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Canarc Acquires New Gold Project in Nevada with Historic Near Surface Drill Results Including 10.7 Meters Grading 2.6 g/t Gold
VANCOUVER, BC / ACCESSWIRE / November 20, 2018 / Canarc Resource Corp. (the "Company" or "Can...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Acquires New Gold Project in Nevada with Historic Near Surface Drill Results Including 10.7 Meters Grading 2.6 g/t GoldVANCOUVER, BC / ACCESSWIRE / November 20, 2018 / Canarc Resource Corp. (the \"Company\" or \"Canarc\") (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) is pleased to announce that it has acquired a new gold exploration project in northwestern Nevada through the staking of 92 mining claims covering 742 hectares. Canarc owns the project 100% with no underlying royalties. The new project, called Corral Canyon, contains significant, volcanic-hosted, epithermal, disseminated and vein gold mineralization evidenced by previous drilling. The project lies along a regionally productive gold trend that includes the past producing high-grade Sleeper gold mine (3.1 million oz gold past production), located 72 km south of Corral Canyon. Mr. Scott Eldridge, Canarc's CEO, stated: \"The addition of the Corral Canyon project to our Nevada portfolio at very low cost demonstrates Canarc’s new strategy to acquire and explore gold exploration projects that have potential for high impact discoveries. We are encouraged by the presence of high grades at Corral Canyon in the same type of gold system that has yielded significant discoveries elsewhere within the Great Basin. Our immediate goal will be mapping and sampling, so we can re-interpret previous exploration results and identify high priority drill targets as quickly as possible.\"Location and DescriptionCorral Canyon lies 35 km west of the town of McDermitt in Humboldt County along the western flank of the McDermitt caldera complex, an area of volcanic rocks that hosts significant lithium and uranium mineralization in addition to gold. The project also lies along a regional, north-trending structural zone, informally termed the western Nevada rift, which localizes a series of significant gold deposits to the south, including Sleeper (Paramount Gold, NYSE: PZG), Sandman (Newmont Mining, NYSE: NEM) and Goldbanks (Premier Gold Mines, TSX: PG). These deposits contain high-grade veins as well as disseminated mineralization within volcanic rocks similar to those at Corral Canyon.Geologically, Corral Canyon is part of a productive class of gold deposits, termed low-sulfidation epithermal, that formed during middle Miocene (14-17 Ma) time in the northwestern Great Basin and include...