Business
Canarc Summarizes 2019 Results and Outlines 2020 Plans
VANCOUVER, BC / ACCESSWIRE / January 22, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCQB:CRCUF)(...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Summarizes 2019 Results and Outlines 2020 PlansVANCOUVER, BC / ACCESSWIRE / January 22, 2020 / Canarc Resource Corp. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CAN) highlights the results of its 2019 activities and outlines its 2020 plans to create shareholder value by advancing its gold exploration projects in the USA and Canada.2019 Highlights:New Polaris, British Columbia:Completed an updated Preliminary Economic Assessment (\"PEA\") using the BIOX treatment process with very positive economic results. The study showed that for a 750 tpd operation producing 80,000 ounces of gold per year at a gold price of US$1300 per oz, $CA/$US exchange rate of 0.77, cash costs of US$433 per oz and AISC of US$510 per oz , an after-tax NPV (5%) of CA$280 million with an after-tax Internal Rate of Return (\"IRR\") of 38% and a 2.7 year pay-back period. Initiated discussions with interested parties to partner with Canarc and advance the New Polaris project through the completion of a feasibility study.Hard Cash, Nunavut:Completed analysis of the 2018 airborne geophysics survey and conducted a field program that delineated four high priority targets. Exploration work included geological mapping, soil sampling (523 samples covering an area 5 km long by up to 2.5 km wide) and rock-chip sampling (91 samples, of which 29 exceeded 1 ppm Au, 16 exceeded 3 ppm Au with a maximum value of 20 ppm Au). This program discovered a new high-grade vein trend (the Dryland zone) along a conspicuous linear magnetic break. Dryland is at least 400 m long, contains rock-chip samples reaching 18.7 g/t and is parallel to the 1.5-km long high-grade Swamp vein trend 1 km to the north. The geophysics, geology and geochemistry were integrated to create the foundation for a first-phase drilling program.Princeton, British Columbia:Completed analysis of the 2018 airborne geophysics survey and conducted a trenching program to extend the high priority vein target. Renegotiated the Option Agreement with the vendors on more viable terms to earn a 75% interest. Completed district-scale reconnaissance and 710 meters of trenching in eight trenches to determine the extent of the previously discovered high-grade gold mineralization and better define priority targets for drilling. The trenching extended the known length of the vein system from 85 m to over 235 m in the northeast directio...