Canarc Resource Corp. (CCM : TSX and CRCUF : OTC-BB) ("Canarc" or the "Company") announces that the Phase 1 drill program on the Benzdorp property in Suriname continues to intersect additional porphyry gold mineralization in the JQA prospect area.
Drill holes BZ03-5, 6, 7 and 8 have returned significant gold grades over their entire lengths. Each hole collared and bottomed in mineralization. Assays are as follows:
Core recoveries in the saprolite continue to average only 77% in holes BZ03-5 to 8 and some of these holes had to be terminated before reaching their target depth due to difficult ground conditions. It appears that the most intensely mineralized stockwork zones in saprolite tend to be the areas of greatest core losses in the drill core. Therefore, the reported drill core assays may be understating the actual gold grades in saprolite.
Hole BZ03-5 was drilled to the east towards hole BZ03-4 and beneath TR97-02 and hit bedrock at about 30 m vertical depth. A vein stockwork with potassic alteration envelopes was observed, carrying quartz-carbonate veinlets and disseminated magnetite-pyrite-chalcopyrite, very similar to the bedrock mineralization reported in the first four holes.
Hole BZ03-6 was angled to the west beneath trench TR02-01 and remained in saprolite throughout its length. One hundred metres further west, Hole BZ03-7 was also drilled to the west but had to be abandoned in saprolite. Hole BZ03-8 angled back to the east beneath trench TR02-01 and towards hole BZ03-6. It also remained in saprolite for its entire length, implying that bedrock is deeper than 45 meters vertical depth.
Ignoring possible gold losses in drill core, reported gold grades average from 0.5 to 0.8 gpt and every drill hole thus far has intersected porphyry gold mineralization top to bottom. Benzdorp gold grades are equal to or better than many other large porphyry gold-copper deposits (estimated reserves prior to production) as shown in the following table:
||Size (mill. T)
|Baja de la Alumbrera
Benzdorp should also enjoy the lower cost advantages of near-surface mineralization resulting in a low waste/ore stripping ratio and saprolite mineralization resulting in minimal drilling, blasting and crushing (similar to the Brasilia mine of RTZ).
Richard Williams, M.Sc, P.Geo, is the Qualified Person supervising the Phase 1 drill program. His Quality Control and Assurance program was reported in the previous news release of Benzdorp drill results dated August 12, 2003. The Phase 1 drilling program is now on hole 24 out of the original 30 holes planned. However, with several holes being shorter than targeted, some additional holes may be added to the program.
Canarc already owns 40% and holds an option to earn up to 80% of the voting shares of Benzdorp Gold N.V., the local company that holds the Benzdorp concession titles. Our partner, Grassalco, a state mining company, will ultimately own 20% of the voting shares which gives it the right to receive either a floating net revenue interest (NSR) of 1.5% to 6% based on the price of gold or a 20% net profits interest (NPI) after Canarc recovers all of its capital investment with interest.
Canarc has entered into an agreement with CCN Matthews, a Canadian electronic news distribution service. A complete listing of past Canarc company news can be found on the website at www.canarc.net.
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 principle assets are its 100% interest in the 1.3 million oz. (Not NI43-101 Compliant) New Polaris gold deposit located in northwestern British Columbia and its option on the huge Benzdorp gold property in Suriname. Major shareholders include Barrick Gold Corp. and Kinross Gold Corp.
Click here to view a detailed map of the Benzdorp Property, Suriname
On Behalf Of The Board Of Directors
CANARC RESOURCE CORP.
Bradford J. Cooke
For more information, please contact Gregg Wilson at tel: (604) 685-9700, fax: (604) 685-9744, email firstname.lastname@example.org or visit our website, www.canarc.net. The TSX Exchange has neither approved nor disapproved the contents of this news release.