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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canagold Resources Ltd.    CCM   CA1368421014

CANAGOLD RESOURCES LTD.

(CCM)
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Canarc Resource : Optionee Ophir Gold Discovers New Mineralized Vein System at the Breccia Gold Property, Idaho, USA, Rock Samples Assay up to 69 gpt Au and 27.5 gpt Ag

11/19/2020 | 09:47am EST

Canada - Canarc Resource Corp. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CAN), announces that Ophir Gold Corp. (previously Minkap Resources), has released results of their recently completed surface exploration program at the Lightning Tree property, located in Lemhi County, Idaho, approximately 40 km southwest of Salmon.

Ophir holds an option to purchase Lightening Tree from Canarc by paying cash, issuing shares and granting an NSR royalty to Canarc over three years.

The 2020 field work is the first exploration of the Lightning Tree Property by Ophir following completion of the acquisition and amalgamation into the Breccia Gold property in September 2020. The exploration program focused on regional targets as well as areas proximal to the main high-grade Breccia Zone and included rock and soil sampling as well as a ground magnetic survey. Rock and soil sampling successfully highlighted the potential of the Breccia Zone and was also successful in locating two new anomalous gold areas; east on the Lightning Tree Property (the 'East Breccia Zone'), and north (the 'North Meadows Fault Zone') of the Breccia Zone.

About Lightning Tree Property

The Lightning Tree Property consists of four unpatented claims in Lemhi County, Idaho. Lightning Tree is one of 14 mineral properties and two royalties acquired by Canarc in 2017. Seven properties in Nevada remain available for option, lease or purchase. Canarc is focused on creating shareholder value by advancing its flagship New Polaris Gold Project in British Columbia through a feasibility study and mine permitting.

About Canarc

Canarc Resource Corp. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. The Company is currently advancing two core assets, each with substantial gold resources, and has initiated a high impact exploration strategy to acquire and explore new properties that have district-scale gold discovery potential. Canarc shares trade on the TSX: CCM and the OTCQB: CRCUF.

Contact:

Scott Eldridge

Tel: (604) 685-9700

Email: scott@canarc.net

Web: www.canarc.net

Cautionary Note Regarding Forward-Looking Statements

This news release contains 'forward-looking statements' within the meaning of the United States private securities litigation reform act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Statements contained in this news release that are not historic facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the future performance of Canarc, and the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'has proven', 'expects' or 'does not expect', 'is expected', 'potential', 'appears', 'budget', 'scheduled', 'estimates', 'forecasts', 'at least', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might' or 'will be taken', 'occur' or 'be achieved'.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the Company's ongoing due diligence review in relation to the Acquisition, risks related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CANAGOLD RESOURCES LTD. 4.29% 0.73 Delayed Quote.-1.30%
OPHIR GOLD CORP. 2.44% 0.21 Delayed Quote.-32.79%
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Financials (USD)
Sales 2019 - - -
Net income 2019 -1,04 M - -
Net cash 2019 1,95 M - -
P/E ratio 2019 -13,2x
Yield 2019 -
Capitalization 38,8 M 38,6 M -
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 86,5%
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Managers and Directors
NameTitle
Scott Eldridge Chief Executive Officer & Director
Garry Dennis Biles President & Chief Operating Officer
Bradford James Cooke Chairman
Philip C. Yee Chief Financial Officer, Secretary & VP-Finance
Martin Burian Lead Independent Director
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