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• Canagold announced a 2026 work program at its 100%-owned New Polaris project in B.C.
• The program is aimed at evaluating the potential of including antimony production into the mine plan, and will include a 7,000m drill program, and metallurgical test work to assess antimony processing options.
• We recently initiated coverage on Canagold as it advances the high-grade New Polaris Project (see our report here).
This morning, Canagold Resources Ltd. (CCM:TSX, CRCUF:OTC) announced a comprehensive 2026 work program at its 100%-owned New Polaris project in B.C. The focus of the program will be on evaluating the potential of including antimony production in the mine plan economics, while expanding resources, and will include a 7,000m drill program, along with metallurgical work and engineering to evaluate antimony processing options. The inclusion of antimony revenue is anticipated to materially enhance already strong project economics at New Polaris. We are maintaining our BUY rating and target price of C$1.20/share on Canagold Resources.
We remind readers that the 2025 Feasibility Study mine plan at New Polaris included 5Kt of antimony production; however, revenue from the antimony was not included in the economics as further test work was required. Canagold believes that once the 2026 work program is completed, it will have sufficient data for inclusion. It should be emphasized that most of the mining, crushing, grinding, and processing costs which will be required to recover antimony are already accounted for in the gold-only mine plan, and as a result, minimal additional capex or opex is anticipated, while a meaningful revenue stream will be added.
The planned 7,000m diamond drill program is fully funded and is expected to begin in June and be completed in July, targeting high-grade gold-antimony mineralization within and adjacent to the current mine plan outlined in the FS. Areas planned to be mined in initial production years will be the primary focus.
CCM: Antimony Work Underway; 7,000m Drill Program
What you need to know:• Canagold announced a 2026 work program at its 100%-owned New Polaris project in B.C.
• The program is aimed at evaluating the potential of including antimony production into the mine plan, and will include a 7,000m drill program, and metallurgical test work to assess antimony processing options.
• We recently initiated coverage on Canagold as it advances the high-grade New Polaris Project (see our report here).
This morning, Canagold Resources Ltd. (CCM:TSX, CRCUF:OTC) announced a comprehensive 2026 work program at its 100%-owned New Polaris project in B.C. The focus of the program will be on evaluating the potential of including antimony production in the mine plan economics, while expanding resources, and will include a 7,000m drill program, along with metallurgical work and engineering to evaluate antimony processing options. The inclusion of antimony revenue is anticipated to materially enhance already strong project economics at New Polaris. We are maintaining our BUY rating and target price of C$1.20/share on Canagold Resources.
We remind readers that the 2025 Feasibility Study mine plan at New Polaris included 5Kt of antimony production; however, revenue from the antimony was not included in the economics as further test work was required. Canagold believes that once the 2026 work program is completed, it will have sufficient data for inclusion. It should be emphasized that most of the mining, crushing, grinding, and processing costs which will be required to recover antimony are already accounted for in the gold-only mine plan, and as a result, minimal additional capex or opex is anticipated, while a meaningful revenue stream will be added.
The planned 7,000m diamond drill program is fully funded and is expected to begin in June and be completed in July, targeting high-grade gold-antimony mineralization within and adjacent to the current mine plan outlined in the FS. Areas planned to be mined in initial production years will be the primary focus.
Underlying
CANAGOLD RESOURCES LTD
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Atrium Research Corporation
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Ben Pirie
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