The playbook — gold · October 22, 2026
New Polaris hits 69.8 g/t gold, and the market keeps buying
Three of three holes at Canagold's BC gold-antimony project returned significant grades, with bonanza hits near 70 g/t — and most of it sits outside the resource model.
Canagold reported another batch of drill results from New Polaris, its gold-antimony project in northwest British Columbia, about 100 km south of Atlin. The standout: hole NP26-08 cut 2.64 metres grading 69.8 grams of gold per tonne — roughly two and a quarter ounces of gold in every tonne of rock — inside a wider 4.64-metre run averaging 52.8 g/t gold and 0.83% antimony. A second hole, NP26-07, hit 1.18 metres at 70.4 g/t and a broader 7.33 metres at 24.6 g/t. A third, NP26-09, returned 6.92 metres at 6.5 g/t. All three holes hit significant mineralization. When we last covered Canagold, the company had just turned its own concentrate into 99%-plus antimony metal on a lab bench, and nine holes from this 14-hole program were still awaiting assays. This release delivers some of them.
Here is why it matters. These are genuinely high grades. Measured in gram-metres — grade times width, the standard way to size an intercept — NP26-08 scores 245 and NP26-07 scores 180, both strong numbers. The antimony counts too: one interval ran 1.75% antimony, a critical metal mined almost nowhere outside China. Management says most of this high-grade material sits outside the current resource model, which points to room to grow an already advanced, feasibility-stage project. Garry Biles, who ran the Eskay Creek and Seabee mines, is the Qualified Person. The market has been paying up: the stock climbed 23.1% over three months while the junior gold index rose 2.8% and gold itself fell 1.4% — a steady staircase from about 0.52 to a peak near 0.77, buying driven by this company rather than a rising tide.
Now the honest part. Every width here is core length, not true width — the company says it hasn’t yet defined how the veins dip and run, so the reported thicknesses may overstate the real zone. No cut-off grade is stated. Holes NP26-07, 08 and 09 are spatially distinct, and NP26-07 and NP26-09 share one collar as a fan, not a strike extension — the release does not state how far any zone was traced, with intercepts sitting roughly 231 to 507 metres down. Continuity between the high-grade hits is not yet demonstrated. From last update’s open items: assays from the rest of the 14-hole program remain pending, the antimony economic study is still underway with no date, and the BC environmental review is still in process. One standing flag — Sun Valley Investments AG now holds about 49.75% of shares through a layered offshore structure, and all recent financings were related-party deals.