Canagold Resources Ltd Stock Price, News & Analysis

Canagold Resources Ltd. (OTCQB:CRCUF) announced significant results from Getchell Gold Corp.'s diamond drill program at the Fondaway Canyon Gold Project in Nevada. The final three holes demonstrated broad zones of gold mineralization, extending previously defined reserves. Notable findings include 1.8 g/t Au over 90.0m and 8.6 g/t Au over 9.8m. Getchell has an option to acquire a 100% interest in Fondaway Canyon through cash payments and share issuances, while Canagold retains a 2% NSR.

Canagold Resources announced that Getchell Gold Corp. has completed first-year expenditure commitments, leading to the approval of the 1st Anniversary payment for the Fondaway Canyon Gold Project in Nevada. Canagold will receive a cash payment of US$100,000 and US$200,000 in shares of Getchell before January 7, 2021. Fondaway Canyon has a historic resource and has undergone multiple exploratory campaigns. However, assay results from a recent drilling program are pending due to laboratory backlogs stemming from COVID-19 related staffing shortages.

Canarc Resource Corp. has received approval from the Toronto Stock Exchange (TSX) for a name change to Canagold Resources Ltd. and a share consolidation, where one post-consolidation share will replace every five pre-consolidation shares. The consolidation reduces common shares from approximately 350 million to about 70 million. Trading under the new name starts on December 8, 2020, with adjustments made to outstanding convertible securities. The company aims to enhance shareholder value through its Canadian gold projects and potential monetization in Nevada.

Canarc Resource Corp. (OTCQB: CRCUF) has secured a multi-year exploration permit for its New Polaris Gold Mine project in British Columbia, enabling the company to advance towards a feasibility study. Initial site preparations have been completed for environmental studies and drilling. The project, which has over 1 million ounces of gold resources, has an after-tax NPV (5%) of US$333 million at a gold price of US$1500 per ounce. The camp can accommodate a 20-person crew and a comprehensive environmental baseline study is underway.

Canarc Resource Corp. (OTCQB: CRCUF) has announced the termination of its option agreement with Silver Range Resources after disappointing results from its reverse circulation drilling program at the Hard Cash property in Nunavut, Canada. The recently completed drilling, which involved seven holes over 1,019 meters, found only narrow, low-grade gold intervals, failing to confirm a significant orogenic gold discovery. The results suggest an alternative ore model rather than a viable gold deposit. Canarc had anticipated better outcomes to justify further exploration.

Canarc Resource Corp. has successfully closed the first tranche of its private placement, securing CAD$3.2 million through the issuance of 40 million units at CAD$0.08 per unit. Each unit comprises one common share and half a share purchase warrant, exercisable at CAD$0.13 for a period of 24 months. The funds will be utilized for exploration of Canarc's gold projects and to enhance its working capital. The securities issued are subject to a hold period ending on February 8, 2021, and the private placement awaits approval from the Toronto Stock Exchange.

Canarc Resource Corp. has announced the approval of the TSX Venture Exchange for Minkap Resources Inc. to acquire its Lightning Tree property in Idaho. The agreement includes the issuance of 2.5 million common shares and warrants, alongside a cash payment of $137,500 over three years and a commitment to spend $2 million on exploration. Canarc will also receive a 2.5% net smelter returns royalty. The deal is expected to close by September 30, 2020. Additionally, Canarc has engaged Commodity-TV and Rohstoff-TV for investor relations support.

Canarc Resource Corp. announces that its optionee, Getchell Gold Corp., has initiated a 2,000 metre drill program at the Fondaway Canyon Gold Project in Nevada. This program includes six holes, five aimed at extending known mineralization and one to assess gold mineralization characteristics. Fondaway, an advanced gold property, contains a large historic resource and covers 898 hectares. Under a 4-year Option Agreement, Getchell can acquire a 100% interest, while Canarc retains a 2% NSR. The project is part of Canarc's broader strategy to enhance shareholder value through gold exploration.

Canarc Resource Corp. has announced a significant upsizing of its private placement financing, increasing it by 65,000,000 units for an additional C$5,200,000, bringing the total to 105,000,000 units and gross proceeds of up to C$8,400,000. This issuance includes common shares and purchase warrants, with the latter allowing the purchase of additional shares at $0.13 over 24 months. The first tranche is set to close around September 10, 2020, while the second tranche is expected on October 22, 2020, pending shareholder approval and TSX regulations.