Canarc Plans CA$ 2.7 Million, Phase 3 In-Fill Drilling Program at the New Polaris Gold Project, BC.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Canarc Resource Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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 )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRCUF) announced today plans for a CA$2.7 million, 60 hole, Phase 3 in-fill drilling program in 2006 at the New Polaris gold property located 60 km south of Atlin in northwest British Columbia. New Polaris is one of the largest undeveloped pure gold deposits in western Canada
Western Canada, commonly referred to as the West . Drilling will commence in the 2nd quarter, 2006 and should be completed by the end of the 3rd quarter so that a new resource estimate, conceptual mine plan, initial economic evaluation and mine permit application can be completed by year-end. Canarc owns a 100% interest (subject to a 10% net profit royalty) in the New Polaris property, a former high-grade, underground gold mine that produced 231,000 oz of gold between 1939 and 1951. From 1990 to 1997, Canarc invested over CA$15 million exploring New Polaris to outline an historic resource of 1.3 million oz gold contained within 3.6 million tons grading 0.36 oz per ton (not NI 43-101 compliant, not to be relied upon, see additional comments below). The planned Phase 3 program will target the C and Y vein systems and is designed to develop an NI 43-101 compliant measured, indicated and inferred gold resource containing a minimum 600,000 oz that will serve as the basis for an initial nine year mine life. The 2006 drill program will consist of 18,600 metres (61,000 ft) of 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 in approximately 60 holes to in-fill drill a 365 m by 350 m strike and dip Strike and dip refer to the orientation or attitude of a geologic feature. The strike of a stratum or planar feature is a line representing the intersection of that feature with the horizontal. area of the C vein and a 60 m by 275 m strike and dip area of the Y vein, as shown in the attached longitudinal and cross sections. Previous drilling within the areas of the proposed in-fill drill program returned a weighted average grade and thickness of 0.46 opt (14.3 gpt) gold over an average core length of 14.6 feet (4.5 m) for the C vein and 0.50 opt (17.1 gpt) over an average core length of 15.7 feet (4.8 m) for the Y vein. Results of prior drill holes are shown in the attached table. Both veins remain open down dip and to a certain extent along strike. After completing a new resource estimate, Canarc plans to refine the conceptual mine plan, complete an initial economic evaluation and enter into the provincial mine development permitting process in the fourth quarter of 2006. The New Polaris project would then move to full feasibility and permitting in 2007. In the past two years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time provincial and federal governments granted all necessary approvals and permits to Redcorp Ventures Ltd. for the construction of road access and development of a large underground poly-metallic mine at the Tulsequah Project immediately adjacent to New Polaris. As Redcorp's environmental studies for the Tulsequah project are now public documents, Canarc should be able to utilize these studies to speed up the permitting of the New Polaris Project. Initial metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testing done on New Polaris ores in 2004 shows very high gold recoveries are possible. Up to 96.6% of the gold is recoverable into concentrate by grinding grinding, process by which surface material is removed from an object, usually metal, by the abrasive action of a rotating wheel or a moving belt that contains abrasive grains. the ore to 95% minus 200 mesh and then running it through 3 cycles of rougher floatation. Pressure leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. and bio-oxidation tests of the floatation concentrates followed by cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. leaching of the oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. cons achieved overall gold recoveries of 95% and 88.9% respectively. The preferred metallurgical alternative now under consideration for New Polaris is the shipping of gold concentrates to an existing third party processing facility elsewhere in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , similar to the past production of the New Polaris mine. From 1938 to 1951, New Polaris gold concentrates were shipped by barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. to the smelter in Tacoma, WA. Additional metallurgical tests work will be needed for the final feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on New Polaris. Bradford Cooke, M.Sc., P.Geo., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and James Moors Moors, nomadic people of the northern shores of Africa, originally the inhabitants of Mauretania. They were chiefly of Berber and Arab stock. In the 8th cent. the Moors were converted to Islam and became fanatic Muslims. , B.Sc., P.Geo., Vice President Exploration of Canarc are the Qualified Persons who prepared the contents of this news release. Although the historic resource reported by Canarc in 1997 was prepared on the basis of over 200 drill holes and the historic data and technical procedures are considered to be valid, the Company has not yet done sufficient new work to verify the previous resource estimate and therefore this historic resource should not be relied upon. It does however provide a reasonable indication of the property potential and a guide to further exploration and so is considered relevant. 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 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 Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. Corp. On Behalf of the Board of Directors CANARC RESOURCE CORP. Bradford J. Cooke, Chairman and C.E.O. CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements contained herein regarding the Company and its operations constitute "forward-looking statements" within the meaning of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , 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 regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The Company expressly disclaims any obligation to update any forward-looking statements.
Table 1: C Vein Intersections in area to be infill drilled
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Hole
Depth
(feet) Length Gold
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Hole Zone From To ft opt
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P8918A C Vein 637.9 654.5 16.6 1.10
P91C01 C Vein 902 923.7 21.5 0.59
P91C02 C Vein 864 879.6 15.6 0.75
P91C03 C Vein 869.4 884.4 15 0.02
P91C04 C Vein 927 947.3 20.3 0.14
P91C05 C Vein 514.2 554.8 40.6 0.30
P91C07 C Vein 958.2 965.7 7.5 0.55
P92C08 C Vein 407 417.8 10.8 0.26
P92C09 C Vein 610 617.58 7.58 0.00
P92C12 C Vein 848 870.3 22.3 0.44
P92C24 C Vein 447.9 457.3 9.4 0.69
P93C26 C Vein 354.4 364 9.6 0.78
P93C27 C Vein 488.5 497 8.5 0.37
P93C31 C Vein 606.3 613.5 7.2 0.23
P94C32 C Vein 699.9 708.5 8.6 0.00
P94C33 C Vein 874.1 884.3 10.2 0.20
P94C36 C Vein 857 860.5 3.5 0.19
P94C37 C Vein 837.4 857.2 19.8 0.65
PC25A C Vein 450.5 462.6 12.1 0.17
PC9001 C Vein 677 701.4 24.4 0.34
PC9004 C Vein 725.9 739 13.1 0.47
P93C28 C Vein 460.2 467.3 7.1 0.31
P94C34 C Vein 579.8 591 11.2 0.21
05 5500E1 C Vein 609 627 18.3 0.35
05 5500 E2 C Vein 689 699.7 10.7 0.26
P91C06 C Vein 750.2 758.9 8.7 0.65
P92C13 C Vein 625.2 631.2 6 0.44
P92C14 C Vein 807.4 815.9 8.5 0.20
P92C15 C Vein 777.2 783 5.8 0.55
P92C17 C Vein 688 700.4 12.4 0.64
P92C18 C Vein 922.5 931.7 9.2 0.27
P92C19 C Vein 927.3 936.7 9.4 0.70
P92C20 C Vein 798.4 807 8.6 0.26
P92C20A C Vein 764.7 773.7 9 0.37
P92C21 C Vein 564.8 584.2 19.4 0.55
P92C22 C Vein 1126.2 1134 7.8 0.06
P94C38 C Vein 900.7 916.1 15.4 0.67
P94C39 C Vein 859.6 874.6 15 0.84
PC9002 C Vein 909.8 918.5 8.7 0.86
PC9003 C Vein 745.3 764 18.7 0.91
PC9005 C Vein 621.5 626.5 5 0.55
PC9006 C Vein 805.2 811.2 6 0.10
PC9007 C Vein 527.9 532.5 4.6 0.44
PC9008 C Vein 941.5 950.5 9 0.04
05 2000SW4 C Vein 857 882.7 25.3 0.51
05 2000SW5 C Vein 791 809.5 18.5 0.63
05 2000SW6 C Vein 856 873 17 0.53
05 2000SW3 C Vein 701.9 732 30.1 0.29
05 2000SW4 C Vein 728 767 39 0.57
05 2000SW5 C Vein 757.5 808 50.5 0.25
04-2000SW1 C Vein 593 596.2 3.2 0.33
04-2000SW2 C Vein 677.6 685.5 7.9 0.43
04-2000SW3 C Vein 734.5 757 22.5 0.42
04-2100SW1 C Vein 565.5 572.5 7 1.03
04-2100SW2 C Vein 637.2 663.6 26.4 0.93
04-2200SW1 C Vein 587.6 634.6 47 0.34
04-2200SW2 C Vein 627.3 641 13.7 0.75
04-5600E1 C Vein 687.2 700.2 13 0.15
04-5600E2 C Vein 809.2 816 6.8 0.34
04-5700E1 C Vein 758.5 772.2 13.7 0.40
04-5700E2 C Vein 842 850 8 0.27
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Table 2: Y Vein Intersections in area to be infill drilled
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Hole
Depth
(feet) Length Gold
----------------------------------
Hole Zone From To ft opt
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P91Y01 Y Vein 749.3 770.6 21.3 0.80
P91Y04B Y Vein 1189.5 1199.7 10.2 0.61
P92Y08 Y Vein 988.7 1006.0 17.3 0.17
PC8906 Y Vein 225.0 235.5 10.5 0.79
PC8907 Y Vein 486.0 508.3 22.3 0.38
PC8916 Y Vein 512.2 524.9 12.7 0.31
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To view the attached maps, please click on the following link: http://www.ccnmatthews.com/docs/ccm0125.pdf The TSX Exchange has neither approved nor disapproved the contents of this news release. Canarc Resource Corp. (TSX:CCM) (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) |
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