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GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Drill Results Routine +

Canary Gold Provides Exploration update on Madeira River Project, Rondonia, Brazil

Canary Gold Confirms Madeira River Paleochannel Presence Amidst Price Consolidation

By The Northwire Desk — AI Analysis May 06, 2026 · 08:00 BRAZ · 0.215 Canary Gold Corp.
Executive Summary

Exploration Update and Drilling Progress

  • Canary Gold Corp. released analytical results from its inaugural exploration program at the Madeira River Project in Rondonia, Brazil.
  • Assay results from 63 shallow screw auger drill holes (1,289 metres total) showed gold values ranging from 10ppb to 109ppb Au.
  • The company has transitioned to reverse circulation (RC) drilling to test deeper, more mature sedimentary horizons potentially reaching granite bedrock.
  • Current exploration represents approximately 5% of the total planned program covering an interpreted 80km prospective strike length.
Material Impact

Comparison to Historical Expectations

  • March 24 Update: Previously reported "Elevated Gold Grain Counts" (>105 grains) which generated higher excitement regarding placer potential. The May 6 update provides assay values (ppb) rather than grain counts, representing a shift in reporting methodology but confirming the geological model.
  • January 2026 Program: The drilling program was announced in January with a target of 20,000m. The May news confirms only ~1,300m has been completed (screw auger), indicating the RC phase is just commencing. This aligns with expectations for an early-stage exploration update rather than a discovery announcement.
  • Price Action: The stock has declined significantly from its October 2025 high of $0.46 to current levels around $0.22. While positive, this news does not materially alter the valuation thesis given the lack of economic grade definitions (ppb vs g/t) and the early stage of the program.
BRAZ · Price
Company Overview

Project Description

  • Flagship Asset: Madeira River Project, Rondonia, Brazil.
  • Target Type: Sediment-hosted gold (Paleochannel system).
  • Land Position: Over 160,000 hectares across the Madeira River Gold Province, including tenements acquired from Talisman Venture Partners (~94,700 ha) and Rio Madeira Option Agreement land.
  • Geological Model: Mocururu Formation lithologies with iron-cemented gravels rich in quartz and ilmenite, sourced from Andean-derived gold.
Read the original news release →

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Canary talks gold grains at Madeira River project

Drill Results