Canarc Resource Corp.: Phase 1 In-Fill Drilling Program Returns Multiple High Grade Gold Intercepts from New Polaris Property, B.C.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) announces that the first four drill holes of the Phase 1 in-fill drilling program on the New Polaris property in northwestern B.C. have returned multiple high grade gold intercepts. The main 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. drill intercepts in each of these four holes returned a weighted average of 25.61 gpt gold (0.75 opt) over a 5.3m (17.4 ft) core length. True widths of the veins are estimated to be 85 to 90% of the core lengths. Assay results are as follows: Hole From To Length Gold (No.) Zone (ft.) (ft.) (ft.) (m) (opt) (gpt) -------------------------------------------------------------------- 04-5100SE1 Upper C 548.5 553.8 5.8 1.62 0.12 4.03 and Lower C 565.5 572.5 7.0 2.13 1.03 35.27 04-5100SE2 Upper C 554.0 563.0 9.0 2.74 0.16 5.43 and Lower C 637.2 663.6 26.4 8.05 0.93 31.90 04-5200SE1 587.6 634.6 47.0 14.33 0.34 11.63 incl. Upper C 587.6 610.0 22.4 6.83 0.44 15.15 and Lower C 619.8 634.6 14.8 4.53 0.38 12.95 04-5200SE2 Upper C 627.3 641.0 13.7 4.18 0.75 25.66 and Lower C 650.4 662.3 11.9 3.63 0.15 5.22 The Phase 1, 10 hole in-fill drilling program was completed ahead of schedule, thereby allowing for an 11th hole to be drilled. Drill core samples from the last 7 holes have been sent out for assay and results are anticipated in early January, 2005. These 11 holes were drilled on a 100 ft (30m) lateral (eg. 5100, 5200 etc) by 100 ft down-dip (SE1, SE2) spacing to test the C zones below the lowest underground mine level, the 600 level. Two principal mineralized intercepts were intersected in each hole reflecting the two sub-parallel, en echelon shear-veins interpreted to date, the Upper C Zone and Lower C Zone. The first 4 drill holes tested the area down dip of two old stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. in the Lower C zone on the 600 level immediately east of the #1 fault, a late brittle fault which bisects the C zones into east and west segments. A 1989 drill-hole (C89-18A) in this area returned 37.7 gpt gold (1.1 opt) over a 5.1m (16.6 foot) core length. Additional high grade intercepts from previous drilling up to a further 200 ft. east are shown on the accompanying longitudinal section. A larger Phase 2 continuation of this in-fill drilling program is now being planned for 2005 (subject to financing) to both define and extend the known C zones at 100 ft intervals over a 1200 foot (366m) strike length and for 1400 feet (427m) down-dip. It will also target two of the known Y zones over a 500 ft. (152m) strike length and 1200 feet (366m) down dip. The purpose of the in-fill drilling program is to outline at least a 550,000 oz resource amenable to 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. for a 65,000 oz per yr high grade, underground gold mine with a minimum 8-year mine-life. New Polaris was previously estimated to contain a 1.3 million oz gold resource (3.6 million tons grading 0.36 opt gold, not NI 43-101 compliant) based on 202 drill holes. The deposit is still open for expansion. Bradford Cooke, Canarc's President and C.E.O., stated "These multiple high grade drill intercepts confirm our long held opinion that New Polaris has the potential to be western Canada's next high grade, underground gold mine. Our re-activation of the New Polaris project coincides not only with higher gold prices but also with the pending development of the large Tulsequah Chief copper-zinc-gold-silver mine and road access of Redcorp Ventures, immediately adjacent to the New Polaris property." 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, is the Qualified Person who supervised the 2004 drilling program on the New Polaris property. He has instituted a Quality Control sampling program of blanks to ensure the integrity of all assay results. All drill core was split by Canarc personnel at the New Polaris camp, and then flown to Vancouver for assay by ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex. The core samples were dried, crushed, split and a 30-gram subsample sub·sam·ple n. A sample drawn from a larger sample. tr.v. sub·sam·pled, sub·sam·pling, sub·sam·ples To take a subsample from (a larger sample). was taken for analysis. Gold content was determined by fire assay with an atomic absorption finish (FA-AA) and other trace elements Trace elements A group of elements that are present in the human body in very small amounts but are nonetheless important to good health. They include chromium, copper, cobalt, iodine, iron, selenium, and zinc. Trace elements are also called micronutrients. were 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 1.3 million oz New Polaris gold deposit located in northwestern British Columbia and its 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, President and C.E.O. To view the map associated with this release please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/ccm1214.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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