Canada’s Canarc buys Corral Canyon gold project in Nevada

Vancouver-based Canarc Resource (TSX: CCM) just bought the Corral Canyon gold exploration project in northwestern Nevada through the staking of 92 mining claims. The Vancouver-based miner now owns 100% of the project with no underlying royalties.

According to Canarc, the 742-hectare project lies along a regionally productive gold trend that includes the past producing high-grade Sleeper gold mine, which had a total output of 3.1 million oz gold. It is also close by Newmont's Sandman deposit and Premier's Goldbanks deposit.

In detail, the site is located 35 kilometres west of the town of McDermitt in Humboldt County along the western flank of the McDermitt caldera complex, an area of volcanic rocks that hosts significant lithium and uranium mineralization in addition to gold.

The miner says Corral Canyon contains significant, volcanic-hosted, epithermal, disseminated and vein gold mineralization evidenced by previous drilling.

"We are encouraged by the presence of high grades at Corral Canyon in the same type of gold system that has yielded significant discoveries elsewhere within the Great Basin. Our immediate goal will be mapping and sampling, so we can re-interpret previous exploration results and identify high priority drill targets as quickly as possible," Scott Eldridge, Canarc's CEO, said in a media statement.