Canarc Subsidiary "Aztec Silver Corp." To Commence Drilling On Zacatecas Silver Projects.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 5, 1999-- Bradford J. Cooke, President and C.E.O of Canarc Resource Corp. (TSE-CCM) is pleased to announce that the first drill program of a 9-property joint venture in the Zacatecas Silver District, Mexico, with Far West Mining Ltd. (ASE-FWM) is scheduled to commence on or about November 15th. Far West recently raised $3.5 million in financing that allows the two companies to accelerate their exploration programs to delineate and drill multiple prospective targets. Permits to drill the Lobo 10 property have been received, while permits to drill targets on the Lobo 14 and Lobo 16 properties are pending. The initial drilling will test two of several geochemical /geophysical anomalies defined on the Lobo 10 property which is situated in the vicinity of the San Martin/Sabinas mine complex (a combined 70 MM tonne silver rich, base metal skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. deposit). A reverse circulation drill contract is being let for a minimum 2,000m to be completed by mid December. Drilling will recommence Re`com`mence´ v. i. 1. To commence or begin again. 2. To begin anew to be; to act again as. He seems desirous enough of recommencing courtier. - Johnson. v. t. 1. To commence again or anew. in mid-January to test multiple targets on several properties which are being further defined with ongoing geochemical and geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. . In February of this year, Far West entered into an option agreement with Aztec Silver Corporation to earn a 50% interest in nine properties covering 485,949 hectares in the States of Zacatecas and San Luis Potosi San Lu·is Po·to·sí A city of central Mexico northeast of León. It was founded in the late 1500s and is a mining, transportation, and industrial center. Population: 659,000. Noun 1. in north central Mexico. Aztec Silver is a private company, approximately 70% owned by Canarc Resource Corp. Under the terms of the option agreement, Far West is to spend US$ 5.5 million on exploration over a three year period, issue a total of one million shares of Far West to Aztec Silver and make a US$ 500,000 cash payment to become fully vested. Historic prospecting of exposed hillsides over the past 400 years resulted in the discovery of the numerous world class mineral deposits in the States of Zacatecas and San Luis Potosi States of Mexico. The region hosts the prolific 1 billion oz. Fresnillo silver mines as well as Zacatecas (high grade silver veins produced 1.2 billion oz. / +500 million oz. in reserves), San Martin/Sabinas (Mexico's largest underground mine) and Concepcion del Oro (both polymetallic skarn deposits / in excess of 70 MM tonnes each), Real de Angeles (85 MM tonnes disseminated silver/lead/zinc deposit) and Charcas (Mexico's largest zinc producer). Most of these mines and other mineral occurrences discovered in the region are replacement style skarn, manto, and chimney deposits, as well as, vein systems all associated with Tertiary aged (Geol.) See under Age, 8. See also: Tertiary felsic fel·sic adj. Containing a group of light-colored silicate minerals that occur in igneous rocks. [fel(dspar) + s(ilica) + -ic. intrusions. Many of the Aztec/Far West targets discovered to date are of this type. The implementation of modern exploration techniques in the pediment pediment, in architecture, the triangular gable end on a building of classic type or a similar form used decoratively. It consists of the tympanum, or triangular wall surface, enclosed below by the horizontal cornice and above by the raking cornice, which follows the filled valleys has led to the recent discoveries of buried (blind) deposits such as the +35MM tonne Francisco I. Madero (manto) and the 85MM tonne San Nicolas San Nicolas or San Nicolás ("Saint Nicholas") may refer to:
Aztec and Far West have utilized detailed airborne geophysical surveys to identify signatures similar to the felsic intrusions associated with the nearby large operating mines. A total of 14,500 line km of aeromagnetic/radiometric surveying was carried out over portions of eight of the nine properties. A 400-line km airborne Mag/EM surveying was conducted over the remaining property. It should be noted that only 20% of the land covered by the properties has been flown. Initial analysis of the airborne data led to the selection of 54 targets for follow-up geochemical testing in areas believed to be hosting buried Tertiary intrusives. Proximity to existing mines or mineral deposits, favourable structural setting, the host geology and depth of cover were all factors considered in the target selection process. Geochemical testing of the first 54 targets has returned 27 silver-base metal anomalies, 8 of which have been followed up thus far with gradient and pole-dipole geophysical surveys. It is anticipated that most of these anomalies will be tested by drilling, and that further targets will be generated with the ongoing exploration. Outside of the Far West joint venture, Aztec owns an additional 4 properties in the Zacatecas Silver District that are joint ventured with Noranda Minerals and Mill City Industries. Noranda has been actively exploring the Lobo 6 and 8 properties using geophysical surveys and an initial drill program on Lobo 6 is expected to commence in the new year. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company. Production increased 36% last year at the Company's Sara Kreek (80%) mine. Reserves and resources now total 2 million oz. at the New Polaris (100%) and Bellavista (18% after payback) projects. Our large exploration portfolio includes joint ventures with Homestake and Noranda. 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. and Echo Bay Mines. The Company's common shares trade under the symbol "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 " on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and "CRCUF" on the 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. . ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. (signed) Bradford J. Cooke President 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 canarc@compuserve.com. |
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