THE DIAMOND PAGE — Taku work highlights Canarc’s third quarter

Canarc Resource (CCM-T) reports a busy third quarter dominated by financing deals, permitting and feasibility work.

In addition to closing a $9.2-million private placement, the junior launched a major feasibility program at the Polaris Taku mine in northwestern British Columbia.

The mine, a past producer situated 67 km northeast of Juneau, Alaska, has been expanded and winterized to support 30 people. Also, Canarc has completed a review of historic geological data, underground sampling and diamond drilling.

Exploration is focused on two targets: one at the top of the mine, between the Canyon adit and surface outcrop; and another, at the bottom of the mine below the 750-ft. level. The uppermost area features surface exposures of veins that may be minable by open-pit methods.

The company plans to re-sample and drill these areas, as well as drill-test for new targets in the upper workings.

Polaris Taku has a contained gold resources of 1.4 million oz. Drilling last year increased the geological resource to 3.6 million tons grading 0.42 oz.

gold.

Meanwhile, Canarc has received government approval to forge ahead with 13 contracts of work (CoW) in Kalimantan, Indonesia.

The junior has formed Indonesian joint ventures with Blackwater Gold (BWG-V), Goldnev Resources (GNZ-V), Greystar Resource (GSL-V), Kafus Capital (KFSS-C), Mantaur Goldfields (MTUR-C), Mill City Gold Mining (MIY-V) and NCC Mining (NC-V).

Canarc has also optioned its 50% interest in the 37,070-ha Block F CoW to Dunlap Resources (DLR-V) for $25,000 and 75,000 Dunlap shares, and a 2% net smelter return royalty.

In Suriname, at the 1,400 sq.-km Benzdorp property, the company has outlined two gold soil anomalies.

Both the Jungle Queen A and B anomalies lie along a north-south mineralized trend now recognized to be at least 10 km long.

Follow-up deep auger sampling is under way at Jungle Queen A, where shallow auger sampling outlined an anomaly 600 metres long by 300 metres wide, and which is still open to the north. Values are reported to range up to 1.5 grams gold per tonne, at a cutoff of 0.5 gram per tonne.

Elsewhere in Suriname, at the 22,500-ha Sara Kreek property, Canarc has begun a second phase of drilling.

The work will include some 25 deep auger holes, and six diamond drill holes in three areas prospective for gold mineralization. (The Gros Rosebel deposit, which lies 90 km to the north, is being developed by Cambior and Golden Star Resources).