Business
Canarc Completes Airborne Geophysical Survey Over the Newly Acquired Hard Cash Gold Property in Nunavut, Canada
VANCOUVER, CANADA / ACCESSWIRE / January 23, 2019 / Canarc Resource Corp. (TSX: CCM, OTCQB: ...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Completes Airborne Geophysical Survey Over the Newly Acquired Hard Cash Gold Property in Nunavut, CanadaVANCOUVER, CANADA / ACCESSWIRE / January 23, 2019 / Canarc Resource Corp. (TSX: CCM, OTCQB: CRCUF, FRA: CAN) announces the completion of a 970 line-km airborne magnetic and radiometric survey over the newly acquired 2,090 hectare Hard Cash Gold Property, located in southwestern Nunavut, Canada.Scott Eldridge, Canarc's CEO, stated: ''Since identifying Hard Cash late last year as a district scale gold exploration opportunity, Canarc has visited the site, sampled high grade gold in bedrock, signed an option agreement to acquire a 100% interest, completed an aero-geophysical survey, and we plan to drill the initial high priority targets this summer. We are moving expeditiously to execute our new corporate strategy of acquiring and exploring high impact gold discovery projects and de-risking our current core assets in order to create shareholder value.''Canarc recently entered into an option agreement with Silver Range Resources to acquire a 100% interest in Hard Cash (see news release dated November 29, 2018). Nunavut is home to two multi-million ounce gold deposits at the operating Meadowbank Mine and the Meliadine Mine currently under construction, both owned by Agnico Eagle Mines.The survey data are now being interpreted and results will be released following receipt of the report from the geophysical contractor, Geotech Ltd.Historic Exploration ResultsGold was first discovered on the Hard Cash property in 1946 in the area of the Swamp showing. Small, historic exploration programs located high-grade gold mineralization associated with quartz-carbonate-sulfide veins within a broad, northeast-trending, quartz-sericite altered shear zone. Elsewhere on the property, one gold showing was found within a banded iron formation.Recent prospecting identified multiple high-grade Archean lode gold showings, extending the known mineralization for 3.4 km along the altered shear zone. Bedrock mineralization is best exposed at the Swamp Showing at the northeast end of the trend where quartz-carbonate-sulfide veins occur within a 60 to 100 m wide shear zone.Historic sampling of outcrop and proximal float from the Swamp Zone returned values to 125 g/t gold with 719 g/t silver. Sampling of float boulders along a 1.0 km extension to the sou...