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Where are you reading that?
Thanks, Edge.
I'm just a bit nervous regarding Turkey.
I've been trading AGI, AG and NGD.
Any thoughts on NGD?
Have a large bet on CRCUF.
Don't worry about the triple post.
I have no idea how to delete a post, btw.
Thanks for the article.
"Alamos obtained Island Gold in November 2017 through its acquisition of Richmont Mines."
Bob, any input on past Richmont Mines management?
Thanks.
Them mines in Turkey have me a bit cautions.
I may wait a bit before committing.
I like Nevada, Canada and Mexico.
Come back?
They seem to be making moves that look like it.
Stock price has been on an upward move over the past month or so.
I'm believin'.
"Consistent with the renewed vision of repositioning the Rainy River Mine for long-term success, the Company has adopted a disciplined approach to capital allocation as well as mine life optimization. Accordingly, management has deferred the 2019 underground mine development plan to 2020. During 2019, the Company will launch a comprehensive review that includes alternative underground mining scenarios with the overall objective of reducing capital and improving the return on investment for the underground portion of the life of mine. Further details will be provided in the 2019 guidance press release, scheduled for release in the second half of January."
New management is going to find a better way to tackle.
Princeton results due in Feb.
If results are positive for a go ahead (I suspect they will be) we should see a big response.
Looks as if you like the pennies.
Take a peek at CRCUF.
Run by Brad Cooke of EXK fame.
They're reawakening the company.
Canarc Awakened?
http://tinyurl.com/y8dbk7lb
jmat
Get on board fellas, I think we're about to move forward.
Management has rediscovered this one.
"4.32?"
Nope, $4.15.
I'll add at $4.
"Wishing I had bought more below 2.70."
Well, here's your chance - $2.67.
Well, hey, management said ...
Maybe there's still hope?
jmat
Shareholder Update
Canarc Provides Shareholder Update – New Board Initiates Goals and Strategies to Create Shareholder Value
Canarc Provides Shareholder Update – New Board Initiates Goals and Strategies to Create Shareholder Value
Vancouver, British Columbia (FSCwire) - Canarc Resource Corp. (TSX: CCM, OTCQX: CRCUF, Frankfurt: CAN) (“Canarc” or the “Company”) provides the following update of recent Company activities and near term outlook to shareholders. Since the Annual General Meeting held on June 29, 2018, the new board of directors and new interim CEO reviewed the Company’s previous plans and progress and decided to overhaul Canarc’s business plan.
Bradford Cooke, Founder, Chairman and Interim CEO stated, “Upon thorough review, it was clear we needed to hit the reset button for Canarc. Not only do we want to be more aggressive about creating shareholder value, we revised our goals and strategies to better facilitate value creation, with a new focus on optimizing our current assets and acquiring new projects.
“We believe we can maximize our upside potential while managing our downside risk by using our expertise and cash to grow and advance an attractive portfolio of gold assets. Our new strategy focuses on a two pronged approach: optimizing our current gold resources, and engaging in high impact exploration projects (“elephant hunting”) to create superior shareholder value.”
Board Review
We added two new directors to the board and now have a more complete skill set for a mineral exploration company like Canarc, including geology/exploration, metallurgy/mining/mineral economics, financial management and capital markets
We plan to be more hands-on, generating and evaluating opportunities to create shareholder value while minimizing risk to build a sustainable business
We developed a new vision/mission/strategy statement to reflect our new outlook – see the “About Canarc” paragraph below
Management Additions
We intend to hire a new CEO – the interview process will start in September
We are looking for a part time Director of Investor Relations - interview process will start in September
We plan to be much more aggressive in advancing our assets and growing our business
Advisory Board
We are forming an advisory board to provide management and directors with independent advice
Corporate Goals
Our focus is to create shareholder value, and share price appreciation, build a sustainable business, and rebuild investor confidence in the Company
We plan to enhance the value of current projects through engineering and economic studies
We plan to create new value through strategic acquisitions and exploration for new discoveries
Corporate Strategies
We will pursue two main strategies to create value: gold resource optimization and high impact exploration, while remaining opportunistic to the acquisition of more advanced projects where we can add value
For us, resource optimization is where we recognize what is needed to make projects bigger and/or better, especially New Polaris and Fondaway Canyon, as well as new acquisitions of more advanced gold projects that would be accretive on a per share basis
Likewise, “elephant hunting” is where we acquire near drill-ready projects with potential for major discoveries, and spend a “little” money for a chance to find a “lot” of gold. This is a high risk, high reward strategy so we will be very particular in selecting such projects
Gold Assets
New Polaris – our first core asset is one of the largest, highest grade undeveloped gold deposits in western Canada but the lack of road access has held the project back from mine development – the key to unlock value at New Polaris is to treat the refractory mineralization and produce dore gold bars at site so that no road is needed and the mine can be a fly-in fly-out operation - pressure oxidation works well but the Hatch autoclave study was very disappointing, concluding that an autoclave at New Polaris would be uneconomic due to excessively high capital and operating costs - however historical biological oxidation studies on New Polaris mineralization were very positive, and there have been significant advances in both the costs and efficiencies of this technology - we have commissioned Outotec to complete a new BIOX study on New Polaris concentrate– results are expected by year-end and if economic, we plan to update the preliminary economic assessment in 2019 for building a high grade gold mine at New Polaris
Fondaway Canyon – our second core asset is a large, medium grade gold resource, well located with easy road access in Nevada, which is still open for expansion and has district scale potential – SRK was commissioned to complete a three dimensional study of all historic drill results to help identify where to drill to expand the gold resources – results are expected by the end of September, after which a Phase 2 exploration program and budget will be developed for 2019
Windfall Hills – Canarc raised CAD$500,000 in 2017 to explore this highly prospective epithermal gold prospect in central BC – the exploration program will include reconnaissance stream sediment sampling, soil sampling, mapping, prospecting, airborne geophysics and machine trenching to better define existing drill targets and delineate new targets for drilling– the program should start in September after the forest fire risk is reduced– results are expected by the end of November, after which a Phase 2 exploration program and budget will be developed for 2019
New Acquisitions
Focus on gold in North America
Focus on major deposit types
Focus on low cost, easy entry, drill ready “elephant hunting” projects that have major gold potential
Financial Overview
Canarc remains well-funded for the revised corporate goals and strategies
Canarc’s Q2, 2018 financial statements show more than CAD$4 million cash including CAD$400,000 in flow though funds for Windfall Hills, plus about CAD$1.5 million in short term investments
The G&A burn rate is already reduced from earlier this year, with a new focus on spending wisely
Corporate Communications
We will be updating the website, presentation, fact sheet, investor database
We are developing a communications and marketing plan for 2018-2019 and will start reaching out to shareholders, investors, analysts and the capital markets to rebuild relationships this month
There are several new developments over the next four months to catalyze value for shareholders, including the New Polaris Biox study, Fondaway Canyon 3d study, Windfall Hills exploration program, hiring a new CEO and part-time Director of Investor Relations, and new acquisitions
Commented Bradford Cooke, “We hope this shareholder update reflects the positive new outlook for Canarc Resource Corp. but if you have any questions or comments, please do not hesitate to contact us. We look forward to reporting our progress on several fronts over the coming months.”
“Bradford Cooke”
____________________
Bradford Cooke, CEO (Interim)
CANARC RESOURCE CORP.
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 OTCQX: CRCUF.
"Does Hecla pay any "compensation" to striking workers?Does Hecla pay any "compensation" to striking workers?"
No. The union pays from a strike fund.
Gotta link?
Canarc Signs Agreement with Barrick Gold and Skeena Resources on its 33.33% Carried Interest in Claims at the Eskay Creek Gold Mine
Vancouver, Canada – December 20, 2017 – Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) has entered into an agreement with Barrick Gold Inc (“Barrick”) and Skeena Resources Ltd. (“Skeena”) involving its 33.3% carried interest in certain mining claims adjacent to the past-producing Eskay Creek Gold mine located in northwest British Columbia.
Canarc and Barrick own respectively 33.33% and 66.67% interests in 6 claims and mining leases totaling 2323 hectares at Eskay Creek. The past producing Eskay Creek Gold mine was the richest gold-silver mine in the world in the 1990’s and produced 3.3 million ounces of gold and 160 million ounces of silver from 2.2 million tonnes of ore during a 14 year mining operation.
Through the recently signed agreement, Canarc will retain its 33.33% carried interest while Barrick’s 66.67% interest will pass to Skeena Resources Ltd when Skeena has met its obligations per the Option Agreement it recently signed with Barrick and announced in its news release of December 18, 2017.
Canarc is pleased to see the renewed interest in this property and will benefit from any future exploration success and development that may occur on these claims.
12/7/17 Theodore Crumley (Director) bought 10,000 @ $3.49
12/14/17 Phillips S. Baker (CEO) bought 13,000 @ $3.36
12/15/17 Lindsay A. Hall (SVP CFO) bought 13,000 @ $3.80
There's only ONE reason insiders purchase stock in their companies.
Could the Lucky Friday strike be close to ending in Idaho?
Canarc Intersects Significant Gold Mineralization in First Three Drill Holes at Fondaway Canyon Project in Nevada, Including 2.83 Grams per Tonne Gold over 65.4 Meters
Vancouver, Canada – December 5, 2017 – Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) has intersected significant gold mineralization in the first three drill holes of its seven-hole drill program recently completed at its Fondaway Canyon Project in Nevada. Assays for holes four through seven are pending.
Drilling Highlights Include:
•? 65.4 meters (m) grading 2.83 grams per tonne (gpt) Au (including 10.20 gpt Au over 1.4 m, 7.69 gpt Au over 9.8 m and 7.70 gpt Au over 3.7 m) in hole FC17-3
•? 62.9 m grading 1.77 gpt Au (including 4.39 gpt Au over 3.5 m, 4.48 gpt Au over 3.2 m and 6.15 gpt Au over 3.0 m) in hole FC17-2
•? 30.1 m grading 1.45 gpt Au and 6.1 m grading 3.74 gpt Au (including 0.6 m grading 14.20 gpt Au) in hole FC17-1
* True widths of mineralization are estimated to be about 35% in hole FC17-1 and 90% (FC17-2 and FC17-3) of reported core lengths. True widths estimates are preliminary and are subject to the results of further 3D modeling. Full results are presented in Table 1.
Catalin Kilofliski , CEO of Canarc , stated: "The results of the first three drill holes are very encouraging in terms of the mineralization widths and grade and have significantly extended the depth of the known mineralization. It is becoming clear that Fondaway Canyon offers the potential to develop bulk tonnage gold mineralization suitable for open pit mining.
We tested five separate targets with seven drill holes in this Phase 1 drill program. Drill holes FC17-2 and 3 both successfully extended the Colorado zone mineralization below the previously drilled mineralization. These drill holes also show that the Colorado zone could connect with the adjacent Stibnite zone to the east with more drilling.
The drill program wrapped up last week, the remaining core samples have been cut and shipped, and we expect to release assays for holes 4-7 in early January 2018. At that time, we will begin the evaluation of an open pit mining potential at Fondaway and will prioritize the target zones for a possible Phase 2 drill program next year.”
The Phase 1, seven-hole, 2,534 m drill program tested five widely-spaced target areas along 2.3 km of the 3.8 km-long gold system (Figure 1). Additional figures showing the drilling results are available on the Company’s website at: www.canarc.net.
The broad zones of mineralization intersected in the first three holes extend the previous mineralized zones to depth and, together with previous exploration results, define bulk tonnage mineralization that may be amenable to open pit mining. Previous efforts in the district focused on exploring narrow high-grade zones. Assays are pending on the remaining four holes and should be made available in early January 2018.
HOLE FC17-1
Hole FC17-1 (365.8 m, N42 o W/-50 o ) tested the Pack Rat target, where a northeast-striking quartz-vein stock-work and shear zone system had been explored by previous shallow drilling that included hole P-19 with 4.2 gpt Au over 10.7 m and hole TF-296 with 3.1 gpt Au over 18.3 m. Hole FC17-1 tested below these previously drilled holes and intersected several high-grade zones, including 3.74 gpt Au over 6.1 m containing 14.2 gpt Au over 0.6 m. Significantly, the hole bottomed in 30.1 m grading 1.45 gpt in a quartz-vein stock-work within black shale containing very fine-grained "sooty" pyrite at the bottom of the hole. This intersection extends mineralization 200 meters down the dip of the vein system. The Pack Rat zone is open to the northeast and southwest along strike and is at least 225 m long. Mineralization is contained within a steeply-dipping zone about 180 m in width that has now been traced down dip for 375 m and remains open at depth.
HOLE FC17-2
Hole FC17-2 (426.7 m, N30 o W/-45 o ) tested the southern part of the Colorado zone 400 m northeast of FC17-1. The Colorado zone lies at the northwest corner of a district-scale dilation zone where the northeast-striking Pack Rat fault zone intersects west-striking mineralized structures and dikes (see the Company's July 5, 2017 news release). Two mineralized sections were intersected. An upper zone from 189.3 to 210.9 m contains 2.33 gpt Au over 9.8 m (including 6.10 gpt Au over 1.5 m and 3.51 gpt Au over 1.8 m) and 2.27gpt Au over 9.8 m (including 7.85 gpt Au over 2.1 m). The highest-grade sample in this upper zone is 11.3 gpt Au over 0.61 m. The lower mineralized zone from 253.1 to 316.1 m contains 62.9 m grading 1.77 gpt Au (including 4.39 gpt Au over 3.5 m, 4.48 gpt Au over 3.2 m and 6.15 gpt Au over 3.0 m).
HOLE FC17-3
Hole FC17-3 (373.4 m, N5 o E/-50 o ) was collared 170 m northwest of FC17-2 and tested the northern and shallower part of the Colorado gold zone 100 m up-dip of FC17-2. FC17-3 intersected 65.4 m grading 2.83 gpt Au that is the up-dip continuation of the lower zone in FC17-2. Significant high-grade intersections include 10.20 gpt Au over 1.4 m, 7.69 gpt Au over 9.8 m (with 14.3 gpt Au over 0.6 m and 17.6 gpt Au over 1.4 m), 7.70 gpt Au over 3.7 m (with 11.400 gpt Au over 1.3 m) and 7.062 gpt Au over 1.5 m).
Preliminary modeling indicates that mineralization at Colorado lies within a south-dipping corridor that is approximately 150 m thick and can be traced down dip from surface for approximately 450 m.
Table 1. Gold Samples Composites for Core Holes FC17-1, 2 and 3*
* Composites are calculated at 0.25 gpt cut over at least 2 consecutive samples or 1 gpt over 1 sample; 3 gpt cut in bold is used for higher-grade and internal (included) zones; composites may contain minimal internal waste; assays by Bureau Veritas Minerals (Inspectorate America Corporation) by 30g fire assay with AAS finish, with gravimetric analysis for values exceeding 10 gpt Au; mineralized lengths may not equate to true width.
Figure 1. Fondaway Canyon district showing the distribution of mineralized veins (red lines), surface samples (red dots, >2 gpt Au), mineralized drill hole collars (red triangles) and the Company's 2017 drill holes (blue).
Qualified Person:
Dr. Jacob Margolis is a qualified person, as defined by National Instrument 43-101, and has approved the technical information in this news release. Dr. Margolis is engaged as a consultant to Canarc Resource Corp as US Exploration Manager.
The Company employs a rigorous QAQC protocol, including insertion of control samples at a rate of 1 per 100 feet of core, or approximately 1 per 22 samples. Control samples include a blank and four gold standards at various grades. Samples were processed by Bureau Veritas Minerals, an ISO-certified lab that meets the requirements of ISO/IEC 17025:2005 and ISO 9001:2015, and employs its own QAQC procedures, including duplicate analyses of core pulps and rejects and insertion of its own standards and blanks. No significant discrepancies were found in the assay results to date.
About Fondaway Canyon
The Fondaway Canyon project consists of 136 leased unpatented mining claims covering 2,220 acres in Churchill County, Nevada, 70 kms northeast of Fallon. A NI-43-101 technical report, completed in April, 2017, prior to the drilling reported here, and available on SEDAR, reported an indicated resource of 2.05 million tonnes grading 6.18 gpt containing 409,000 ounces of gold and an inferred resource of 3.20 million tonnes 6.40 gpt gold containing 660,000 ounces of gold. This estimate does not include all mineralized areas in the project, such as the Pack Rat area tested by hole FC17-1. The project contains a gold-bearing shear-zone system that is at least 3.8 km long and up to 1 km wide.
jmat
Canarc Reports Additional High Grade Gold Samples at Fondaway Canyon Project in Nevada, Provides Update on Phase 1 Drill Program
Vancouver, Canada–November 15, 2017 – Canarc Resource Corp. (the "Company") (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) reports that rock-chip sampling at its Fondaway Canyon property, Nevada, has returned additional high-grade gold values exceeding 5 grams per tonne (gpt) in multiple zones.
The Company also reports that it has completed six of the planned seven drill holes in the Phase 1 drill program and expects drilling to wrap up before month end. Assay results for the first three drill holes are also anticipated this month and complete assays for all seven holes are expected in December 2017.
Of the 56 surface rock-chip samples collected since the Company's last report on surface sampling (see news release July 31, 2017), 28 samples exceed 0.5 gpt gold and 8 exceed 6 gpt, ranging from 6 to 42 gpt Au (Table 1). Figure 1 shows the locations of the principal mineralized areas on the project. . The seven-hole, 2700 meter, core drilling program currently underway is targeting Pack Rat (1 hole), Colorado (2 holes), Stibnite (1 holes), South Pit (1 hole) and South Mouth (2 holes) zones.
Table 1 Rock-Chip Samples Exceeding 0.5 gpt Au
Sample Type Area Au (gpt) Width (m)
JM-FC65 Stockpile Reed Pit 42.100 Stockpile Select
JM-FC100 Outcrop Hamburger Hill 11.15 3.0
JM-FC55 Outcrop Colorado 10.750 4.0
JM-FC64 Outcrop North Stibnite 9.986 3.0
JM-FC51 Outcrop Colorado 8.000 2.0
JM-FC84 Outcrop South Mouth 7.931 2.0
JM-FC74 Outcrop Stibnite Boulders 6.028 0.5
JM-FC99 Outcrop Hamburger Hill 6.016 1.0
JM-FC77 Outcrop Stibnite Boulders 3.888 1.0
JM-FC86 Outcrop South Mouth 3.694 2.0
JM-FC60 Outcrop Colorado 3.617 2.0
JM-FC49 Outcrop South Pit 3.330 0.5
JM-FC59 Outcrop Colorado 2.207 0.5
JM-FC70 Outcrop Silica Ridge 2.155 1.0
JM-FC89 Outcrop Mid Realm 2.001 1.0
JM-FC45 Float Stibnite Boulders 1.980 0.3
JM-FC79 Outcrop Silica Ridge 1.719 4.0
JM-FC48 Outcrop South Pit 1.710 1.5
JM-FC90 outcrop Mid Realm 1.388 2.0
JM-FC80 Outcrop Silica Ridge 1.367 2.0
JM-FC88 Outcrop Mid Realm 1.083 ~1.0
JM-FC83 Outcrop South Mouth 0.827 2.0
JM-FC98 Outcrop Silica Ridge 0.679 4.0
JM-FC50 Outcrop Reed Pit 0.658 1.0
JM-FC85 Outcrop South Mouth 0.636 1.0
JM-FC53 Outcrop Colorado 0.559 6.0
JM-FC75 Outcrop Stibnite Boulders 0.553 1.0
JM-FC91 Outcrop South Mouth 0.508 2.0
Figure 1: Principal Mineralized Areas at Fondaway Canyon
Fondaway Canyon District Structural Model
In the Colorado zone where northeast-striking and east-west striking mineralized zones intersect, sample JM-FC55 returned 10.7 gpt Au over 4 meters in bleached, iron-oxide stained shale lacking quartz veins. Another zone of altered shale lacking quartz veins about 150 m from JM-FC55 assayed 3.6 gpt Au over 2 m (JM-FC60). A 2-meter chip sample across a quartz-vein stockwork yielded 8.0gpt Au (JM-FC51); this sample is part of a broader 75-m wide zone of veining. Strongly-altered, iron-stained shale gouge adjacent to quartz veining about 55 m from JM-FC51 assayed 2.2 gpt Au over 0.3 m. On the north side of the Stibnite area, a 3-m chip across a zone of strongly-altered, bleached and iron-stained shale lacking quartz veins returned 9.9 gpt Au (JM-FC64). These sampling results continue to demonstrate that significant gold mineralization can occur in alteration zones lacking quartz veins.
The area of the Reed pit contains magnetite-rich skarn and silicification in marble. JM-FC65, collected from a stockpile from the Reed pit, consists of marble cut by a jasperoid-like silica stockwork. The sample contains 42.1 gpt Au (1.23 ounces per ton). The Company is attempting to locate this mineralization in outcrop. Other samples from the Reed pit area have returned anomalous gold (e.g., JM-FC50 with 0.6 gpt Au in massive magnetite skarn).
Mineralization at Reed is distinct from the rest of the district, and the Company's analysis of the area is on-going.
Continued sampling at the South Mouth pit area has yielded strong gold mineralization beyond the areas mined shallowly (<30 m) by Tenneco Minerals from 1989-1990. High-grade gold occurs in "shear-zone" type veins accompanied by strong alteration in adjacent shale. JM-FC84 assayed 7.9 gpt over 2 m about 50 m on strike from previous mining, and JM-FC86 assayed 3.7 over 2 m about 150 m on strike from previous mining. The sampling continues to identify disseminated gold as well. Sample JM-FC85 returned 0.6 gpt Au over 1 m in hematite-stained shale. Disseminated gold in shale was also found at Mid Realm east of the South Mouth pits; JM-FC89 assayed 2.0 g/t Au over 1 m in bleached, weakly iron-stained shale lacking quartz veins about 100 m east of the old pits.
In the South Pit area, sample JM-FC49 assayed 3.3 gpt over 0.5 m within a broader 25 m wide, northeast-striking vein and alteration zone that also includes JM-FC48 with 1.7 gpt Au over 1.5 m. These samples are 110 m southwest of and along strike with sample JM-FC33 reported previously (15.7 gpt Au over 0.5 m).
Silica Ridge contains a series of en-echelon quartz-vein stockwork zones across 350 m. Historical shallow drilling intersected significant gold, including TF-281 with 1.6 gpt Au over 41.1 m that contains four, 1.5 m samples between 3 and 4 gpt Au. The Company's recent surface sampling yielded 1.7 gpt over 4 m in JM-FC79 and 1.4 gpt over 2 m in JM-FC80. The adjacent Hamburger Hill area contains east-striking shear-zone style quartz veins and bleached/altered zones in shale. A 3-m chip across bleached, weakly iron-stained shale with minor stibnite-bearing quartz veins assayed 11.1 g/t Au (JM-FC100). Sample JM-FC99, 130 m east of JM-FC100, assayed 6.0 g/t Au across 1 m in strongly iron-stained shale with quartz veins. The mineralized zone in this area reaches 35 m in width. Historical drilling intersected significant gold, including 10.0 g/t Au over 10.7 m (with 16.6 g/t over 6.1 m) in hole TF-141, which drilled below the area of sample JM-FC100.
Sampling at Stibnite Boulders returned strong gold values, with 6.0 over 0.5 m (JM-FC74) and 3.9 gpt over 1 m (JM-FC77). A float block of stibnite-rich quartz veining assayed 1.98 gpt Au. The Stibnite Boulder area is located at the southwest corner of the district-scale dilation zone discussed previously but has seen little exploration work. The structural intersections at the corners of the dilation zone mark areas of stronger, broader mineralization and are key exploration targets; the other corners being the Colorado, Stibnite and South Pit areas.
Canarc continues to be encouraged by the positive results from the surface sampling and mapping program which confirm the presence of numerous high-grade mineralized zones across the property. These positive results and results from the past and present drilling programs will be analyzed to define future exploration drilling targets on the property.
jmat
"That remind you of any companies in Ann Arbor, Michigan?"
It does. How about the "turn around" with LUNA?
As to CRCUF, I'm not sure these bozos are familiar or qualified to putting shovel to dirt.
Hell, I thought Brad was more competent than this.
Anyone care to read this?
tinyurl.com/yahnzjyf
After a first cursory read, it looks like we're on board with a pack of losers.
Any further thoughts?
Before any dividends I would think the company would have to generate some earnings first.
Thanks. I thought you lived in Northern Nevada (see your moniker) so that was helpful.
Any thoughts on HYCTW? They're a Nevada miner or at least WERE.
I heard they were located in northern Nevada and were surrounded with gold bearing.
Latest Update
RYE PATCH REPORTS MONTHLY GOLD PRODUCTION
Florida Canyon Mine On-Track for Q3
Vancouver, British Columbia, July 10, 2017 – Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports June and second quarter production results for the Florida Canyon mining operation.
Gold production began from the new South Heap Leach Pad of the Florida Canyon Mine in April 2017. The new pad has completed its first full cycle of leaching of 45 days. Secondary leaching and new placement of ore is continuing on the Phase 1A portion of the pad. Since April, a total of 12,678 ounces of gold and silver dore have been poured. The dore is comprised of 7,075 ounces of gold and 5,603 ounces of silver.
William Howald, Rye Patch President and CEO, said, “We continue to successfully ramp-up mine operations, and the team is pleased with progress through the end of the second quarter. Gold production in the second quarter exceeded the ramp-up plan by more than 1,500 ounces of gold and the mine is on track for third quarter 2017 commercial production.”
Welsh-Hagen Associates of Reno, Nevada completed an audit of the leach pad, and compared its operational performance to the expected leach recovery model. Based on the audit, the new leach pad is performing in line with the leach curve model and recovered gold ounces are within 1 percent of the projected gold production. Production of 5,567 ounces of gold was projected for the first three months of leaching compared to 7,075 ounces of gold actually achieved between April 12 and June 30. The better-than-expected gold production results from more tons being placed on the leach pad between January and March.
June gold production was above plan but below expectations as a result of the acid wash circuit being off-line most of June to replace a cracked wash vessel. The new vessel has arrived and is being installed. Work on the regeneration kiln was also completed in June. The result of these two items being off-line was a decrease in efficiency of the carbon plant to attract the gold thus decreasing gold production. Both circuits will be back on-line in July.
Mining achieved 85 percent of its budgeted ore tons in the second quarter with the bulk of the ore coming from the Jasperoid pit. In June, a total of 693,434 tons (633,395 tonnes) of ore was mined compared to 575,477 tons (523,160 tonnes) budgeted. The increase in ore tonnage resulted from the Jasperoid pit being ore bound on the 5440 and 5420 benches. This has allowed for the mining fleet to begin accessing the second pit. Starting in July, the mine will have two sources of ore – Central and Jasperoid pits.
Fleet availability has improved dramatically over the second quarter. At the end of June, all 11 785 CAT haul trucks were operational. Two haul trucks were down for most of June as a result of major required component replacement. All other haulage and loading equipment was down for routine preventive maintenance. Loaders had a 94 percent availability and 785 haul trucks improved to 79 percent availability. An increase in 785-haul truck availability is expected to continue going forward.
The crusher continues to outperform its design specifications. Under the current plan, the crusher is required to crush 1,100 tons (1,000 tonnes) per hour. It is currently exceeding this limit and is permitted to crush up to 1,600 (1455 tonnes) tons per hour. Additional 785 haul trucks are being sourced and an increase to the crusher air quality permit is being prepared. The resulting increase in crusher capacity and through put could have a substantial positive impact on future annual gold production.
With the end of the second quarter, Rye Patch will release production results, activities and cost information for the Florida Canyon mine in the future on a quarterly basis in-line with the Company’s financial reporting.
From my email box this morning.
Canarc Completes Detailed Data Review of Fondaway Canyon Project, Develops New Structural Model for Gold Mineralization, Commences Ground Magnetic Survey and Drill Permitting in Nevada
Vancouver, Canada – July 5, 2017 – Canarc Resource Corp. (“Company”) (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces that it has completed a detailed data review of the recently acquired, wholly owned Fondaway Canyon gold project in Nevada and has developed a new structural model for gold mineralization on the property. A Phase 1 exploration program is now underway including a ground magnetic survey and permitting for an 8-10 holes diamond drill program.
New Structural Model
Re-analysis of the historic data together with on-going field mapping and sampling by Canarc's recently-hired Exploration Manager have resulted in the development of a new structural model that ties gold-mineralized zones to one main shear system structure and related dilational splays over a 3.5 kilometer (km) strike and up to 800 meter (m) width on the property.
The new model also highlights multiple areas with potential to expand the current gold resources by step out drilling along strike or down dip of the known gold zones, see diagram below.
Fondaway Canyon District Structural Model
High-grade gold mineralization (> 3 g/t) occurs within multiple, steep "shear veins" along the district-scale east-west shear zone and also within the linking northeast-trending structures in the dilation zone. Gold occurs with elevated arsenic (arsenopyrite) and antimony (stibnite); silver, copper, lead and zinc contents are extremely low. Late-stage, extensional quartz veins occur within the shear veins and as isolated northeast-trending veins within the dilation zone. Host rocks are Mesozoic carbonaceous siltstones and shales, locally calcareous, and locally hosting lower-grade disseminated mineralization lacking veins. A swarm of mafic dikes occurs along the trend. The mineral system as a whole appears to be transitional between classic shallow epithermal and deeper mesothermal vein environments.
Gold mineralization is enhanced at the intersection between east-west shear veins and northeast extensional veins, especially in the corners of the dilation zone. A good example is historic drill hole TF-114 in the Colorado area, which intersected 7.41 grams per tonne (gpt) gold over 48.8 m including 15.2 m grading 17.61 gpt about 125 m below surface.
In other areas, such as Pack Rat and South Pit, little exploration has been conducted to follow up on gold mineralization intersected over broad widths in shallow historic drilling (e.g. hole TF-250 returned 38.1 m grading 2.80 g/t Au including 12.2 m grading 5.45 g/t about 50 m below surface). Mineralization in all areas remains open at depth.
Significant gold mineralization remains to be explored in many areas, such as the 300 m wide shear-vein swarm at South Mouth, where Tenneco mined to a 35 m depth in 1989. Two historic drill holes under alluvial cover west of the range-front fault at the Pediment zone both intersected gold mineralization, clearly indicating that the main shear hosted gold mineralization at Fondaway is wide open to the west.
Exploration Program Underway
A ground magnetic survey, consisting of 179 line kilometers with 50 m line spacing, is now underway to assist in mapping structures and delineating mafic dikes, which are an important component to the structural system. The results of the magnetic survey along with on-going field mapping and sampling will be integrated into the property database to help refine specific drill targets.
An exploration notice has been submitted to the U.S. Bureau of Land Management. The notice includes up to 10 preliminary drill sites as well as access road construction as needed. The drilling program is scheduled to begin in September 2017. Further details of the drill targets will be released at that time.
In May 2017, Canarc completed an NI 43-101 report updating the mineral resources for the Fondaway Canyon project. The updated resource estimate identified indicated resources of 2,050,000 tonnes grading 6.18 gpt gold for 409,000 contained ounces (oz) and inferred resources of 3,200,000tonnes grading 6.40 gpt gold for 660,000 contained oz.
Canarc’s main exploration objectives at the Fondaway Canyon gold project in 2017 are to expand the shallow gold resources amenable to open pit mining and refine the metallurgical recoveries to produce high-grade flotation concentrates.
FG Project Terminated
In order to focus on existing wholly owned projects, the Company has terminated its Option agreement with Eureka Resources to acquire an interest in their FG Gold project in BC.
Qualified Person:
Dr. Jacob Margolis is a qualified person, as defined by National Instrument 43-101, and has approved the technical information in this news release. Dr. Margolis is engaged as a consultant to Canarc Resource Corp.
I'm looking for some kind of good news next Q.
Hopefully these guys are the miners I think they are.
Looks like it amounted to nothing.
They're all drawing salaries on the money that's been earned from the Mexico sale to EXK. No big incentive to roll up sleeves and become miners.
Oh, and Brad has lost tons of credibility hanging with these bums also.
Mexico?
Have they ever put shovel to dirt anywhere?
Brad needs to clean out the top and find some fellows that are hungry.
jmat
Vancouver, British Columbia, May 15, 2017 - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) announced today that it has received an election notice from Coeur Rochester, Inc. (“Coeur”) to purchase the Company’s 3.4% net smelter return royalty (the “Royalty”) from the sale of silver and gold processed from the Rochester Mine for US$5.0 million.
Under the Net Smelter Returns Royalty Agreement between the Company and Coeur dated June 27, 2013 (the “Royalty Agreement”), Coeur retained a right of first refusal to purchase the Royalty from the Company in the event that the Company should wish to sell or transfer the Royalty.
William C. Howald, the Company’s President and CEO commented, “The US$5,000,000 purchase price brings approximately one year’s worth of royalty payments forward. With the Rochester royalty ending in 2018, it seemed prudent to have the cash now and available as we ramp up our mining operation at Florida Canyon.”
On May 9, 2017, the Company notified Coeur that it had received an offer (the “Offer”) from a third party to purchase the Royalty for US$5,000,000 payable in cash, which was accepted by the Company. Coeur notified the Company that it elected to purchase the Royalty on the same terms and conditions set out in the Offer, which is to close within 30 business days.
Vancouver, British Columbia, May 1, 2017 - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) announced that it has completed the first gold pour from the new leach pad at the refurbished Florida Canyon Mine in Northwestern Nevada.
A total 485 ounces of gold was poured as doré in the month of April from the new South Heap Leach Pad with the first pour occurring on April 25, 2017. In addition, residual leaching from the old Florida Canyon and Standard Gold mines produced 602 ounces.
“This is a significant milestone for Rye Patch Gold,” said President and CEO William Howald. “The Florida Canyon team has done a phenomenal job on the re-start of the Mine and we are excited to be Nevada’s newest gold producer. We can now turn our sights to realizing the tremendous potential of our other projects along the Oreana Trend and reaching our goal of becoming Nevada’s next mid-tier producer.”
Rye Patch began irrigation of the newly built South Heap Leach Pad in mid-April 2017 only nine months after acquiring the Florida Canyon mine in July 2016. The Company plans to ramp up towards commercial production during the second quarter of 2017.
Vancouver, British Columbia, March 30, 2017 - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the “Company” or “Rye Patch”) reports it has received approval from the Bureau of Mining Regulation and Reclamation to start irrigation on the new South Heap Leach Pad (“South Pad”). In spite of the severe winter weather this year, the Florida Canyon mine re-start has been successfully completed.
Mining, crushing and loading of the South Pad are ramping up and are nearing 70% of the forecast production rate coming into the end of the first quarter. Optimizing and maximizing performance of the mine will take place over the second quarter with commercial production anticipated by mid-2017.
“It’s with a great sense of accomplishment and pride that the Florida Canyon team has completed the re-start of the mine,” said President and CEO William Howald. “This accomplishment launches Rye Patch as a tenacious gold producer with a bright future with its pipeline of existing resource assets and exploration upside along the Oreana trend.”
The final Nevada Department of Wildlife (“NDOW”) site inspection has been scheduled. The first gold pour from the South Pad is projected in April 2017.
Canarc Closes Acquisition of Nevada Gold Assets
Vancouver, Canada – March 21, 2017 – Canarc Resource Corp. (“Company or Canarc”) (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces that it has executed and closed a definitive agreement (the “Agreement”) with American Innovative Minerals LLC. (“AIM”), whereby Canarc acquired through its wholly owned Nevada based subsidiary called “AIM US Holdings” 100% of AIM’s outstanding securities for a total purchase price of US$2 million that has been paid at closing.
Canarc now owns 10 gold exploration properties, two of which have previously estimated historic gold resources, in Nevada, one gold project in Idaho, two royalty interests on other properties as well as data on 500 Nevada exploration properties and an additional 100 exploration properties in Montana and the western USA.
Future Plans
Canarc has already commissioned an updated NI 43-101 resource report on the main asset in the portfolio, the Fondaway Canyon gold project. The updated resource report is targeted for completion in April 2017.
Fondaway Canyon has historical Indicated resources of 409,000 ounces of gold at an average grade of 6.18 g/t gold within 2,050,000 tonnes and Inferred resources of 660,000 ounces of gold at an average grade of 6.4 g/t gold within 3,200,000 tonnes, using a cut-off grade of 3.43 g/t gold. These resources are historical estimates and a qualified person for Canarc has not done sufficient work to reclassify them as a current mineral resource. As a result the historical estimate is not being treated as a current mineral resource. Details of the historical gold resource can be found in the December 20, 2016 news release issued by Aorere Resources a New Zealand Exchange listed company.
Canarc is also planning to retain an experienced Nevada focused geologist in order to complete an in depth review of all projects and prioritize exploration targets for drilling. Management’s review of Fondaway Canyon recognized significant potential to verify the historic resources and expand them along strike and at depth.
Current Cash
Following the closing of the AIM acquisition Canarc’s cash position remains robust holding approximately C$8 million cash and equivalents.
Good find!
"producing gold at a profit is another."
Indeed, but a company needs to start with prospective properties, so I guess this would be a start.