Mr. Catalin Kilofliski reports

CANAGOLD INTERCEPTS STRONG MINERALIZATION IN FIRST FIVE RESOURCE EXPANSION DRILL HOLES AT NEW POLARIS

Canagold Resources Ltd. has released sample assay results from the first five drill holes from the resource expansion drill program targeting the North zone at its 100-per-cent-owned New Polaris gold project located in northwestern British Columbia, 100 kilometres (km) south of Atlin and 60 km northeast of Juneau, Alaska.

Highlights of the gold mineralization that was intersected in the initial five drill holes are shown below.

Highlights:

• 14.5 grams per tonne gold over 3.8 m from 108.8 m down hole in hole NP24-01, including 21.4 g/t Au over 1.7 m from 108.8 m;

• 12.9 g/t Au over 3.8 m from 206.5 m, in hole NP24-01;

• 10.6 g/t Au over 5.0 m from 109.0 m in hole NP24-02, including 17.6 g/t over 3.0 m from 109.0 m;

• 13.2 g/t Au over 2.6 m from 78.7 m down hole in hole NP24-04, within a larger interval of 8.6 g/t Au over 9.8 m from 75.0 m;

• 12.3 g/t Au over 3.6 m from 83.5 m down hole in hole NP24-05, including 15.7 g/t Au over 1.4 m from 83.5 m;

• 12.9 g/t Au over 4.6 m from 230.8 m down hole in hole NP24-05, including 34.5 g/t Au over 0.8 m from 238.1 m and 21.2 g/t Au over 1.2 m from 240.4 m.

Drill intercepts shown are core length as insufficient drilling has taken place to determine the true dip and strike orientation of the veins being intercepted.

Multiple veins are being intercepted in this area of the deposit.

To date 6,000 meters of the 12,000 planned drilling has been completed with drilling expected to continue until the middle of August. The drilling so far has intercepted four separate zones of mineralization in this area.

Catalin Kilofliski, Canagold's chief executive officer, said, "These initial drilling results located in close proximity to our existing resources are encouraging as they are showcasing the potential to increase the shallow, high-grade resources already defined at the New Polaris project."

New Polaris overview

Canagold's flagship asset is the 100-per-cent-owned New Polaris gold mine project located in northwestern British Columbia about 100 kilometers south of Atlin, B.C., and 60 kilometres northeast of Juneau, Alaska. The property consists of 61 contiguous Crown-granted mineral claims and one modified grid claim covering 850 hectares. New Polaris lies within the Taku River Tlingit first traditional territory. Canagold is committed to providing employment and business opportunities that help support the local economies in the vicinity of its exploration projects.

The New Polaris gold deposit is an early Tertiary, mesothermal gold-bearing vein system occupying shear zones crosscutting late Paleozoic andesitic volcanic rocks. It was mined by underground methods from 1938 to 1942, and again from 1946 to early 1951, producing approximately 245,000 oz gold from 740,000 tonnes of ore at an average grade of 10.3 g/t gold. Three main veins (AB, C and Y) were mined to a maximum depth of 150 m and have been traced by drilling for up to 1,000 m along strike and up to 800 m down dip, still open for expansion. The gold occurs dominantly in finely disseminated arsenopyrite within quartz-carbonate stock-work veins and altered wall-rocks. Individual mineralized zones extend up to 250 metres in length and 14 metres in width. Average widths more commonly range from two to five metres.

Qualified person

Garry Biles, PEng, president and chief operating officer for Canagold Resources, is the qualified person who reviewed and approved the contents of this news release.

About Canagold Resources Ltd.

Canagold is an advanced development company dedicated to advancing the New Polaris project through feasibility, permitting and production stages.

With a team of technical experts and a solid shareholder base, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer.

We seek Safe Harbor.