Canagold unveils antimony resource for New Polaris project in British Columbia

Canagold Resources (TSX: CCM) unveiled on Friday a first antimony resource estimate for its flagship New Polaris gold project in northwestern British Columbia. The project is at an advanced development stage with feasibility work underway.

Under the base case scenario, there are approximately 5,630 tonnes of antimony metal contained within the indicated resource, plus 1,195 tonnes within the inferred resource. The existing gold resource at New Polaris is estimated at 1.1 million oz. indicated and 266,000 oz. inferred.

“We are thrilled to incorporate a substantial antimony resource alongside our high-grade gold deposits at the New Polaris project,” commented CEO Catalin Kilofliski. “Past metallurgical testing has shown excellent antimony recovery rates within the New Polaris concentrate, highlighting its potential to enhance future revenue streams.”

Further analysis of the antimony resource and expansion potential are expected to place this year, accompanied by additional metallurgical testing aimed at establishing the best processing methods for antimony production.

Potential antimony mine in BC

With the resource estimate, Canagold now believes it holds Western Canada’s highest grade, underground gold and antimony project.

The company first indicated the project’s antimony potential earlier this year, noting its past history of mine production dating back to the 1940s. However, the presence of antimony has largely been overlooked due to China’s dominant global supply, the company pointed out.

With antimony now being classified as a critical mineral for its vital role in numerous industrial applications, such as defense technologies, semiconductor production, fire retardants and the manufacturing of solar panels, Canagold said it will evaluate the potential antimony production at New Polaris.

The plan, according to Canagold, is to integrate the potential antimony production at New Polaris into its existing gold production plan without impacting the current permitting or mine development timelines. The development is currently in the BC environmental assessment process.

The property is 100 km south of Atlin, BC, and 60 km northeast of Juneau, Alaska, on the west bank of the Tulsequah River. In total, it covers 61 mineral claims over 8.5 square kilometres.

The previous technical report gave the gold-only project an after-tax net present value (at a 5% discount rate) of C$469 million and an internal rate of return of 56%. The payback period was pegged at 1.9 years, and the mine life at 8.7 years for an 80,000 oz. gold per year operation.