Canarc Resource Corp. (TSX:CCM,OTCBB:CRCUF) announced an updated resource estimate for its El Compas gold-silver mine in Mexico. Canarc is made up of 23 concessions across 2,900 hectares, and between 2005 and 2010 153 drill holes were completed, outlining high-grade gold and silver mineralization within at least two vein structures.
The new resource estimate is as follows:
- CIM Definition Standards were followed for the Mineral Resource estimates.
- Mineral Resources are estimated using Vulcan software, and have been reported at a 2 g/t Au cut-off grade.
- For the purpose of resource estimation, assays were capped at 75 g/t for Au and 700 g/t for Ag.
- A bulk density of 2.6 tonnes/m3 has been applied for volume to tonnes conversion.
- Resource categories have been applied to the estimation on the basis of drill-hole density, number of available composites, estimation pass and confidence in the estimation.
- A small amountof the resource has been mined at the top of the El Compas vein and this material has been removed from the resource.
- The estimate includes inferred resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the results predicted by this estimate will be realized. The mineral resources estimate could be materially affected by: environmental, geotechnical, permitting, legal, title, taxation, socio‐political, marketing or other relevant issues.
Catalin Chiloflischi, CEO of Canarc, commented:
Confirmation and improvement of previous historical resource estimates for the El Compas project marks yet another important step forward for Canarc to transition into a successful producing gold-silver mining company during 2016.
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