Under an option agreement, Canarc Resource (VSE) can earn a 35-65% interest in four gold properties near the Cayuni and Barama Rivers in northwestern Guyana.
It can earn an initial 50% interest in each property by spending US$7 million over four years. Canarc can then boost its interest in the first property of its choice to 65%, giving the vendor the right to boost its interest in a second property to 65%.
Each of the four properties has a history of gold production over the past 100 years and all are believed to have the potential to host bulk-tonnage, low-grade gold deposits.
Canarc is conducting surface exploration on the properties.
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