Canarc cuts gold at Polaris Taku mine in B.C.

Canarc Resource (CCM-T) has intersected new gold mineralization at its Polaris Taku property in northwestern British Columbia.

Results from the first 24 holes of an ongoing 200-hole program include broad intercepts from holes 24 (0.49 oz. gold per ton over 17.4 ft.) and 13 (0.21 oz. gold over 29.4 ft., plus 1.29 oz. over 4.1 ft.).

Other highlights include: hole 1, which returned 5.2 ft. grading 0.37 oz.; hole 2, which intersected 9.2 ft. of 0.34 oz. (including 4.2 ft. of 0.51 oz.) and 2.7 ft. of 1.48 oz.; hole 3, which intersected 6.6 ft. of 0.23 oz.; hole 4, which returned 8 ft. of 0.37 oz. (including 3.85 ft. of 0.52 oz.) and 7.4 ft. of 0.32 oz.; hole 6, which returned 3.5 ft. of 0.29 oz.; hole 7, which hit 4.6 ft. of 0.34 oz.; hole 10, which intersected 5 ft. of 0.41 oz.; hole 17, which hit 19.7 ft. of 0.23 oz.; hole 18, which returned 10 ft. of 0.36 oz. and 5 ft. of 0.42 oz.; hole 19, which returned 3.1 ft. of 0.6 oz.; and hole 22, which intersected 5 ft. of 0.7 oz. and 5 ft. of 0.21 oz.

The newly outlined gold mineralization is expected to boost the existing gold resource, currently estimated at 3.5 million tons grading 0.41 oz. (or 1.4 million contained ounces).

Underground drilling has begun on the AJ level and will move to deeper levels throughout the year.

Drill holes 1-11, drilled in two fans east and west, intersected 12 veins in a 550-ft. cross-section over a 250-ft. vertical interval of the Y vein system. The system is a north-trending swarm of extensional veins.

The vein swarm occupies an area 2,000 ft. long by 2,000 ft. wide by 1,000 ft.

deep. Drilling to date has tested only a small portion of the system.

Holes 12-17 were drilled in a fan down to the east within a 125-ft. vertical interval below the AJ level to test three en echelon “C” type veins.

Some 40% of the existing gold resource at Polaris Taku is contained in the “C” vein system (below the AJ level) and is open at depth.

Holes 18-24 were drilled to test an area extending down from prospective surface gold mineralization that outcrops in Whitewater Creek. A well-mineralized vein set was intersected, penetrating serpentinite wallrocks in the Whitewater Creek Schist zone, which was interpreted by previous workers as the northern boundary of gold veins in the mine wedge at Polaris Taku.

Canarc says the first occurrence of serpentinite in the mine wedge must also be re-assessed, as serpentinite is often associated with high-grade gold veins.