Toronto-listed junior Canarc Resource has undertaken an aggressive, 40-hole drill program at the Baramita property in Guyana.
The 6,000-metre initiative is designed to test for gold prospects along a 10-km-long corridor of mineralization.
The Baramita, which comprises 5,200 hectares, is the focus of an alliance with Echo Bay Mines (TSE). Earlier this year, Echo Bay acquired a 10.8% interest in Canarc by purchasing 3 million shares in a private placement. For its part, Canarc must spend at least $5 million on exploration.
Echo Bay can then earn a half interest by completing a bankable feasibility study and paying Canarc certain fees.
Surface work has identified two styles of gold mineralization along two northwest-trending structures. The first of these consists of porphyry-style, sheeted, flat-lying quartz veins and stockworks in altered granitic intrusions. The second is characterized by shear-related quartz veins and stockworks within felsic volcanics or intrusives, interlayered with siliceous iron formations and argillaceous sedimentary rocks.
The first target to be tested is the so-called Last Resort, where sampling along a 200-metre pit returned values of up to 400 grams gold per tonne. A single fence of two to four holes is planned.
Another target, the New World prospect, will be tested with a single fence of two drill holes. Recent hand trenching returned values of up to 6.5 grams over 13 metres.
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