Blueprint
Canarc
Announces Phase 1 Drill Program at Corral Canyon Gold Project,
Nevada
______________________________________________________________________________________
Vancouver, Canada
–October 15, 2019 – Canarc Resource Corp. (TSX: CCM, OTC-QB: CRCUF,
Frankfurt: CAN) announces that a Phase 1, four hole, 1,375
meter core drilling program has commenced at its Corral Canyon
project, Nevada. Corral Canyon is located 115 km north of Winnemucca and
70 km north of the past-producing, high-grade Sleeper gold mine
(1.7 million ounces (oz) past production, 3.1 million oz resource)
in northwestern Nevada.
Scott
Eldridge, Canarc's CEO, stated: “We are excited to commence our maiden
drill program at Corral Canyon, reflecting our refined corporate
strategy to focus on exploring for new discoveries. The project's
low sulfidation epithermal type of gold mineralization, its
geological characteristics and location are considered very
prospective.”
“The drill program will test two of four targets identified
to date for both broad, shallow, lower grade disseminated gold
mineralization as well as narrower, deeper, high-grade
“bonanza” type veins. Prior exploration focused largely
on one area of shallow, low grade disseminated gold mineralization
whereas Canarc’s main focus is to test the potential for high
grade feeder veins.”
As
outlined in the Company's news release on September 30th,
2019, four priority drill targets have been identified on
the property. For this first phase of drilling, two of these
targets, the NW and SW Targets, will be tested with two core holes
each at lengths ranging from about 225 to 450 m for an expected
total of about 1,375 m (view target
map).
The SW
Target comprises a new area of gold-silver mineralization
discovered by Canarc this summer that extends the gold system to
the south by at least 500 m. Surface sample results include 0 .735
g/t Au over 2 m in rock chips and 114 ppb Au in soils along the
basalt/rhyolite contact similar to the
NW Target 2 km to the north. Canarc plans to drill below the
surface geochemical anomalies coincident with a prominent
high-chargeability zone defined by a historical gradient-array IP
survey. The two holes will test the basalt/rhyolite contact down
dip and also test for steeply dipping faults that could host
high-grade mineralization.
At the
NW Target, Canarc plans to test the continuation of known
stratiform mineralization to depth and along strike as well as test
for high-grade gold at deeper levels within two faults that could
host high-grade mineralization. The NW Target was the focus of
historic exploration drilling which identified extensive,
low-grade, disseminated gold within a sulfidic silicified zone and
quartz-vein stockwork following a basalt/rhyolite contact. Local
high-grade quartz veins were also intersected. This stratiform
style of mineralization is up to 40 m thick and includes
intersections of 0.36 gpt Au over 42.7 m including 0.54 gpt over
16.8 m. The high-grade mineralization includes 14.9 gpt Au over 1.5
m within 2.64 gpt Au over 10.7 m.
About
Corral Canyon
The
Company owns 92 mining claims covering 730 hectares that were
acquired by staking in late 2018 and have no underlying royalties.
The project covers a significant, volcanic-hosted, low sulfidation
epithermal gold system of Middle Miocene age that is at least 2.8
km long. Corral Canyon is geologically similar to other high grade
deposits of this type in the northwestern Great Basin of Nevada,
including Sleeper, Midas, Fire Creek, Hollister, Rawhide, Mule
Canyon and Buckhorn. The project lies along the north-northwest
trending Western Nevada rift that, to the south, includes the
geologically-similar Sleeper, Sandman and Goldbanks
deposits.
Qualified
Person
Dr. Jacob Margolis is a qualified person, as defined by National
Instrument 43-101, and has approved the technical information in
this news release. Dr. Margolis is engaged as a consultant to
Canarc Resource Corp as Vice President of Exploration.
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive
Officer
CANARC
RESOURCE CORP.
About Canarc - Canarc Resource Corp. is
a growth-oriented gold exploration company focused on generating
superior shareholder returns by discovering, exploring and
developing strategic gold deposits in North America. The
Company is currently advancing two core assets, each with
substantial gold resources, and has initiated a high impact
exploration strategy to acquire and explore new properties that
have district-scale gold discovery potential. Canarc shares
trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact:
Scott
Eldridge, CEO
Toll
Free: 1-877-684-9700
Tel: (604)
685-9700
Cell: (604)
722-5381
Email:
scott@canarc.net
Website:
www.canarc.net
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements”
within the meaning of the United States private securities
litigation reform act of 1995 and “forward-looking
information” within the meaning of applicable Canadian
securities legislation. Statements contained in this news release
that are not historic facts are forward-looking information that
involves known and unknown risks and uncertainties. Forward-looking
statements in this news release include, but are not limited to,
statements with respect to the future performance of Canarc, and
the Company's plans and exploration programs for its mineral
properties, including the timing of such plans and programs. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "has proven", "expects" or "does not
expect", "is expected", "potential", "appears", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "should", "might" or
"will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, the Company’s
ongoing due diligence review in relation to the Acquisition, risks
related to the uncertainties inherent in the estimation of mineral
resources; commodity prices; changes in general economic
conditions;market sentiment; currency exchange rates; the Company's
ability to continue as a going concern; the Company's ability to
raise funds through equity financings; risks inherent in mineral
exploration; risks related to operations in foreign countries;
future prices of metals; failure of equipment or processes to
operate as anticipated; accidents, labor disputes and other risks
of the mining industry; delays in obtaining governmental approvals;
government regulation of mining operations; environmental
risks;title disputes or claims; limitations on insurance coverage
and the timing and possible outcome of litigation. Although the
Company has attempted to identify important factors that could
affect the Company and may cause actual actions, events or results
todiffer materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove tobe
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
do not place undue reliance on forward-looking statements. All
statements are made as of the date of this news release and the
Company is under no obligation to update or alter any
forward-looking statements except as required under applicable
securities laws.