Canarc Commences Phase 2 Augering and Drilling Program, Sara Kreek Property, Suriname.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Dec. 3, 1996-- Canarc Resource Corp (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). 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 .) Canarc Resource Corp. (CCM.TSE) has commenced a Phase 2 deep augering and 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 at its Sara Kreek property in the Republic of Suriname. This work will include approximately 25 deep auger auger (ô`gər): see drill. auger Tool (or bit) used with a carpenter's brace for drilling holes, usually in wood. It looks like a corkscrew and produces extremely clean holes, almost regardless of how large the bit is. holes and initially 6 diamond drill holes in three gold prospect areas, the WP, DP and EB anomalies, over the next 60 days in order to better assess their potential for open pit, high grade, saprolite sap·ro·lite n. Soft, partially decomposed rock rich in clay and remaining in its original place. saprolite 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. similar to the Gros Rosebel deposit (1.4 million oz. gold reserve) currently being developed by Cambior and Golden Star Resources 90 km. north of Sara Kreek. Canarc owns an 80 percent interest in the Sara Kreek property (22,500 hectares), one of the better known gold districts in Suriname. Historic gold production from dredging dredging, process of excavating materials underwater. It is used to deepen waterways, harbors, and docks and for mining alluvial mineral deposits, including tin, gold, and diamonds. of creek gravels exceeded 500,000 oz., in addition to significant unrecorded production. Canarc's partner, Suriname Wylap Development Corp. is the operator of a small scale placer mining placer mining: see mining. placer mining Oldest method of recovering gold from alluvial deposits. It takes advantage of gold's high density, which causes it to sink more rapidly from moving water than the lighter siliceous materials with which it is operation on the property currently producing between 150 and 300 oz. per month. The Company explored Sara Kreek between 1993 and 1995 through reconnaissance and follow-up stream sediment, soil sampling, and deep augering programs. Three main gold prospect areas were found within an area measuring 4 km. x 4 km. In 1995, machine trenching and diamond drilling confirmed the presence of gold mineralization assaying economic grades over mineable widths associated with quartz stockwork zones within north-south trending shear zones crosscutting cross·cut·ting n. A technique used especially in filmmaking in which shots of two or more separate, usually concurrent scenes are interwoven. Also called intercutting. volcanic greenstones intruded in·trude v. in·trud·ed, in·trud·ing, in·trudes v.tr. 1. To put or force in inappropriately, especially without invitation, fitness, or permission: by quartz-feldspar porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. stocks. "Canarc intends to continue aggressively exploring and developing 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. areas on the Sara Kreek property with the commencement of our Phase 2 work program," stated Bradford Cooke, President and C.E.O., "The EB, DP and WP prospects are of sufficient surface area and gold grade to suggest good potential for several open pittable, high grade, saprolite gold deposits with million+ oz. potential in total." 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 on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CCM". Some of the better results are summarized as follows: -0-
SURFACE SAMPLES
Anomaly Dimensions Average Grade Peak Grade
(m.) (gpt) (gpt)
PARROT
Soils 1500 x 1400 2.33
(open to E.)
Auger 1000 x 900 est. 0.75
(open to S.)
38 Rocks 23.7 400
KAKA
Soils 600 x 150 4.32
Auger 400 x 100 0.26
(open to NE,SW)
BREAKFAST
Soils 1800 x 800 2.33
(open to N.)
Auger 800 x 650
(open to N, E) 0.53
PARBO
Soils 400 x 200 3.81
(open to N, W)
Auger 225 x 125 0.96
(open to N,E,S,W)
TRENCH ASSAYS
Anomaly Dimensions Average Grade
(m.) (gpt)
PARROT
Trench 1 18 1.06
Trench 2 8 0.31
Trench 3 30 0.41
Trench 4 42 1.68
incl. 9 3.05
Trench 5 20 2.42
incl. 5 4.59
Trench 8 162 1.23 uncut or 0.61 cut
inc. 8 15.41 uncut or 5.43 cut
and 10 2.84
WP Adit 50 x 6.0 2.0
(open to NE, SW)
KK Adit 30 x 4.8 2.30
(open to NE, SW)
DRILL RESULTS
Zone Hole No. From To Intersected Gold Grade
(m.) (m.) width (m.) (g/t.)
Wild Parrot "WP" East
WP95-01 10.12 15.00 4.88 1.37
146.23 152.30 6.07 1.92
WP95-02 42.94 46.10 3.16 4.44
Wild Parrot "WP" West
WP95-06 24.55 30.73 6.18 1.94
WP95-07 10.77 17.73 6.96 0.99
27.53 41.99 14.46 0.97
142.69 155.19 12.50 1.48
WP95-08 5.89 15.55 9.66 2.00
(hole stopped in saprolite short of target)
WP95-10A 62.84 75.68 12.84 0.46
Djogo 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
Eternity's 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
ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradford J. Cooke, President NOTE: Location map 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 Releases through this format, please inform us of your E-Mail address. CONTACT: Canarc Resource Corp. Robert Carriere, 604/685-9700 Internet - http://www.mcomm.com/Canarc |
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