Canarc Appoints US Exploration Manager
Vancouver, Canada –May 23, 2017 – Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN), is pleased to announce the appointment of Dr. Jacob Margolis as the Company’s US Exploration Manager, effective May 18, 2017.
Dr. Jacob Margolis has 28 years of professional experience in gold exploration in the western U.S. and in British Columbia.
He has extensive experience in a variety of gold‐silver deposit settings, including epithermal volcanic‐hosted, sediment‐hosted Carlin‐type and porphyry gold‐copper systems in the Great Basin and elsewhere. He is experienced in exploration methods, including geophysics, remote sensing, geochemistry, geologic mapping and sampling, structural analysis, geographic information systems, 3D modeling, alteration mapping and drilling, and he has successfully evaluated, developed and managed many exploration projects in Nevada.
He has held positions in senior exploration management with major mining companies as well as with the junior sector, including exploration manager at open‐pit and underground gold mining operations in Nevada and exploration manager and vice president directing regional generative exploration programs.
Catalin Chiloflischi, CEO of Canarc Resource Corp stated: “I am thrilled and excited to have someone of Jacob Margolis’ experience and caliber join the Canarc team. His knowledge and extensive exploration experience in Nevada will provide Canarc the skills and leadership it needs to effectively advance it’s Nevada property portfolio and contribute to continued portfolio growth through his knowledge of Great Basin projects and activity”.
The appointment of an experienced Nevada exploration manager is a crucial step for Canarc achieving its goals of unlocking value from the ten Nevada properties it obtained with its acquisition of American Innovative Minerals in March 2017.
The Fondaway Canyon property is the most advanced project with a 43-101 compliant Indicated resource of 409,000 ounces of gold at an average grade of 6.18 g/t gold and an Inferred resource of 660,000 ounces of gold at an average grade of 6.4 g/t gold using a cut-off grade of 3.43 g/t gold.
The 2017 exploration program will initially focus on the Fondaway Canyon property where management’s initial review recognized significant potential to expand the resource along strike and at depth. The program will include a more detailed evaluation of all existing data plus detailed field mapping to identify the most prospective areas for resource additions followed by an exploration drilling program in the fall.
The evaluation and exploration of the other properties in the portfolio will be undertaken following completion of the Fondaway Canyon exploration program.
Canarc is looking forward to exploration successes as it explores these US properties over the next several years.
Catalin Chiloflischi, CEO
CANARC RESOURCE CORP.
About Canarc Resource Corp. - 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 acquiring operating or pre-production stage gold-silver-copper mines or properties in the Americas and further advancing its gold properties in Nevada and BC.
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