Canarc Sampling Returns 39.7 gpt and 9.3 gpt Gold Over 2 m Widths From New Vein Discovery On Benzdorp Project, Suriname
February 14, 2007
Vancouver, Canada – February 14, 2007 - Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, DBFrankfurt: CAN) announces that recent sampling of a newly discovered quartz vein in the MM pit on the Benzdorp property in Suriname assayed 39.7 gpt gold over a 2 m horizontal channel sample and 9.3 gpt gold over a 2 m vertical channel sample. A representative grab sample from the same vein returned 28.8 gpt gold.
The MM vein was discovered by local poknokkers (small scale, itinerant miners) last year within a sheared, altered, felsic intrusion mineralized with quartz-limonite-manganese veinlets. They have excavated a pit 20 m deep and are currently processing the main quartz vein and surrounding mineralized saprolite through a small hammer mill and recovering the gold in a sluice box.
This shear-related gold-quartz vein at MM carries gold grades similar to the high grade Antino vein of Reunion Gold just to the south of Benzdorp. The stockwork of limonite-manganese veinlets surrounding the main vein at MM also carries anomalous gold values.
The MM vein is just one of several new gold discoveries sampled by Canarc in 2006. Several new poknokker pits exposed quartz-limonite-manganese veinlets hosted by shear zones crosscutting altered felsic intrusions, banded phyllitic sediments/ tuffs and andestic volcanics at different locations. Pit sampling returned the following assays:
|
Pit |
Length (m) |
Gold (gpt) |
|
|
|
|
|
JQB |
2.0 |
3.37 |
|
|
|
|
|
RK |
Grabs |
5.89, 4.24, 2.22 |
|
|
|
|
|
MM |
2.0 |
39.7 |
|
|
2.0 |
9.3 |
|
|
Grab |
28.8 |
|
|
|
|
|
JB |
Grab |
1.04 |
|
|
|
|
|
JH |
2.0 |
2.14 |
|
|
|
|
|
VD |
Grab |
7.75 |
|
|
|
|
|
Paulo |
2 |
3.69 |
|
|
|
|
|
Pinheiro |
2 |
1.14 |
In 2006, Canarc fine-tuned its exploration strategy at Benzdorp to search for higher grade, shear-related gold mineralization to compliment the lower grade, porphyry-related gold discovery at the JQA prospect area. A CA$1 million program was completed, consisting mainly of a high resolution airborne geophysical survey and a large geochemical soil sampling survey, over the 25 km long portion of the greenstone belt and gold district found along the eastern part of the Benzdorp property.
The airborne geophysical survey covered 1860 km of line spaced 150 m apart and collected detailed magnetic and radiometric readings. This data was then modeled using different software programs to produce several maps showing the main geophysical domains and the interpreted geological domains and structures.
The ground geochemical survey covered 136 km of line spaced between 200 and 400 m apart and collected 5191 soil samples for gold assay, as well as several hundred rock samples. The data were plotted over top of the aeromagnetic and geology maps in order to facilitate selection of the most prospective target areas. Canarc crews then mapped and sampled the high priority target areas of prospective geology, geophysics and geochemistry.
As a result, one 7 km long trend of shear-related gold prospects within phyllitic sediments/tuffs and six mineralized felsic intrusions were identified in the field. Six gold prospects in the sediments are shear-hosted quartz veins and all six felsic intrusions were found to be mineralized by quartz-limonite-manganese veins and stockworks to varying extents. Four prospective aeromagnetic anomalies still remain to be followed up.
Bradford Cooke, Chairman and CEO, commented, “We are gratified to see that Canarc’s shift of exploration strategy in 2006 paid off with the discovery of several new and higher grade gold prospect areas. A more aggressive, Phase 1, 2007 work program of ground geophysics, bulldozer trenching, additional soil geochemistry and poknokker pit mapping and sampling is already underway in order to define targets for drilling in a Phase 2 work program starting later this year.”
Canarc owns 40% of Benzdorp Gold NV, with an option to earn up to an 80% shareholding from Grassalco, the state mining company of Suriname. Grassalco retains the rights to small scale placer mining and its shares of Benzdorp Gold allow it to receive a net revenue interest, either a floating net smelter return of 1.5% to 6% based on the price of gold or a 20% net profits share after Canarc recovers all of its capital investment with interest.
James Moors, P.Geo., is the Qualified Person responsible for the exploration work performed on the Benzdorp Property. All samples were obtained by Canarc personnel and flown to Paramaribo, Suriname for assay by The Assay Lab. Gold content was determined by fire assay with an AA finish.
Canarc Resource Corp. is a growth-oriented, gold exploration company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company’s New Polaris gold project in north-western British Columbia is one of the largest undeveloped high grade gold deposits in Western Canada. Canarc’s focus is now on advancing New Polaris to the feasibility stage and acquiring attractive near-term gold mining projects. Barrick Gold Corp. is a shareholder.
CANARC RESOURCE CORP.
Per:
/s/ Bradford J. Cooke
Bradford J. Cooke
Chairman and C.E.O.
For more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700, tel: (604) 685-9700, fax: (604) 685-9744, email: invest@canarc.net or visit our website, www.canarc.net. The TSX Exchange has neither approved nor disapproved the contents of this news release.
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Certain statements contained herein regarding the Company and its operations constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are “forward-looking statements”. We caution you that such “forward looking statements” involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company’s filings with Canadian and American Securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements. We seek safe harbour.