Canarc Resources is a Project Generator focusing in Canada. They have some good properties, yet investors have stayed away. Their New Polaris project is a 1.1 million oz resource, averaging 11 gpt. They have a PEA for 72,000 oz of production for 10 years with low cash costs around $500. If they get a JV deal, then we will know their equity interest. That project could make them a 3 bagger - with a good option deal. They have a fully diluted market cap of $12 million.
They also have two other large 100% owned projects. The first is called Tay-LP in the Yukon on 20,000 acres. Early drill results have been good and they have many, many targets to drill. The second is the Windfall Hills project in British Columbia on 10,000 acres, and it is drill ready. Lastly, their Devil Thumb project has three early exploration properties. All together, the upside looks promising. However, there are a few red flags: 1) Why hasn't the company made a JV deal for New Polaris? It seems like a slam dunk project with low capex of $75 million and an NPV at $195 million (at $1200 gold). 2) Why hasn't the company advanced their other two projects? 3) They are out of cash and face financing and dilution issues.
Note: Their website implies that they are an exploration and development company with the expertise to build and operate mines, but I think they are a project generator.
Trying to find a JV partner to finance and build their Polaris mine.
Out of cash. Two other properties they want to drill.
Gold Price (last analysis) ($)
Silver Price (last analysis) ($)
Stock Price (last analysis) ($)
1 Yr Stock Price High ($)
Stock Price Change From 1 Yr High (%)
Stock Price USA 5-Year High ($) (including date)
.57 Cents - 4/11/2007
Stock Price USA 5-Year Low ($) (including date)
.02 Cents - 12/19/2008
They have good projects, but they have not been able to turn them into share holder value.
Canada (British Columbia, Yukon)
Local Issues (wag)
New Polaris has some infrastructure issues, but may not be an problem.
Country of Incorporation
4 Projects in Canada.
The New Polaris project is a 1.1 million oz resource (11 gpt) that is ready for development. They have a PEA for 72,000 oz of production for 10 years at low cash costs. It has a $100 million capex, but good economics. They are trying to find a JV partner to finance, build, and operate the mine.
They claim to have the expertise to build and operate mines, but I think they are a project generator.
They also have an excellent 20,000 acre property (Tay-LP) in the Yukon with very good early drill results. And they have a 10,000 acre property (Windfall Hills) in British Columbia that is drill ready. Plus, they have 3 other early exploration properties in their Devils Thumb project.
Shareholder Friendly (wag)
Could get highly diluted for a Project Generator (because of their low share price). Currently at 138 fully diluted shares.
Ore Grade (wag)
New Polaris is high grade with an average of 11 gpt
6/1/2013: Reduced rating from 2.5 to 2 because they have not made a JV deal yet for Polaris.
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