Welcome to our dedicated page for Canagold Resources news (Ticker: CRCUF), a resource for investors and traders seeking the latest updates and insights on Canagold Resources stock.
Canagold Resources Ltd. reports developments tied to its advanced mineral-development business and its 100%-owned New Polaris gold-antimony project in northwest British Columbia. Company news commonly covers feasibility and technical reporting, environmental assessment and permitting activity, metallurgical work on antimony recovery, project development planning, and engagement with Indigenous Nations and local communities.
Updates also include capital actions such as common-share and flow-through share financings, use of proceeds for exploration and project development, insider participation in offerings, and management additions related to permitting and compliance. The recurring news profile centers on New Polaris as a gold-antimony asset moving through feasibility, permitting, and development-stage work.
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.