Canarc to Commence 1,500 Meter Drill Program at Windfall Hills Project, BC; Director Resignation
Canarc to Commence 1,500 Meter Drill Program at Windfall Hills
Project, BC;
Director Resignation
Vancouver, Canada –July 14, 2020 - Canarc Resource Corp. (TSX: CCM, OTC -QB:
CRCUF, Frankfurt: CAN), announces that a Phase-2 core drilling program of 1,500 meters
in six holes will commence on or about July 20th at its 100%-owned Windfall Hills gold
property located in north-central British Columbia.
Highlights from the Phase 1, 3 -hole drill program conducted in 2014 included a drill
intercept of 1.38 grams per tonne (gpt) gold equivalent (AuEq ) over 28.0 meters (m).
Exploration work since 2014 focused on detailed geological mapping, geochemical
sampling and geophysical surveying to better define the main target over a 1.5 kilometer
(km) by 1.5 km area. The principal target and planned drill holes are shown on Figure 1.
Scott Eldridge, Canarc’s CEO, stated: “We are pleased to announce the commencement of a
Phase-2 drill program at Windfall Hills to follow up on the encouraging Phase 1 drill results.
Subsequent exploration work helped to delineate a much larger primary target. Our Phase
2 drill program will test for bulk tonnage, epithermal gold-silver mineralization, similar to
the Blackwater Davidson deposit located in the same geological belt as Windfall Hills.”
“We put a coronavirus prevention and response plan in place for this Phase 2 drill program
in order to ensure a safe working environment as our top priority, including but not limited
to social distancing and extra sanitation to protect our employees, contractors, residents in
nearby communities and other stakeholders.”
Location
The Windfall Hills property is located 60 kilometers south of Burns Lake within a belt of
Late Cretaceous to Early Tertiary volcanic rocks hosting epithermal Au-Ag deposits that
includes the 9.6 million-ounce Blackwater -Davidson gold-silver project located 90 km
southeast of Windfall Hills. Artemis Gold recently announced a $190 million purchase of
Blackwater Davidson from Newgold.
Phase 1 Drill Results
A Phase 1, 3-hole, 1,149-meter diamond drill program was conducted at Windfall Hills by
Canarc in 2014 and returned gold mineralization in all 3 holes (Table 1). Gold
CANARC RESOURCE CORP.
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.6685 -9744
www. canarc.net
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CRCUF: OTCQ B
mineralization is disseminated within strongly clay altered and silicified volcanic rocks of
the Eocene Ootsa Lake Group. Hole WH-14-03 intersected 28 meters grading 0.89 gpt
gold and 39 gpt silver or 1.38 gpt AuEq, using an 80:1 silver:gold ratio, from 11 to 39
meters and terminated below a 1994 trench that yielded 0.41 gpt gold over 41 m.
Table 1. Summary of 2014 Drilling*
Hole From m To m Length m Ag gpt Au gpt AuEq gpt
WH-14-01 1 7 6 1.9 0.96 0.98
Incl 3 5 2 2.5 1.19 1.22
WH-14-02 217 221 4 58 0.27 1.00
Incl 217 219 2 88 0.34 1.44
WH-14-03 11 39 28 39 0.89 1.38
Incl 11 13 2 63 2.19 2.98
and 17 19 2 92 2.45 3.60
WH-14-03 137 143 6 19 0.66 0.90
Incl 137 139 2 22 1.28 1.56
* Ag:Au ratio is 80:1
Primary Target
Extensive thin glacial till covers the property which has limited geological mapping and
rock-chip sampling. However, a property-wide aeromagnetic survey completed in 2018
revealed a strong northwest -trending, linear magnetic low passing through the main
mineralized zone.
The linear magnetic low could be related to hydrothermal destruction of magnetic
minerals along the fault zone, which itself could be related to a major northwest trending
lineament that can be traced on satellite imagery southeast all the way to the vicinity of
Blackwater-Davidson.
3-D modeling of the mineralization intersected in the 2014 drill holes suggests a
northwest-striking, east-dipping body broadly parallel to the magnetic low. An induced-
polarization (IP) survey completed in 2016 in the area of the 2014 drill holes revealed
high resistivity and chargeability anomalies in the main mineralized area.
Phase 2 Drill Program
The 2020 Phase -2 drilling program is designed to expand the area of gold -silver
mineralization intersected in the 2014 drill holes, constrain the g eologic controls on
mineralization and test the geophysical targets within the broader geochemical anomaly.
Holes will be approximately 250 to 300-m in length at inclinations of 50-60 degrees.
Director Resignation
The company also announces that Mr. Kai Hoffmann has resigned as a director of the
Company, effective immediately, given growing commitments outside of Canarc. On
behalf of the management team and board of directors, Bradford Cooke , Chairman of
Canarc, thanks Kai for his contributions to the Company.
Qualified Person
Garry Biles, P. Eng, President & COO for Canarc Resource Corp, is the Qualified Person
who reviewed and approved the contents of this news release.
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive Officer
CANARC RESOURCE CORP.
About Canarc - Canarc Resource Corp. is a growth -oriented gold exploration company
focused on generating superior shareholder returns by discovering, exploring and
developing strategic gold deposits in North America. The Company is currently
advancing two core assets, each with substantial gold resources, and has initiated a high
impact exploration strategy to acquire and explore new properties that have district-scale
gold discovery potential. Canarc shares trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact:
Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
Email: [email protected] Website: www.canarc.net
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation
reform act of 1995 and “forward -looking information” within the meaning of applicable Canadian securities legislation.
Statements contained in this news release that are not historic facts are forward-looking information that involves known and
unknown risks and uncertainties. Forward -looking statements in this news release include, but are not limited to, statements
with respect to the future performance of Canarc, and the Company's plans and exploration programs for its mineral
properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget",
"scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will
be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different fr om any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the
Company’s ongoing due diligence review in relation to the Acquisition, risks related to the u ncertainties inherent in the
estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency
exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds th rough equity
financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals;
failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry;
delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes
or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has
attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no assurance that forward -looking statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do
not place undue reliance on forward -looking statements. All statements are made as of the date of this news release and the
Company is under no obligation to update or alter any forward -looking statements except as required under applicable
securities laws.
Figure 1. Phase-2 drill plan