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Canarc Resource Corp. (TSX:CCM) has acquired a new gold exploration project, Corral Canyon, that spans 742 hectares in northwestern Nevada.
Canarc Resource Corp. (TSX:CCM) has acquired a new gold exploration project, Corral Canyon, that spans 742 hectares in northwestern Nevada.
As quoted in the press release:
Corral Canyon lies 35 km west of the town of McDermitt in Humboldt County along the western flank of the McDermitt caldera complex, an area of volcanic rocks that hosts significant lithium and uranium mineralization in addition to gold.
The project also lies along a regional, north-trending structural zone, informally termed the western Nevada rift, which localizes a series of significant gold deposits to the south, including Sleeper (Paramount Gold, NYSE: PZG), Sandman (Newmont Mining, NYSE: NEM) and Goldbanks (Premier Gold Mines, TSX: PG). These deposits contain high-grade veins as well as disseminated mineralization within volcanic rocks similar to those at Corral Canyon.
Scott Eldridge, Canarc CEO, commented:
“The addition of the Corral Canyon project to our Nevada portfolio at very low cost demonstrates Canarc’s new strategy to acquire and explore gold exploration projects that have potential for high impact discoveries. We are encouraged by the presence of high grades at Corral Canyon in the same type of gold system that has yielded significant discoveries elsewhere within the Great Basin. Our immediate goal will be mapping and sampling, so we can re-interpret previous exploration results and identify high priority drill targets as quickly as possible.”