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Canarc Resource Corp.
Summary
| Project: | Fondaway Canyon | |
|---|---|---|
| Deposit: | Fondaway Canyon | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 4/11/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-4-2017: Canarc Resource Corp. announces a Resource Estimation report for its Fondaway Canyon deposit at the Fondaway Canyon project. Updated mineral resource estimate at Fondaway Canyon. Canarc Resource Corp. (Canarc) acquired the Fondaway Canyon Proje | |
| Resources: | (Resource): 2.05Mt @ 6.18g/t Au (Ind.) and 3.20Mt @ 6.4g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Michael Norred, Simon Henderson (Techbase International Ltd.) | |
| ABSTRACT: | Canarc Resource Corp. (Canarc) acquired the Fondaway Canyon Project and a portfolio of ten other mineral projects from American Innovative Minerals, LLC (AIM) in March, 2017. Canarc commissioned Techbase International Ltd to provide this report on the current status and a current Resources estimate for the Fondaway Canyon project. Resource estimates have been included in technical reports by previous authors. The resource statements from each report have been examined by the Author, and were found to be in general agreement, in particular as to the total contained gold. None of the previous estimates included the 2002 drilling, which tested the down-dip extension of the mineralized veins. A new resource estimate was completed in 2016 by Techbase International (the 2016 Resource Estimates). This new estimate incorporated the 2002 drilling, which had not been used for previous estimates. The 2016 estimate included the vein hosted, potentially underground mineable sulfide mineralization. No estimate was made of the shallow, oxide mineralization. The Fondaway Canyon Project is a well-explored mineral deposit, with significant potential at depth and along strike of the identified mineralized systems. Some of that potential has not been realized due to multiple changes in management over the life of the project, and to operational uncertainties because of its proximity to the adjacent Stillwater WSA. The available data from the various sources has not been well-integrated, and consequently much of it has not been exploited for maximum exploration success. Based on the Mineral Resource estimates, the opportunities for additional discovery, and the encouraging metallurgical results, it is the Authors’ opinion that the project has the potential to develop into a profitable mining operation | |
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