CCM hit very rich gold and is right across the river from RDV. It was up .08 on th enews to .69:
Canarc drills 3.00 m of 23.2 g/t Au at New Polaris
Canarc Resource Corp (C:CCM)
Shares Issued 63,551,326
Last Close 6/19/2006 $0.61
Tuesday June 20 2006 - News Release
Mr. Bradford Cooke reports
CANARC REPORTS HIGH GRADE GOLD INTERCEPTS FROM FIRST SEVEN DRILL HOLES OF PHASE 3 INFILL DRILL PROGRAM ON NEW POLARIS PROPERTY, B.C.
Canarc Resource Corp.'s first seven drill holes of the phase 3 infill drill program on the New Polaris property in northwestern British Columbia have each returned high-grade gold intercepts.
Some highlights from the first seven holes include 23.2 grams per tonne gold over 3.00 metres (0.68 ounce per ton gold over 9.8 feet) in hole 1646E-2A, 22.4 g/t gold over 4.80 m (0.65 ounce per ton gold over 15.7 feet) in hole 1615E-8 and 15.5 g/t gold over 7.20 m (0.45 ounce per ton gold over 23.6 feet) in hole 1646E-6. Drill results were as follows:
Hole From Length Gold Length Gold
No. (m) (m) (g/t) (feet) (oz/t)
1646E-1 140.00 4.20 9.3 13.8 0.27
1646E-2A 172.80 3.00 23.2 9.8 0.68
1646E-5 252.60 3.85 22.8 12.6 0.66
1646E-6 258.30 7.20 15.5 23.6 0.45
1646E-7A 282.70 2.30 5.9 7.5 0.17
1646E-8 333.60 4.80 8.0 15.7 0.23
1615E-8 295.30 4.80 22.4 15.7 0.65
For drill hole locations and results, please refer to the C vein longitudinal section and drill results table on Canarc's website. All seven drill holes (solid triangles) are located on the westernmost two-section lines, 1615E and 1646E, of the 10 section lines to be drilled along the C vein system this year. 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.
In 2006, Canarc plans to complete 20,000 metres (65,000 feet) of core drilling in approximately 65 holes on a 30-metre (100-foot) grid pattern to depths of 360 m (1,200 feet) using two drill rigs. Results will be released approximately every two weeks from June to September.
Canarc owns a 100-per-cent interest (subject to a 10-per-cent net profit royalty) in the New Polaris property, a former high-grade, underground gold mine that produced 231,000 ounces of gold between 1939 and 1951. From 1990 to 1997, Canarc invested over $15-million exploring New Polaris to outline a historic resource of 1.3 million ounces gold contained within 3.6 million tons grading 0.36 ounce per ton (3.3 million tonnes grading 12.3 g/t), which preceded and is not compliant with National Instrument 43-101, and therefore should not be relied upon.
The planned phase 3 infill drill program will target the C and Y vein systems. It is designed to develop a National Instrument 43-101-compliant, measured, indicated and inferred gold resource of 600,000 to 650,000 ounces contained within 1.2 to 1.6 million tons grading 0.4 to 0.5 ounce per ton gold (1.1 to 1.5 million tonnes grading 13.7 to 17.2 g/t gold). This target resource will serve as the basis for an initial nine-year mine life. Previous drilling within the areas of the proposed infill drill program returned a weighted average grade and thickness of 0.46 ounce per ton (14.3 g/t) gold over an average core length of 14.6 feet (4.5 m) for the C vein and 0.50 ounce per ton (17.1 g/t) over an average core length of 15.7 feet (4.8 m) for the Y vein.
After completing a new resource estimate, Canarc plans to refine the conceptual mine plan, complete an initial economic evaluation and enter into the provincial mine development permitting process in the fourth quarter of 2006. The New Polaris project should then move to a full feasibility study and final permitting in 2007.
James Moors, BSc, PGeo, 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 g/t Au and other trace elements are analyzed by atomic absorption. ALS Chemex also uses its own standards for quality control checks.
© 2006 Canjex Publishing Ltd. |
