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Trading Symbol TSE:CCM
NEWS ANNOUNCEMENT ---------- FOR IMMEDIATE RELEASE
Positive Trench and Auger Results Enhance Gold Targets at Benzdorp; Principal Gold Zones Extended by Trenching at Sara Kreek; Canarc Acquires Three New Gold Properties in Suriname, as follows:
Vancouver, British Columbia, Canada,
March 20, 1997
Vancouver, British Columbia, Canada, March 20,
1997.....Canarc Resource Corp. announces positive trench and auger results from several gold targets at its
Benzdorp and Sara Kreek properties (80% Canarc) in Suriname, as follows:
||Trench JQA 97-1
|Trench JQA 97-2
||Trench EB 97-1
|Trench EB 97-2
||Trench DP 97-1
At the Benzdorp property (138,000 hectares), two trenches were completed recently at a right angle to each other along the western flank of the first gold target, JQA, a large gold porphyry-type bulk tonnage prospect. Gold mineralization in quartz stockworks within granodiorite was found throughout both trenches in saprolite. The mineralization is open in all directions beyond the trenches.
Trench JQA 97-1 (E-W) returned an average grade of 0.80 gpt (peak value 1.64 gpt) over its full length of 78 m. Trench JQA 97-2 (N-S) had an average grade of 1.18 gpt (peak value 1.88 gpt) over its full length of 62 m. Gold mineralization at JQA has now been traced continuously by deep augering to 15 m in depth over an area 700 m long by 300 m wide, still open to the west and south.
A drill program is now being planned to test the JQA target to 300 m in depth. If the surface gold mineralization is continuous to that depth, the target size would be in the order of 150 million tonnes grading 1 gpt or a 5 million oz. gold deposit.
In addition, the JQA zone is open towards the JQW zone to the west, the JQS zone to the south and the JQB zone to the southeast. All of the JQ prospects fall within an area measuring 3 km x 2 km, largely underlain by the same semi-continuously gold-mineralized granodiorite intrusion. The JQW, JQS and JQB zones hold significant potential to host additional gold mineralization.
Recent deep augering at the JQB target has intersected very high grade, shear zone gold mineralization in quartz veins. One 2 metre interval assayed 788 gpt (duplicated by repeat assays), followed by 2 metres grading 38 gpt in the next interval. Another hole bottomed in 2 m running 55 gpt gold and several holes returned 2 m intervals exceeding 5 gpt.
Clearly, the potential for high grade shear zones is good but has not yet been systematically evaluated. Additional high grade gold mineralization exceeding 20 gpt was also found recently in the Pichevin target, south of JQA. Canarc has identified 12 separate gold targets to date on the easternmost 5% of the Benzdorp property. Further trenching and deep auger work is planned on several targets:
At the Sara Kreek property (22,500 hectares), the principal gold zones have been extended by trenching. In the Breakfast zone recently drilled by Canarc (6.96 gpt over 13.47 m in hole EB9705), Trench EB97-1 25 m to the north intersected 13.6 gpt over 10.0 m, including 32.3 gpt over 4.0 m. To the south of the Breakfast target, Trench EB97-2 cut 0.46 gpt over 10.0 m, 3.01 gpt over 1.0 m and 2.0 gpt over 1.0 m.
The Parbo zone was also trenched in the vicinity of Canarc's recent drilling (2.89 gpt over 16.57 m and 12.69 gpt over 3.67 m in holes DP9701 and DP 9707 respectively). Trench DP97-1 intersected 14.85 gpt over 1.0 m and 2.27 gpt over 2.0 m in separate zones. The potential of these high grade zones is excellent as there is up to 13 km of mineralized strike length yet to be tested by trenching and drilling. Further trenching and drilling is planned for 1997.
Canarc is also pleased to announce that it has acquired 100% options on three new gold properties in Suriname. The three new properties total 118,410 hectares and are located in the Brokopondo district, near the 1.8 million oz. Gross Rosebel deposit now under review by Cambior and Golden Star.
Each of the properties is road accessible, has historic porknocker gold workings and large stream sediment gold anomalies indicating the presence of widespread gold mineralization. The new properties make Canarc one of the largest, strategic mineral landholdings in Suriname, with 382,000 hectares now being explored in 12 separate properties.
The Kwakoegron concession (38,200 hectares) lies due north of the Gross Rosebel gold deposit, and covers an extension of the same meta-sedimentary and volcanic greenstone belt. A government geochemical survey in the late 1970's identified a large stream sediment gold anomaly 5 km long x 2 km wide on the property with peak values up to 3.06 gpt and 14 other samples exceeding 1 gpt. Canarc personnel have located and sampled an old mine adit that was driven across a quartz vein swarm. Assays are pending.
The Boslanti concession (51,110 hectares) is situated northeast of Gross Rosebel, and overlies the greenstone belt where it is intruded by a biotite granite pluton. The government geochemical survey located three large gold anomalies each up to 10 km long by several km wide, around the margins of the granite intrusive. The highest assay was 5.09 gpt and many other samples ran up to 1 gpt. Reconnaissance prospecting and sampling is planned for Boslanti in the near future.
The Moeroemoeroe concession (29,100 hectares) lies due west of Gross Rosebel and also covers an extension of the same greenstone belt. The government geochemical survey delineated several stream sediment gold anomalies, each up to 8 km long by several km wide. Peak values ran up to 1.34 gpt with many other samples assaying below 1 gpt. Initial prospecting and sampling work will be carried out this summer.
Stated Richard Williams, Canarc's country manager for Suriname,."These three new properties significantly enhance Canarc's portfolio of mineral properties in Suriname. The extensive gold anomalies, historic mine workings and proximity to Gross Rosebel of each property certainly lend credence for these properties to host high quality, bulk tonnage gold deposits."
Canarc Resource Corp. is a growth-oriented,
international gold exploration and mining company with active projects worldwide. Major shareholders include Barrick Gold Corp. and Echo Bay Mines Ltd. The Company's common shares trade under the symbol "CCM" on the Toronto Stock Exchange as well as on the following exchanges: Vancouver: Vista-CCM, Frankfurt: Third Market Segment-CAN, Berlin: Over the Counter-CAN, NASD: Electronic Bulletin Board-CRCUF.
For further information, contact:
Manager of Investor Relations
Tel: (604) 685-9700