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Canarc Resource Corp eyeing potential production breakthrough at its New Polaris project

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It has hired engineer Hatch Ltd to look at a potential autoclave to produce gold bars

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TSX:CCM
Market: TSX
Market Cap: $14.53 m
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Canarc Resource Corp (CVE:CCM, OTCMKTS:CRCUF) has unveiled a possible major breakthrough in the development of its New Polaris project in BC - its most advanced gold mine project.

It has hired engineer Hatch Ltd to look at the possibility of installing and operating what's called a small concentrate autoclave as part of a plant that would produce gold dore bars on site.

READ - Canarc Resource eyeing new resource model for Fondaway Canyon this year

Up to now, a major hurdle to economic development has been the cost and challenge of shipping refractory gold concentrates to Juneau Alaska, which is 60km to the southwest and then either south to the USA for sale to existing autoclave facilities or overseas for sale to smelters.

Canarc said Hatch was a world leader in the design and installation of such autoclaves, which are successfully used at various mines around the world for producing gold dore bars from refractory sulfide mineralisation such as at New Polaris.

If the Hatch results are positive, Canarc plans to incorporate a concentrate autoclave in an updated preliminary economic assessment (PEA) to be completed by the end of this year (2018).

Canarc can then turn its attention to financing or partnering the New Polaris gold mine project to feasibility, it said.

Over the last 28 years, Canarc has invested over $30mln on surface and underground exploration, mine access and development, resource estimation and economic studies at New Polaris, it noted.

READ - Canarc continues to hit high grade gold with Fondaway drill program

Elsewhere, in Nevada, Canarc has hired SRK to develop a comprehensive 3D resource model for Fondaway Canyon  to include all the historic data as well as the results of the 2017 exploration program.

The new model will help identify the most prospective areas in and around the current resources as well as evaluate the current mining potential.

The evaluation of the firm's nine other Nevada projects has been completed and Canarc is now seeking interested parties for possible sales or joint venture opportunities on these projects.

Meanwhile, at Windfall Hills in Canada, the firm is planning to complete further exploration in the summer/fall of 2018 with a budget of C$400,000, funded from the proceeds of an equity financing closed in March last year.

An exploration permit from the BC Ministry of Mines is expected in May 2018.

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Canarc Resource Corp's Fondaway Canyon 'littered' with gold at surface

Catalin Chiloflischi, chief executive of Canarc Resource Corp (CVE:CCM) tells Proactive's Andrew Scott they're on track to start a drilling campaign at Fondaway Canyon in September.

on 08/01/2017

2 min read