07:08 AM EDT, 10/04/2024 (MT Newswires) -- Canagold Resources ( CRCUF ) on Friday said the British Columbia Environmental Assessment Office (BCEAO) recommended that the company's New Polaris Project proceed to the Process Planning Phase of the environmental assessment.

Canagold called it a "significant milestone" in the development of the project, which is located in the Traditional Territory of the Taku River Tlingit in northwestern British Columbia. According to a statement, the recommendation follows a thorough review that evaluated the potential environmental and socio-economic impacts of the project.

Canagold said: "Throughout the Early Engagement phases of the environmental assessment process, we have actively addressed the concerns raised by the Taku River Tlingit, Indigenous groups in Alaska, stakeholders, and government regulators in both British Columbia and Alaska. We have incorporated their feedback into our project planning, leading us to forgo the more complex process of on-site dore production in favor of producing a high-grade flotation concentrate."

It added this strategic decision has not only reduced environmental impacts but also enhanced the project's economic viability through: reduction in power requirements; no cyanide usage; freight transportation improvements; and reduced site storage facilities.

Canagold shares fell $0.015 or 4.5% to $0.315 yesterday, from near a 52 week high of $0.36.