The GNC property partially
surrounds the high grade Eskay Creek mine of Barrick Gold. The property
is joint ventured with Homestake (66 2/3%) and covers the favourable Eskay
Creek ore horizon along strike and at depth. Barrick continues to explore
the property systematically for Eskay Creek-type ore bodies that tend
to be small but extremely high grade.
Location and Access:
Northwestern British Columbia, 80 km northwest of Stewart, B.C., accessible by
truck via highway 37 and the Eskay access road.
Description and Ownership:
Three modified grid claims totaling
930 hectares. Canarc's 33 1/3% interest is carried whereby Barrick must
incur all exploration and development costs to production, subject to
repayment of those costs from cash flow.
Early stage exploration.
The Eskay Creek gold-silver deposit
was discovered in 1988 and commenced production in 1994. The ore is so
high grade (>3 oz. gold equivalent per ton) that it is simply mined, crushed
and shipped directly to smelters with no milling or concentrating. Canarc's
GNC property partially surrounds Barrick's Eskay Creek mine and has had
over $3 million in exploration completed by Barrick. Several mineral prospects
have been drilled and significant potential targets still remain to be
Multi-million oz. gold and silver
deposit, similar to the 3 million oz. gold, 150 million oz. silver Eskay
The Eskay Creek ore bodies are strata bound, volcanogenic sulfide deposits
that occur within certain favourable rock types, specifically the hanging wall mudstones and
the footwall rhyolites. This "Eskay Creek horizon" has been traced across the entire GNC
property and several mineralized prospects have been found. The footwall rhyolites are
typically altered to chlorite and sericite, and the hanging wall mudstones carry semi-massive
sulfide mineralization, including pyrite, chalcopyrite, sphalerite, and various silver minerals,
encased by pervasive carbonate alteration.