately surrounding wall rock. Arsenopyrite, pyrite and lesser stibnite were deposited with the alteration. Later stages of quartz-ankerite veining are barren and have the effect of diluting the gold grades in the structure. The sulphide minerals are very fine-grained and disseminated in both the wall rock and early quartz and ankerite veins. Free gold is extremely rare and to the end of 2005 had not been recognized in core samples. The majority of the gold occurs in arsenopyrite and to a lesser extent in pyrite and stibnite. Because there is no visible gold and the host sulphides are very fine-grained and disseminated there is little nugget effect and gold values even over short intervals rarely exceed 1 oz/ton.

Deposit Type
The New Polaris deposit is classified as a mesothermal lode gold deposit (Hodgson, 1993). It is an orogenic lode gold deposit, also known as mesothermal vein deposit.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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EV - Electric

Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Gold Payable metal koz 86708
Gold Metal in concentrate koz 97806

Operational metrics

Metrics
Daily ore mining rate  ....  Subscribe
Daily processing capacity  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Total cash costs Gold USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2025 study / presentation.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M CAD  ......  Subscribe
Sustaining CapEx $M CAD  ......  Subscribe
Closure costs $M CAD  ......  Subscribe
Total CapEx $M CAD  ......  Subscribe
UG OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 181.9
Backfill costs $M CAD  ......  Subscribe
Freight costs $M CAD 218.3
G&A costs $M CAD 191.2
Total OpEx $M CAD  ......  Subscribe
Total Taxes $M CAD  ......  Subscribe
Gross revenue (LOM) $M CAD  ......  Subscribe
EBITDA (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 5% $M CAD  ......  Subscribe
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Pre-tax NPV @ 8% $M CAD  ......  Subscribe
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After-tax NPV @ 8% $M CAD  ......  Subscribe
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Personnel

Mine Management

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Workforce

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Aerial view:

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