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Canarc Resource increasingly excited about Fondaway project's potential ahead of drilling

The idea of the drilling is to expand the current resource of around 1mln ounces of gold
Canarc Resource increasingly excited about Fondaway project's potential ahead of drilling
Fondaway, not pictured, is in Nevada, USA

Canarc Resource Corp (CVE:CCM) chief Catalin Kilofliski is very excited about what the firm is seeing at the Fondaway Canyon project in Nevada, where a drill program is expected to kick off in September.

The fully funded eight hole program will last up to 60 days, says Kilofliski, with results starting to come through late October.

The idea is to expand the current resource of 1mln ounces of gold resources (409,000 at 6.18 g/t indicated and 600.000 ounces inferred).

It comes after the group reported very encouraging rock sampling results last month hot on the heels of a new geological model.

Of 42 surface samples collected, five assayed gold of between 10 and 24 gpt (grams per ton), eleven returned over 5 gpt of the yellow metal and 25 samples showed over 1 gpt of gold.

"The entire project look to be littered with gold at surface," exclaimed Kilofliski in a recent interview with Proactive's Andrew Scott.

The firm's new geological model ties gold-mineralized zones to one main geological area over a 3.5km strike and up to 800-metre (m) width.

It also demonstrates the potential to expand current gold resources by step out drilling along strike or down dip of known gold zones.

Canarc shares closed on Friday at C$0.085.

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