Business
Canarc Resource Corp. Options Lightning Tree Gold Property in Idaho to Minkap Resources Inc.
VANCOUVER, BC / ACCESSWIRE / July 6, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(Fran...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Resource Corp. Options Lightning Tree Gold Property in Idaho to Minkap Resources Inc.VANCOUVER, BC / ACCESSWIRE / July 6, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(Frankfurt:CAN) (\"Canarc\" or the \"Company\") announces that the Company has signed a non-binding letter of intent (the \"LOI\") dated July 6, 2020 with Minkap Resources Inc. (\"MinKap\") whereby MinKap (KAP) can acquire a 100% undivided interest in the Lightning Tree property (the \"Property\") located in Lemhi County, Idaho, USA under a definitive option agreement (the \"Agreement\") from Canarc.Lightning Tree is one of 11 mineral properties in the American Innovative Minerals (\"AIM\") USA gold package acquired by Canarc in 2017. It is also the fourth AIM property optioned out to third parties wanting to explore and earn interests in Canarc's Nevada/Idaho portfolio. Canarc continues to receive expressions of interest in the remaining 7 AIM USA properties as well as the Corral Canyon project in Nevada.Canarc is focused on creating shareholder value by advancing its attractive Canadian gold projects and acquiring new gold properties with exciting discovery potential. The Company is fully funded to drill its district scale Windfall Hills and Hard Cash gold exploration projects over the next three months.Scott Eldridge, Canarc's CEO, stated: \"I look forward to working with Minkap as they conduct exploration on Lightning Tree and the surrounding properties they have optioned from another party. The consolidation of this low sulfidation epithermal gold system represents an exciting exploration opportunity. Lightning Tree hosts historic high grade mine workings but has not to Canarc's knowledge ever seen systematic exploration or been drilled in modern times.\"\"This transaction allows Canarc to realize value on Lightning Tree while we focus on two upcoming drilling campaigns on our large gold properties in Nunavut and British Columbia over the next couple of months. It also makes room in our portfolio for additional strategic gold property acquisitions.\"Terms of the Agreement under the LOI:Under the terms of the LOI, MinKap may enter into the Agreement with the Canarc to acquire a 100% undivided interest in the Lightning Tree Property by completing, among other things, the following:Issuing Canarc an aggregate 2,500,000 common shares and 2,500,000 com...