Homestake Drill Program Intersects Prospective Rock Formations on Canarc's GNC Property, Eskay Creek, BC
Vancouver, British Columbia, Canada,
December 17, 1999
Bradford J. Cooke, President and C.E.O of Canarc Resource Corp. (CCM-TSE) is pleased to announce that a recently completed drill program by Homestake Mining on Canarc's GNC property has intersected the same prospective rock formations that host the adjacent highgrade Eskay Creek mine. Although no gold or silver mineralization was found, Homestake concludes that "the area remains prospective" and "further drilling is required".
Two short holes were drilled and one, DDH C99-1001, intersected the prospective contact zone stratigraphy consisting of rhyolite breccia, laminated mudstone, rhyolite-mudstone debris flow and brecciated andesite over a width of 11.5 metres. Disseminated pyrite mineralization was found throughout the contact zone, up to 5% in the mudstone unit.
Last year, the Eskay Creek mine produced 500,000 oz. gold equivalent at a grade of 3.2 oz./ton at a cash cost of US$130 per oz! Canarc anticipates additional drilling by Homestake next year on the adjacent GNC property. Canarc owns a 33 1/3 carried interest inthe GNC claims.
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 and Echo Bay Mines. The Company's common shares trade under the symbol "CCM" on the Toronto Stock Exchange and "CRCUF" on the OTC Bulletin Board.
For further information contact Robert Carriere, Investor Relations at (604) 685-9700 or visit our website: www.canarc.net.
ON BEHALF OF THE BOARD OF DIRECTORS
CANARC RESOURCE CORP.
Bradford J. Cooke
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