Canarc - favourable trench and auger gold assays at Sara Kreek Property, drill program commences in Suriname.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 20, 1997-- Canarc Resource Corp (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , VSE See DOS/VSE. VSE - Virtual Storage Extended :CCM CCM Contemporary Christian Music CCM Critical Care Medicine CCM County College of Morris (New Jersey) CCM Chama Cha Mapinduzi (political party, Tanzania) CCM CORBA Component Model ., OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CRCUF.) Canarc Resource Corp. announces that favourable trench and auger gold assays have confirmed gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. of economic grades over mineable widths in two gold prospect areas on the Sara Kreek property in Suriname. As a result, Canarc has commenced a Phase 2, 10 hole diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program on the Breakfast (EB) and Parbo (DP) prospect areas at Sara Kreek in order to further delineate the two gold mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones. Canarc recently completed approximately 75 deep auger holes, typically 10 to 15 m deep, in the Parbo and Breakfast prospect areas in order to delineate the trend and geometry of gold mineralization in saprolite sap·ro·lite n. Soft, partially decomposed rock rich in clay and remaining in its original place. saprolite below the soil and colluvium col·lu·vi·um n. pl. col·lu·vi·ums or col·lu·vi·a A loose deposit of rock debris accumulated through the action of gravity at the base of a cliff or slope. . A total of 20 deep auger holes intersected gold mineralization in saprolite exceeding 1 gpt. gold. At Parbo, 8 deep auger holes returned assays from 1.00 to 38.85 gpt. over separate 2 m intervals. The best auger hole bottomed in 10 meters grading 12.6 gpt., open at depth. Gold mineralization is found with quartz veinlets hosted in a series of sub parallel shear zones. These zones were augered over a 100 m length and an aggregate width of 100 m, still open along strike to the east and west. At Breakfast, 12 deep auger holes gave assays from 2.51 to 12.84 gpt. over separate 2 m intervals. The best auger hole bottomed in 4 meters grading 11.0 gpt., open at depth. Gold mineralization is associated with quartz veinlets in shear zones over a 200 m length and an aggregate width of 100 m, still open along strike to the north and south. A third gold prospect area at Sara Kreek, the Parrot (WP), is currently being deep augered prior to diamond drilling. Drilling is underway at Breakfast and Parbo. The drill program is expected to expand significantly beyond the initial 10 holes, subject to favourable assay results in the drill and auger programs. Significant 1995 diamond drill results and previously unreleased trench results can be summarized as follows: -0-
Hole no./ From To Intersected Gold
Zone Trench no. (m.) (m.) Width (m.) Grade
(gpt.)
Parbo "DP" DP95-02 23.58 32.34 8.76 1.31
DP95-03 1.52 12.19 10.67 5.94
25.91 27.43 1.52 7.62
DP-01 4.0 1.05
Trench 2.0 24.31
2.0 14.16
2.0 1.51
40.0 2.27
DP-02 4.0 1.19
Trench 10.0 2.54
2.0 1.01
8.0 1.65
DP-03 4.0 3.17
Trench 8.0 1.99
10.0 1.75
Breakfast "EB" EB95-01 101.58 115.82 14.24 0.84
EB95-04 21.33 30.47 9.14 4.98
44.19 47.24 3.05 3.35
EB95-05 3.04 12.19 9.15 0.92
64.00 68.95 4.95 1.26
149.63 156.97 7.34 5.00
EB95-07 35.06 40.42 5.36 1.80
Stated Godfrey Walton, Exploration Manager for Canarc, "The gold prospect areas at Sara Kreek appear to be the source areas for extensive historic and current placer gold mining activities on the property. We believe the Sara Kreek property has excellent potential for high grade gold deposits in mineralized shear zones." Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company with active projects worldwide. Major shareholders include Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. and Echo Bay Mines Ltd. The Company's common shares trade under the symbol "CCM" on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. as well as on the following exchanges: Vancouver: Vista:CCM., Frankfurt: Third Market Segment:CAN., Berlin: Over the Counter:CAN., NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). : Electronic Bulletin Board:CRCUF. ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradford J. Cooke, President NOTE: Location maps (4) available from the Company at the phone number listed below. NOTE: If you have an E-Mail address See Internet address. e-mail address - electronic mail address and would prefer to receive Canarc's News through this format, please E-Mail us at 73704.3544@compuserve.com. CONTACT: Canarc Resource Corp. Robert Carriere, 604/685-9700 http://www.mcomm.com/Canarc |
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