Canarc drilling returns gold values

Toronto-listed Canarc Resource is pleased with drill results from its Polaris-Taku property in northwestern British Columbia.

Initial results are all from the C Vein, including on-strike stepout holes PC-94-33 and 34 which intersected 9.6 ft. grading 0.21 oz. gold and 8.4 ft. grading 0.25 oz. gold per ton, respectively.

Holes PC-93-36 to 39 tested the depth extent of the C Vein, returning values of up to 1.26 oz. over 7.1 ft. This indicates the zone remains open to depth as well as to strike, Canarc reports.

The junior drilled 29 holes in 1994, including eight in the C Vein, five in the Y Vein and 16 in the newly discovered North zone. Assays are pending from the Y Vein and North zone.

The ore at Polaris-Taku is refractory and contains about 2.2 million tons grading 0.43 oz. Canarc plans to revise this estimate by year-end, based on the new drill data.

Canarc’s 100% interest in the property is subject to a 15% net profits interest retained by Rembrandt Gold Mines (ASE).

Complete results from drilling on the C Vein are as follows: Hole Interval Width Gold

(ft.) (ft.) (oz./ton)

PC-94-32 vein intersection but low grade

PC-94-33 874.7 – 884.3 9.6 0.21

PC-94-34 582.6 – 591.0 8.4 0.25

PC-94-35 vein intersection but low grade

PC-94-36 757.9 – 763.0 5.1 0.63

1,149.4 – 1,157.5 8.1 0.17

PC-94-37 837.4 – 857.2 19.8 0.65

incl. 849.1 – 853.1 4.0 1.04

PC-94-38 838.4 – 841.7 3.3 0.89

900.7 – 916.1 15.4 0.67

incl. 906.6 – 913.7 7.1 1.26

PC-94-39 859.6 – 874.6 15.0 0.84

incl. 860.8 – 869.7 8.9 1.01