Name of the Project
New Polaris gold mine project.

Location
The project is located in north-western British Columbia, in Canada.

Project Owner/s
In August 2020, Canarc Resource Corp announced a planned name change to Canagold Resources to better reflect the company’s renewed focus on its Canadian gold exploration projects. 

Project Description
Canagold is evaluating the potential to build and operate a 750 t/d gold mine, with a process recovery of 90.5% to produce 693 000 oz of gold at New Polaris.

The project will use flotation to produce a high-grade gold sulphide concentrate, bio-oxidation to oxidise the concentrates, and leaching of the oxidised concentrates to produce 80 000 oz/y of gold in doré bars on site.

The updated preliminary economic assessment envisages mine production of 2.3-million tonnes grading 10.3 g/t gold over an 8.7-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The updated PEA has increased the project’s after-tax net present value, at a 5% discount rate, to $333-million, from $216-million in the 2019 PEA. The after-tax internal rate of return has increased from 38% in the 2019 PEA to 56% in the updated PEA.

Payback has decreased from 2.7 years in the 2019 PEA to 1.9 years in the updated PEA.

Capital Expenditure
The project has an initial capital cost of $111-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Canagold Resources Corp CEO Scott Eldridge, tel +1 604 685 9700 or email scott@canar.net.