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Canarc Reviews Exploration Results, Terminates Option Agreement on Hard Cash and Nigel Properties in Nunavut
VANCOUVER, BC / ACCESSWIRE / November 17, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCQB:CRCUF)...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Reviews Exploration Results, Terminates Option Agreement on Hard Cash and Nigel Properties in NunavutVANCOUVER, BC / ACCESSWIRE / November 17, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CAN), announces that its recent reverse circulation (\"RC\") drill program on the Hard Cash property in southwestern Nunavut, Canada intersected narrow, low grade intervals of gold mineralization and failed to confirm the potential for a significant, shear zone-hosted, orogenic gold discovery. As a result, Canarc has terminated its option agreement with Silver Range Resources Ltd.Phase 1 Drill ProgramIn August, 2020, the Company completed a Phase 1, 7-hole, 1,019 meter reverse circulation (\"RC\") drill program to test the Swamp and Dryland gold showings at Hard Cash. The holes were drilled in a southeasterly direction across the northeasterly strike of the shear zone with lines spaced at 200m intervals and drill collars from 50 to 150 meters along lines over the two prospect areas. The drill holes were inclined at 45 degrees testing the targets perpendicular to the shear zone down to a planned depth of 150 meters.A total of 662 RC chip samples were collected from the seven drillholes. The results of the RC drilling confirmed gold mineralization over a strike length of 1.5 kilometers. The drill results appear to confirm an alternative ore model of widespread shearing and alteration containing remobilized gold in veins within the thermal aureole of an intrusive stock to the south and east of the Swamp and Dryland gold showings. The drill results do not appear to be indicative of a significant, shear zone-hosted, orogenic gold discovery (Table 1).Table 1: Significant Drill ResultsHole*From m*To m*Length mAu gptAg gpt**AuEq gpt HC-20-RC-0190.093.03.03.127.003.21 HC-20-RC-02132.0133.51.53.3210.83.45 HC-20-RC-0381.087.06.01.535.631.60 HC-20-RC-0458.560.01.51.100.511.10 HC-20-RC-07136.5138.01.55.045.805.11* The \"From\", \"To\" and interval \"Length\" are provided as down hole measurements and are not true width of mineralized zones, which is unknown at this time.**Ag:Au ratio is 80:1QA/QC ProgramA rigorous Quality Assurance and Quality Control (\"QA/QC\") program was implemented as part of the sampling procedures throughout the drill program to monitor the integrity of the assay results. Standard samples of Certified Referenc...