Canarc Options Parker Lake Gold Property in Manitoba.Canarc Resource Corp. has acquired an option to earn a 100 percent interest in the large Parker Lake gold property in northeastern Manitoba. Located approximately 220 km southeast of Thompson, Manitoba The City of Thompson, "Hub of the North" is the regional trade and service centre of Northern Manitoba. The city is located 830 kilometers north of the international border, and 739 kilometers north of the provincial capital of Winnipeg, and is 396 kilometers Northeast of Flin , the property encompasses 42,310 hectares in the Gods Lake greenstone belt Greenstone belts are zones of variably metamorphosed mafic to ultramafic volcanic sequences with associated sedimentary rocks that occur within Archaean and Proterozoic cratons between granite and gneiss bodies. . This belt contains several small gold deposits hosted in iron formation, similar geologically to Echo Bay's Lupin mine (3 million oz.), the Musselwhite deposit (3 million oz.) of Placer Dome/TVX and the recent Cumberland/WMC Meliadine discovery in the Northwest Territories. The Parker Lake property covers a 40km strike length of folded iron formation, including silicate silicate, chemical compound containing silicon, oxygen, and one or more metals, e.g., aluminum, barium, beryllium, calcium, iron, magnesium, manganese, potassium, sodium, or zirconium. Silicates may be considered chemically as salts of the various silicic acids. , sulfide and oxide facies facies /fa·ci·es/ (fa´she-ez) pl. fa´cies [L.] 1. the face. 2. surface; the outer aspect of a body part or organ. 3. expression (1). up to 200m wide, crosscut by regional shear zones hosting quartz-carbonate veins and alteration zones. The only modern exploration work in the property was recorded by Inco in the early 1970's. Inco flew airborne geophysics in search of nickel-copper sulfide deposits, located several coincident electromagnetic and magnetic anomalies, and drilled 7 diamond drill holes on two prospects. Every drill hole intersected thick zones of iron formation, including widespread pyrrhotite pyrrhotite (pĭr`ətīt) or magnetic pyrites, bronze-yellow to bronze-red mineral, a sulfide of iron sometimes containing nickel. It tarnishes easily and is somewhat magnetic. and pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. with arsenopyrite arsenopyrite (är'sĭnōpī`rīt, ärsĕn`ō–) or mispickel (mĭs`pĭkəl), silver-white to steel-gray mineral with the metallic luster characteristic of a pyrite. and quartz. Anomalous nickel and copper values were reported but Inco did not assay for gold. "The Parker Lake property exhibits many of the geologic criteria necessary for a large gold deposit hosted by iron formation. If for a relatively small expenditure, Canarc can establish the presence of gold in these iron formations, then the Parker Lake property will become a very attractive exploration project for Canarc," observed Canarc President, Bradford Cooke. Parker Lake is accessible by a winter road and several airstrips. A high voltage powerline is currently being extended into the general area by the government. The Manitoba government is pro-mining and Canarc can recover up to 35 percent of its exploration expenditures on approved programs. A $5 million government study of the mineral potential in the Gods Lake greenstone belt is also set to commence this year. Canarc can earn a 100 percent interest in the Parker Lake property by paying $300,000 in cash and stock and spending $582,000, both over a 3 year period. An additional 100,000 shares are payable on completion of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. confirming mineral reserves of 1 million oz. gold, and a further 200,000 shares are payable upon commencement of commercial production. The vendors retain a 3 percent net smelter royalty subject to a $3 million cap. A finders' fee is payable to a third party on this transaction. An immediate $80,000 work program of basal till sampling is planned to test for gold and other metals in the vicinity of the iron formations before the winter road goes out in March. Canarc Resource Corp. is a growth-oriented international gold exploration and mining company with active projects in North, Central and South America. Major shareholders include Barrick Gold Corp. (4 percent and Echo Bay Mines Ltd. (10 percent). ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradford J. Cooke President CONTACT: Canarc Resource Corp. Robert Carriere Manager of Investor Relations Investor relations The process by which the corporation communicates with its investors. 604/685-9700 |
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