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Canarc inks deal to acquire up to 80% stake in Tasca's Princeton gold property

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Canarc inks deal to acquire up to 80% stake in Tasca's Princeton gold property

Tasca Resources Ltd. agreed with Sydney Wilson and Canarc Resource Corp., granting Canarc an option to acquire up to an 80% interest in the 14,650-hectare Princeton gold property in British Columbia.

Canarc will spend up to C$900,000 on exploration over a two-year period, as part of the deal. The company will pay an additional C$25,000 to form an 80/20 joint venture with Tasca to further explore and advance the property.

Tasca will retain a 1% net smelter royalty on the property, while Sydney Wilson will hold a 2% NSR royalty on the Sydney Wilson claims portion of the property, totaling 4,012 hectares, according to a Dec. 20 release. Canarc can acquire the Tasca NSR and 50% of the Sydney Wilson NSR for C$1 million each.

Additionally, Canarc plans to complete an airborne geophysical survey on the property in December to refine the known high-grade drill targets and identify new targets. A phase one drill program is being considered for 2019.