Canarc drills 8.9 g/t gold over 35.0 m in C vein
2006-08-21 09:20 ET - News Release
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CCM Close 2006-08-18 C$ 0.80
Mr. Gregg Wilson reports
CANARC RESOURCE CORP.: DRILLING RETURNS BEST HOLES YET AT NEW POLARIS PROJECT, BC
Canarc Resource Corp.'s 2006 infill drilling program has returned some of the best holes yet in the C vein system on the New Polaris property in northwestern British Columbia.
Drilling highlights include 8.9 grams per tonne over 35.0 metres (0.26 ounce per ton over 114.8 feet), 20.4 grams per tonne over 5.0 metres (0.59 ounce per ton over 16.4 feet) and 35.3 grams per tonne over 1.5 metres (1.03 ounces per ton over 4.9 feet) in hole 300SW-8. Significant intercepts were as follows:
Hole From Length Gold Length Gold
(No.) (m) (m) (gpt) (feet) (opt)
270SW-5 266.75 8.25 11.7 27.1 0.34
incl. 272.1 2.9 19.9 9.5 0.58
270SW-17 229.8 4.2 9.8 13.8 0.29
270SW-8 286.3 2.7 13.9 8.9 0.41
300SW-7 278.2 14.8 8.6 48.6 0.25
incl. 281.9 3.5 14.2 11.5 0.41
incl. 281.9 1.0 27.1 3.3 0.79
incl. 290.4 1.9 17.3 6.2 0.50
300SW-8 303.3 35.0 8.9 114.8 0.26
incl. 305.1 5.0 20.4 16.4 0.59
incl. 307.5 1.5 35.3 4.9 1.03
incl. 318.0 7.1 16.2 23.3 0.47
incl. 323.3 1.0 40.9 3.3 1.19
1737E-5 312.3 3.95 9.5 13.0 0.28
incl. 314.1 1.5 15.9 4.9 0.46
1737E-6 350.5 8.6 7.1 28.2 0.21
incl. 356.1 2.1 20.0 6.9 0.58
incl. 356.1 0.9 34.0 3.0 1.00
All previous drill holes are shown as solid circles, proposed 2006 hole locations are shown as open circles and the holes reported in this news release are shown as stars. Note that this year's drill hole numbers refer to location along the section lines, not chronological sequence. Therefore, previous drill holes located along the section lines will cause some gaps to appear in this year's drill hole number sequence. True widths are estimated to be 70 to 75 per cent of core lengths.
These latest drill results confirm that the C vein system is thickening to the northeast and at depth, beyond the area previously drilled. Because the gold resource is wide open in this area, management is now considering a significant expansion of the 2006 work program, as follows:
extend drill program by 10 holes totalling an additional 7,000 metres of drilling to expand the National Instrument 43-101 resource target substantially higher than the minimum 600,000 ounces of gold;
accelerate mine engineering, metallurgical and environmental studies for the preliminary economic evaluation; and
mobilize 600 of tonnes fuel, mining equipment and supplies for a major underground dewatering and mining program to commence in the fourth quarter of 2006.
Bradford Cooke, chairman and chief executive officer, stated: "We are very encouraged by these latest drill results, the best of the 2006 infill drilling program so far. In the 1990s, Canarc drilled similar thick C vein intercepts in the southwest portion of the C vein zone, but this is the first time we have seen such thick, rich intercepts towards the northeast, outside of the area previously drilled. Because of the excellent potential for finding substantial new resources at depth on the C veins, management is now looking at expanding the 2006 work program."
James Moors, BSc, PGeo, vice-president, exploration, is the qualified person supervising the 2006 drill program on the New Polaris property. He has instituted a quality control sampling program of blanks, duplicates and standards to ensure the integrity of all assay results. All drill core is split by Canarc personnel at the New Polaris camp, and then flown to Vancouver for assay by ALS Chemex. The core samples are dried, crushed, split and a 30-gram subsample is taken for analysis. Gold content is determined by fire assay with a gravimetric finish on samples containing greater than one gram per tonne gold and other trace elements are analyzed by atomic absorption. ALS Chemex also uses its own standards for quality control checks.
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