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Canarc Resource hires Nevada specialist as US exploration manager

Last updated: 01:40 24 May 2017 AEST, First published: 19:04 23 May 2017 AEST

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Canarc has ten Nevada properties..

Precious metals group Canarc Resource Corp (CVE:CCM) has hired experienced gold explorer Dr Jacob Margolis as its US exploration manager  as it bids to develop its Nevada assets.

Margolis, appointed from May 18, has extensive experience in a variety of gold-silver deposits and has successfully evaluated, developed and managed many exploration projects in Nevada.

Chief executive thrilled by appointment..

Catalin Chiloflischi, Canarc's chief executive, said: "I am thrilled and excited to have someone of Jacob Margolis' experience and caliber join the Canarc team.

"His knowledge and extensive exploration experience in Nevada will provide Canarc the skills and leadership it needs to effectively advance it's Nevada property portfolio and contribute to continued portfolio growth through his knowledge of Great Basin projects and activity".

The appointment is a crucial step for Canarc achieving its goals of unlocking value from its ten Nevada properties obtained with its acquisition of American Innovative Minerals in March last year.

Fondaway Canyon most advanced asset..

Fondaway Canyon property is the most advanced, with a 43-101 indicated resource of 409,000 ounces of gold at an average grade of 6.18 g/t (grams per ton) gold.

The inferred resource is 660,000 ounces of the yellow metal at an average grade of 6.4 g/t gold using a cut-off grade of 3.43 g/t.

The 2017 program will initially focus on Fondaway to expand the resource along strike and at depth.

Work will include a more detailed evaluation of all existing data plus detailed field mapping to identify the most prospective areas for resource additions followed by an exploration drilling program in the fall.

Canarc is looking forward to exploration successes as it explores these US properties over the next several years, it said.

Canarc shares were unchanged in Toronto at 10 cents.

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