Favourable Trench and Auger Gold Assays at Sara Kreek Property, Drill Program Commences in Suriname
Vancouver, British Columbia, Canada,
March 20, 1997
Vancouver, British Columbia, Canada, March 20,
1997.....Canarc Resource Corp. announces that
favourable trench and auger gold assays have confirmed gold
mineralization of economic grades over mineable widths in two
gold prospect areas on the Sara Kreek property in Suriname.
As a result, Canarc has commenced a Phase 2, 10 hole
diamond drilling program on the Breakfast (EB) and Parbo (DP)
prospect areas at Sara Kreek in order to further delineate the
two gold mineralized zones.
Canarc recently completed approximately 75 deep auger
holes, typically 10 to 15 m deep, in the Parbo and Breakfast
prospect areas in order to delineate the trend and geometry of
gold mineralization in saprolite below the soil and colluvium. A
total of 20 deep auger holes intersected gold mineralization in
saprolite exceeding 1 gpt. gold.
At Parbo, 8 deep auger holes returned assays from 1.00 to
38.85 gpt. over separate 2 m intervals. The best auger hole
bottomed in 10 meters grading 12.6 gpt, open at depth. Gold
mineralization is found with quartz veinlets hosted in a series
of sub parallel shear zones. These zones were augered over 100 m
length and an aggregate width of 100 m, still open along strike
to the east and west.
At Breakfast, 12 deep auger holes gave assays from 2.51 to
12.84 gpt. over separate 2 m intervals. The best auger hole
bottomed in 4 meters grading 11.0 gpt., open at depth. Gold
mineralization is associated with quartz veinlets in shear zones
over 200 m in length and an aggragate width of 100 m, still open
along strike to the north and south.
A third gold prospect area at Sara Kreek, the Parrot (WP), is
currently being deep augered prior to diamond drilling. Drilling
is underway at Breakfast and Parbo. The drill program is expected
to expand significantly beyond the initial 10 holes, subject to
favourable assay results in the drill and auger programs.
Significant 1995 diamond drill results and previously
unreleased trench results can be summarized as follows:
||Hole No. / Trench No.
||Intersected width (m)
||Gold Grade (gpt)|
Stated Godfrey Walton, Exploration Manager for Canarc,
"The gold prospect areas at Sara Kreek appear to be the
source areas for extensive historic and current placer gold
mining activities on the property. We believe the Sara Kreek
property has excellent potential for high grade gold deposits in
mineralized shear zones."
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 on the
Toronto Stock Exchange under the symbol "CCM".
For further information, contact:
Manager of Investor Relations
Tel: (604) 685-9700