Drilling Intersects 23.1 gpt Gold Over 16.5 m at New Polaris Project
September 25, 2006
September 25, 2006 - Vancouver, Canada - Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) announces that recent drilling has intersected 23.1 gpt gold over 16.5m (0.67 oz per ton gold over 54.1 ft) in hole 1768E-1A at the New Polaris project in northwestern British Columbia.
Drill holes 1768E-1A, 330SW-9 and 330SW-10 each intersected strong mineralized zones consisting of disseminated to semi-massive arsenopyrite (quartz-carbonate) and containing higher-grade core zones typical of the C vein system. All three holes were drilled near the #1 fault towards the center of the 2006 drill grid to fill gaps in the previous drill pattern. Therefore, these holes have expanded the area of known mineralization outside of the historic estimates.
Drilling highlights from the latest three drill holes were as follows:
|
Hole |
From |
Length |
Gold |
Length |
Gold |
|
(no.) |
(m) |
(m) |
(gpt) |
(ft) |
(opt) |
|
|
|
|
|
|
|
|
1768E-1A |
225.8 |
16.5 |
23.1 |
54.1 |
0.67 |
|
Incl. |
227.3 |
1.0 |
36.9 |
3.3 |
1.08 |
|
|
229.3 |
2.0 |
40.3 |
6.6 |
1.17 |
|
|
237.0 |
2.3 |
48.6 |
7.5 |
1.42 |
|
|
|
|
|
|
|
|
330SW-9 |
326.4 |
6.6 |
8.3 |
21.7 |
0.24 |
|
Incl. |
328.7 |
1.2 |
16.3 |
3.9 |
0.48 |
|
|
331.3 |
1.0 |
15.8 |
3.3 |
0.46 |
|
|
|
|
|
|
|
|
330SW-10 |
330.5 |
2.75 |
12.9 |
9.0 |
0.38 |
|
Incl. |
330.5 |
1.0 |
18.1 |
3.3 |
0.53 |
|
and |
373.85 |
2.6 |
17.7 |
8.5 |
0.52 |
|
Incl. |
374.85 |
1.0 |
23.5 |
3.3 |
0.69 |
|
|
|
|
|
|
|
|
True widths are approximately 65% to 80% of core lengths. | |||||
For drill hole locations, refer to the C Veins Longitudinal Section on Canarc’s website - New Polaris Project. All previous drill holes are shown as solid circles, proposed 2006 drill 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.
As a result of the recent drill results defining a much thicker zone of C vein mineralization towards the deep northeast edge of the 2006 infill drill grid and the discovery of high grade visible gold mineralization along the deep southwest edge of the drill grid, the 2006 work program has now been expanded as follows:
- Extend drill program by 10 holes totalling an additional 7,000 m of drilling,
- Accelerate mine engineering, metallurgical and environmental studies,
- Mobilize 200 tonnes of fuel, mining equipment and supplies for a major underground dewatering and ramp development program to commence Q4, 2006
James Moors, B.Sc., P.Geo, 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 sub-sample is taken for analysis. Gold content is determined by fire assay with a gravimetric finish on samples containing greater than 1 gpt Au, and other trace elements are analyzed by atomic absorption. ALS Chemex also uses its own standards for quality control checks.
Canarc Resource Corp. is a growth-oriented, gold exploration and mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company’s principal asset is its 100% interest in the New Polaris gold property, British Columbia. Shareholders include Barrick Gold Corp. and Kinross Gold Corp.
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.
CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS
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.
