Canarc Resource (TSE:CCM)(OTCBB:CRCUF) said it has a three-pronged strategy for 2015 designed to create value for shareholders, including discussions with strategic partners to advance its New Polaris gold mine project in British Columbia.
The New Polaris mine, which has current resources of 519,000 ounces in the measured and indicated categories and another 636,000 inferred, is intended to move through feasibility, permitting and construction, to eventual production stage.
The company said it will also seek a financial partner to continue exploration drilling at its Windfall Hills project in central BC, as well as evaluate advanced gold properties throughout the Americas for possible acquisitions.
Regarding New Polaris, Canarc has been meeting with potential strategic partners in recent weeks that are interested in financing the project. It said that it is assessing an alternative metallurgical process for the project for treating refractory gold concentrates to facilitate the production of dore gold bars, which could add significant value.
The company has outlined a $9 million feasibility and permitting program for New Polaris over a two year period, which would include $4 million for a 15,000 metre infill drilling program. The drilling would be aimed at upgrading inferred resources into the measured and indicated categories.
At Windfall, Canarc made a new gold-silver discovery there last year, and staked additional mineral claims, with its total land position at the property now totalling some 4,337 hectares. It is planning to conduct geochemical and geophysical surveys in 2015 to better define the new zone and its possible extensions, the company said.
Canarc also highlighted its desire to capitalize on the recent decline decline in precious metals prices by acquiring turnaround projects in the Americas, taking advantage of its "in-house mine operating experience and access to financing capital." The company will continue its efforts to look for such opportunities in 2015.
It said it is fully funded to cover operating expenses for the year, but has plans to pursue additional financing and joint venture alternatives in 2015 to advance its two main projects.