Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) announces that the recent Phase 2 drilling program now underway on the Benzdorp property in Suriname has extended porphyry gold mineralization at the JQA prospect to a depth of 350m.
Three shallow drill holes and one deep drill hole have been completed this year to date and assays are comparable to the positive results of last year's Phase 1 drill program, as follows:
|Hole (No.)||From (m)||To (m)||Length (m)||Gold (gpt)|
|(* Note: Core recoveries only 35%)|
Holes BZ04-39, 40 and 42 were drilled on section line 20,400, angled -60° west and collared within 10m of hole BZ03-04 (0.64 gpt gold over 113.39m).
Due to poor drilling conditions at that particular site (as shown by the poor core recoveries of only 69% and 35% respectively), holes BZ04-39 and 40 were terminated at shallow depths. Hole BZ04-41 was collared on section line 20,400 about 20m east of hole BZ03-03 (0.37 gpt gold over 74.68m) and also was terminated early (core recoveries averaged 68%).
Hole BZ04-42 was collared beside hole BZ04-39 and drilled at -60° west to a depth of 400.81m (350m vertical). Porphyry gold-copper mineralization and alteration was encountered from top to bottom. Gold grades are higher in the 100m thick saprolite (oxide capping) zone and then diminish slightly in bedrock. For the first time, high grade mineralization (9.12 gpt gold over 9.14m) was also intersected at JQA.
An additional 3 deep drill holes (BZ04-43, 44, 45) have been completed and all core samples are now at the Inspectorate laboratory in Paramaribo for assay. Copper is also being analyzed in the bedrock core samples.
Management views the results of hole BZ04-42 as a successful confirmation of the porphyry geologic model for the JQA prospect. Porphyries tend to be deep-seated ore-bodies with significant depth potential. JQA displays distinct similarities to the 10 million oz Boddington porphyry gold-copper deposit now being developed by Newmont Anglo/ Newcrest in western Australia . However, most of the low cost saprolite (oxide capping) ore at Boddington has already been mined whereas at Benzdorp, the 50m to 100m thick saprolite zone is still 100% preserved.
Godfrey Walton, M.Sc, P.Geo. is the Qualified Person supervising the Phase 2 drilling program on the Benzdorp property. He has instituted a Quality Control sampling program of blanks and duplicates to monitor the integrity of all assay results. All drill core is split by Canarc personnel at the Benzdorp camp and then flown to the Inspectorate - affiliated commercial laboratory in Paramaribo , Suriname . Core samples are dried, crushed, split and a 30 gram sub sample is taken for analysis. Gold is determined by fire assay with an atomic absorption (AA) finish. Copper is also measured by AA. Selected samples are sent to Chemex laboratories in Vancouver as an additional quality assurance check.
On Behalf of the Board of Directors
CANARC RESOURCE CORP.
/s/ “Bradford J. Cooke”
Bradford J. Cooke
President and C.E.O.
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. (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.
For more information, please contact Gregg Wilson at tel: (604) 685-9700, fax: (604) 685-9744, email [email protected] or visit our website, www.canarc.net. The TSX Exchange has neither approved nor disapproved the contents of this news release.