Mr. Catalin Kilofliski reports

CANAGOLD COMPLETES RESOURCE EXPANSION DRILLING PROGRAM AT NEW POLARIS WITH ADDITIONAL STRONG MINERALIZATION INTERCEPTS

Canagold Resources Ltd. has released sample assay results from an additional two 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 south of Atlin and 60 kilometres northeast of Juneau, Alaska.

Highlights:

• 10.8 grams per tonne gold over 4.3 metres from 176.4 metres downhole in hole NP24-34:
  • Including 15.5 grams per tonne gold over 2.0 metres from 177.5 metres;
• 10.4 grams per tonne gold over 3.6 metres from 166.8 metres downhole in hole NP24-34:
  • Including 12.3 grams per tonne gold over 1.3 metres from 166.8 metres;
• 14.1 grams per tonne gold over 1.1 metres from 202.7 metres downhole in hole NP24-33A;
• 10.4 grams per tonne gold over 1.2 metres from 252.3 metres downhole in hole NP24-33A.

Catalin Kilofliski, chief executive officer of Canagold, expressed his satisfaction with the results from this year's resource expansion drilling program. "With all assay results now received, we are actively modelling the new mineralization to assess the potential for expanding the already-identified high-grade resources with additional shallow high-grade resources at the New Polaris project," he said.

Note: The New Polaris resource is contained within an updated resource report that was 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.

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

The drilling program has now been completed with 10,300 metres being drilled in 34 holes and modelling of the results is in progress. The drilling has intercepted five separate zones of mineralization in this area.

Drill core sampling and quality assurance/quality control program

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 MSA Labs' preparation laboratory in Terrace, B.C., and assayed at MSA Labs' 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. MSA Labs' quality system complies with the requirements for the international standards ISO 17025 and ISO 9001.

Some diamond drill core samples were submitted to the ALS Canada Ltd. geochemistry lab in Whitehorse, Yukon, for preparation and assaying. 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. ALS is accredited by the Standards Council of Canada and is an ISO/IEC 9001:2015 and 17025:2017 certified analytical laboratory in North America.

MSA Labs and ALS are independent of the company.

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. 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.

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