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Canarc Resource eyeing new resource model for Fondaway Canyon this year

Last updated: 14:20 07 Feb 2018 GMT, First published: 10:33 06 Feb 2018 GMT

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Fondaway is in Nevada - a mining hotspot

Canarc Resource Corp. (CVE:CCM, OTCMKTS:CRCUF) plans to update the resource model at its exciting Fondaway Canyon project in Nevada in 2018.

Drilling last year at the site generated impressive results, which indicated the project had bulk-mineable, open-pit potential, as opposed to narrow underground mining.

READ: Canarc continues to hit high grade gold with Fondaway drill programme

In 2018, it wants to update the resource model with new drill results and assess targets to expand the open pit potential.

Elsewhere, at Fondaway this year, the firm aims to develop a Phase 2 exploration plan for near term production potential.

It also aims to evaluate its nine other Nevada projects to prioritise projects for further work and possible sale or joint venture.

Canarc has offered investors a run-down of the results of its 2017 programmes and outlined its plans for this year.

"With the acquisition of the Nevada properties in 2017, we doubled our gold resources, completed a successful exploration program in Nevada and ended the year with a healthy cash balance," said Catalin Kilofliski, the chief executive of Canarc.

"We look forward to building on these successes and continue growing in 2018 and beyond."

READ: Canarc names Jacob Margolis as vice-president of exploration

In Canada, the company aims to continue to seek a partner to advance the New Polaris property through feasibility, permitting and construction.

It also wants to complete a C$500,000 exploration program at its Windfall Hills property in British Columbia to include stream sediment sampling, soil sampling, trenching and geophysics to identify new drilling targets, it said.

The group highlighted it had appointed a vice-president of exploration to lead its exploration efforts.

Shares closed over 7% higher in Toronto on Tuesday at C$0.075 each.

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