Author: Atrium Research October 01, 2026
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661 Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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Canagold announced assay results from five drill holes as part of its recently completed 14-hole 7,277m resource infill and expansion drilling program at its 100%-owned New Polaris Gold Project in northwest B.C.
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The drill program is targeting the high-grade antimony zone with the goal of expanding the antimony resource, while additional metallurgical test work is underway to support the inclusion of antimony production in the project economics.
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The highlight intercept included 3.83% Sb and 19.38 g/t Au over 13.20m from 451m downhole, including 30.46% Sb and 49.10 g/t Au over 1.21m.
This morning, Canagold Resources Ltd. (CCM:TSX, CRCUF:OTC) reported assay results from five holes of its recently completed 2026 drill program at its 100%-owned New Polaris gold-antimony project in northwestern B.C. The 14-hole, 7,277m program (above the 7,000m planned) targeted infill and expansion of the high-grade antimony zone, and returned the highest Sb grades over the greatest widths encountered at New Polaris to date. We are maintaining our BUY rating and target price of C$1.20/share on Canagold Resources.
Highlights from today’s release include:
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3.83% Sb and 19.38 g/t Au over 13.20m, incl. 30.46% Sb and 49.10 g/t Au over 1.21m (NP26-01)
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3.90% Sb and 14.97 g/t Au over 6.06m, incl. 24.68% Sb and 29.00 g/t Au over 0.83m (NP26-02)
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3.30% Sb and 15.08 g/t Au over 3.91m, incl. 6.99% Sb and 26.30 g/t Au over 1.81m (NP26-03)
The five holes intersected mineralization between ~451m and ~494m downhole. NP26-06B also returned 16.47 g/t Au over 8.22m with minimal antimony. As outlined in February, core from the program will also supply material for the metallurgical test work and engineering studies evaluating the saleable antimony production. Today’s release covers five of the 14 holes completed.
Our Take Today’s results are highly impressive and reinforce our view that antimony could have a meaningful contribution to the overall value of the project. As a reminder, this program was designed to evaluate the potential of incorporating antimony production into the mine plan and project economics. In the 2025 Feasibility Study, there was ~5Kt of antimony production; however, revenue from the antimony was not included in the economics as further test work was required. CCM previously stated that once this exploration program and the additional metallurgical testing were completed, it should have sufficient data to include antimony production in an economic study. We would also expect an increase in the size of the antimony resource.
The first five holes of this program have exceeded our expectations, with antimony grades stronger than anticipated and the potential to support a more meaningful contribution to the project economics than was previously assumed. We look forward to the remaining results of this program as they roll out over the remainder of the quarter.
Catalysts
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2026 Drilling & Antimony Test Work – Ongoing
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EA Approval – H1/27
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