Mr. Catalin Kilofliski reports

CANAGOLD DRILLS 69.8 G/T GOLD (AU) OVER 2.6M; WITHIN 4.64M AVERAGING 52.8 G/T AU AND 0.83% ANTIMONY (SB)

Canagold Resources Ltd. has released assay results from three additional drill holes completed as part of its recently concluded 14-hole resource infill and expansion drilling program targeting the high-grade gold and antimony zone at its 100-per-cent-owned New Polaris gold project, located in northwestern British Columbia, approximately 100 kilometres south of Atlin, B.C., and 60 km northeast of Juneau, Alaska.

Highlights:

• Assay results received from three additional holes include:
  • 52.8 grams per tonne gold and 0.83 per cent antimony over 4.64 m (from 503 m downhole) in NP26-08, including 69.8 g/t Au and 0.13 per cent Sb over 2.64 m and 30.4 g/t Au and 1.75 per cent Sb over 2.00 m;
  • 24.6 g/t Au over 7.33 m (from 458.5 m downhole) in NP26-07, including 70.4 g/t Au over 1.18 m.

"These are exceptional drill results at New Polaris," said Catalin Kilofliski, chief executive officer of Canagold. "Importantly, most of these high-grade intervals are not included in the current mineral resource model or mine plan, highlighting the significant potential for resource expansion. These results also suggest that the scale and extent of the high-grade gold and antimony mineralization may be substantially greater than previously understood, presenting a compelling opportunity to expand resources and further enhance the overall economics of the New Polaris project."

Drill assay highlights

This news release contains assay results received from three additional holes (NP26-07, NP26-08 and NP26-09) of the recently completed 14-hole, 7,277-metre resource infill and expansion drilling program at New Polaris, which was designed to further define and expand the high-grade antimony mineralization identified at New Polaris, while also evaluating its potential to contribute to the project's gold resources (see Table 1). Select assay highlights include:

• 52.8 g/t Au and 0.83 per cent Sb over 4.64 m from 503 m downhole in NP26-08:
  • Including 69.8 g/t Au and 0.13 per cent Sb over 2.64 m;
  • And 30.4 g/t Au and 1.75 per cent Sb over 2.00 m;
• 24.6 g/t Au over 7.33 m from 458.5 m downhole in NP26-07:
  • Including 70.4 g/t Au over 1.18 m;
• 8.04 g/t Au over 10.00 m from 294 m downhole in NP26-07;
• 6.50 g/t Au over 6.92 m from 231 m downhole in NP26-09.

Complete assay results are presented in Table 1. Drill intercepts shown are core length as insufficient drilling and modelling have taken place to determine the true dip and strike orientation of the veins being intercepted.

The drilling program has been completed with 7,277 m drilled in 14 holes, which have intersected multiple zones of mineralization in this area.

About the New Polaris project

The New Polaris gold project is 100 per cent owned by Canagold and is located in northwestern British Columbia, approximately 100 km south of Atlin, B.C., and 60 km northeast of Juneau, Alaska. The recently completed 14-hole, 7,277-metre drilling program targeted the high-grade gold and antimony zone at the project.

Technical reports

The New Polaris mineral resource is contained within an updated resource report prepared by Moose Mountain Technical Services in the format prescribed by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and filed on SEDAR+ on June 30, 2023.

Qualified person

In accordance with NI 43-101, Garry Biles, PEng, president and chief operating officer, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Best Practices Guidelines in conducting, documenting and reporting activities on its projects.

Quality assurance/quality control

Drill core is geologically logged to identify the gold-mineralized zones that are allocated unique sample number tickets and marked for cutting using a purpose-built diamond blade rock saw. Half core samples are collected in labelled bags and the other half remains in the original core box stored on site. Quality control samples including certified reference material standards, blanks and duplicates are inserted into the sample sequence at intervals of one in 10 on a rotating basis to monitor laboratory performance and provide quality assurance of the assay results. Several sample bags are transported together in rice bags with unique numbered security tags attached and labelled with company and lab contact information to ensure sample security and chain of custody during shipment to the lab.

Diamond drill core samples were prepared at MSALABS' preparation laboratory in Terrace, B.C. and assayed at MSALABS' geochemical laboratory in Langley, B.C. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Canagold personnel. MSALABS' quality system complies with the requirements for the international standards ISO 17025 and ISO 9001. MSALABS is independent of the company.

About Canagold Resources Ltd.

Canagold Resources is an advanced development company dedicated to advancing the New Polaris project through feasibility, permitting and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the company is poised to unlock substantial value for its shareholders.

We seek Safe Harbor.