Canarc Resources Corp. TSX-V:CCM - OTC-BB:CRCUF

Corporate Profile


Canarc is a growth-oriented, gold exploration and mining company listed on the TSX (CCM) and the OTC-BB (CRCUF). The Company is currently focused on exploring its gold properties in north and central BC.  Canarc is also seeking a partner to advance its high grade, underground, New Polaris gold mine project in British Columbia to the feasibility stage. Canarc is also seeking to acquire an operating or pre-production gold mine in the Americas.


New Polaris - Canarc’s core asset is the 100% owned, past-producing, high-grade New Polaris gold mine project located in north-western British Columbia. Based on an updated NI 43-101 resource estimate using a 6 gpt gold cutoff grade, the property currently contains measured and indicated resources of 519,000 oz gold contained in 1,288,000 tonnes grading 12.5 gpt gold and inferred resources totaling 636,000 oz gold contained in 1,628,000 tonnes grading 12.2 gpt gold, still open for expansion in other veins and at depth.  Drill results from the 2006 exploration program include 44.7 gpt over 6.2 m (1.30 opt over 20.3 ft) and 23.1 gpt over 16.5 m (0.67 opt over 54.1 ft).

Using base case parameters of a US$1200 gold price, 1.00 $CA/$US exchange rate, US$100 million capital costs and US$481 per oz cash cost, the preliminary economic assessment generates a pre-tax undiscounted life-of-mine cash flow totaling CA$280 million with a 38.1% IRR and a 2.4 year pay-back period.  Discounted at 5%, the after-tax Net Present Value (“NPV”) is CA$129.8 million with an after-tax IRR of 31.4.8% and a 2.7 year pay-back period.  Canarc is now seeking a partner to complete pre-production mine development, pursue a feasibility study, government permitting, and project construction to achieve production within three years.

Windfall Hills - Canarc’s latest acquisition is located 65 kilometers (km) south of Burns Lake and 90 km northwest of Richfield Ventures’ Blackwater gold discovery in central BC. The Windfall Hills gold project consist of claims totalling 3879 hectares situated within the same geological belt of Tertiary volcanic rocks as Richfield’s Blackwater gold discovery.  Gold mineralization is associated with quartz stock-works and alteration zones of silica, pyrite, K-feldspar, sericite and clay within rhyolite to dacite volcanic flows, breccias, tuffs, sediments and hypabyssal intrusions of the Ootsa Lake Group.

During the 1980’s and 1990’s, various junior exploration companies carried out more detailed geological, geochemical and geophysical surveys to define a broad, northeast-trending anomalous zone 2 km long by 1 km wide, marked by elevated gold and multi-element soil geochemistry, and several conductive or resistive IP geophysical targets.  Atna Resources proposed a diamond drill program in 1997 to test the IP targets but never carried it out.  Canarc has also staked the 960 hectare Windfall East property 20km east of the Windfall Hills properties as well as both the 13,870 hectare “Devil’s Thumb” and 2,345 hectare Devil East properties northeast of the Windfall Hills properties. These properties targeted geochemical anomalies within the favorable Ootsa Lake Group rhyolitic volcanic rocks where they are cut by northeast and northwest-trending structures, similar to the Blackwater-Davidson gold discovery.  All of these properties are accessible via gravel logging roads so exploration should be rapid and cost-effective.


Catalin Chiloflischi, Chief Executive Officer,  is a professional economist with 20 years of experience in business development, mergers and acquisitions, corporate finance, communications, governance and sustainability in Canada, US, Europe and Asia. He was instrumental in raising over $200 million in joint venture, equity and debt financings for mineral resource projects since 2010.

Bradford Cooke, M.Sc, P.Geo., Chairman and Founder, is a professional geologist with 32 years experience in project management and financing, including Shell, Chevron, Noranda, Endeavour.

Garry Biles, P. Eng., President and COO, is a professional engineer with 34 years experience, most recently as the General Manager of the Bellavista gold mine for Glencairn Gold.

Philip Yee, M.Eng (Mining), MBA, CPA, VP Finance and CFO, is a professional accountant with over 15 years experience as Controller and Officer of public companies.

Deepak Malhotra, Phd, Director is a professional engineer with 50 years experience in all aspects of mineral processing and mining operations world wide, including the construction of the Yanacocha gold mine in Peru.

Leonard Harris, P.Eng., Director, is a retired metallurgical engineer who was President of Newmont Peru responsible for the development of the huge Yanacocha mine.

Martin Burian, Director, is a Chartered Accountant and Chartered Business Valuator with over eighteen years of investment banking experience. 


Head Office:     Suite 301-700 West Pender Street, Vancouver, B.C., Canada, V6C 1G8
Tel: (604) 685-9700
Fax: (604) 685-9744
Toll Free: 1-877-684-9700

Legal Counsel:

Stewart Lockwood, Vector Corporate Finance Lawyers

Auditors: Smythe Ratcliffe LLP
Bankers: Royal Bank of Canada
Transfer Agent: Computershare Investor Services Inc.