Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) announces that the gold-copper, porphyry-type stockwork mineralization discovered last year in the JQA prospect area was extended a further 100 m east by drill holes BZ03-29, 30, 31 and 32, as follows:
|Hole (No)||From (ft)||To (ft)||Length (ft)||Gold (oz/ton)|
Holes BZ03-29 to 32 were drilled at -60° to the west, roughly 100m east of holes BZ03-6, 4, 2 and 13 respectively. The generally lower grade results of all four holes compared to the other drill holes in the JQA discovery area indicate the mineralization appears to diminish to the east.
In fact, holes BZ03-33, 34 and 35 were drilled a further 100m, 300m and 500m east of hole BZ03-3 on Line 20,400 and intersected generally unmineralized diorite intrusive and andesite volcanic rocks. Holes BZ03-36, 37 and 38 were drilled in the Roche Kreek prospect area 5 km south of JQA. They did not intersect any significant mineralization and failed to explain the rather pronounced surface gold-copper soil anomaly at Roche Kreek.
In summary, the Phase 1 drilling program on the Benzdorp property in 2003 successfully discovered a large area of low grade, open pittable gold-copper porphyry mineralization at the JQA prospect. Twelve drill holes, BZ03-1, 2, 4-8, 13, 15, 16, 18 ,20 outline an area measuring at least 500m by 500m and averaging 0.60 gpt gold (from top to bottom, both saprolite and bedrock) and 0.15% copper (bedrock only), open for expansion in several directions.
The Phase 2 drilling program now underway will focus on extending the JQA discovery to at least 250m or more in depth by drilling 7500m in 25 holes angled -60° to the west 100m apart on a 100m spaced grid. That should allow the calculation of a preliminary resource by the end of the second quarter in 2004.
Godfrey Walton, M.Sc., P.Geo, is the Qualified Person who supervised the Phase 1 drilling program in 2003 on the Benzdorp property. He instituted a Quality Control program of blanks and duplicates to ensure the integrity of all assay results.
All drill core is split by Canarc personnel at the Benzdorp camp, and then flown to Parimaribo for shipment to FILAB, a large, European commercial lab company operating in Cayenne, French Guyana. The core samples are then dried, crushed, split and a 30-gram subsample is taken for analysis. Gold is determined by fire assay with an atomic absorption finish and copper is analyzed by inductively coupled plasma spectroscopy. FILAB is using its own standards for quality control checks. Canarc will also be sending reject samples from FILAB to other laboratories for additional quality assurance checks.
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.