August 8, 2006 - Vancouver, Canada - Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) announces that the 2006 infill drilling program continues to delineate high grade gold mineralization in the C veins on the New Polaris property in northwestern B.C.
Drilling highlights include higher grades such as 24.6 gpt gold over 2.0 m (0.72 oz per ton over 6.6 ft) in hole 1737E-3 and broader widths such as 7.4 m grading 8.0 gpt gold (0.23 oz per ton over 24.3 ft) in hole 1676E-6. Significant intercepts were as follows:
|
Hole |
From |
Length |
Gold |
Length |
Gold |
|
(No.) |
(m) |
(m) |
(gpt) |
(ft) |
(opt) |
|
|
|
|
|
|
|
|
1676E-6 |
284.8 |
7.4 |
8.0 |
24.3 |
0.23 |
|
|
|
|
|
|
|
|
1707E-3 |
232.7 |
3.1 |
17.4 |
10.2 |
0.51 |
|
and |
247.0 |
3.0 |
5.9 |
9.8 |
0.17 |
|
and |
253.0 |
1.9 |
10.5 |
6.2 |
0.31 |
|
|
|
|
|
|
|
|
1707E-6A |
312.0 |
1.4 |
18.8 |
4.6 |
0.55 |
|
|
|
|
|
|
|
|
1737E-3 |
242.3 |
2.0 |
24.6 |
6.6 |
0.72 |
|
and |
252.7 |
2.0 |
10.6 |
6.6 |
0.31 |
|
|
|
|
|
|
|
|
240SW-8 |
263.5 |
6.5 |
7.7 |
21.3 |
0.22 |
|
and |
297.7 |
1.5 |
8.8 |
4.9 |
0.26 |
|
and |
316.1 |
1.45 |
8.3 |
4.8 |
0.24 |
|
|
|
|
|
|
|
|
270SW-4 |
263.1 |
5.75 |
12.3 |
18.9 |
0.36 |
|
and |
310.8 |
2.9 |
4.9 |
9.5 |
0.14 |
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 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% of core lengths.
Hole 240SW-8 is the deepest and north-eastern most drill hole on the infill grid to date. The C vein appears to be thickening in this direction and the C vein resource area is wide open for expansion to the northeast and at depth. Although not part of the original drill plan, some additional holes will be drilled to further test this area of the C veins.
Canarc has now completed the drilling of 33 holes, or half of the scheduled 65 hole 2006 infill drill program. Eleven holes are currently out for assay including several in the vicinity of 240SW-7 and 8.
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 assets are its 100% interest in the New Polaris gold deposit, British Columbia and its 80% option on the Benzdorp gold property in Suriname. Major shareholders include Barrick Gold Corp. and Kinross Gold Corp.
On Behalf of the Board of Directors
CANARC RESOURCE CORP.
/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.