Carat getting clearer picture of Seneca property

Moving east of a historic deposit on its Seneca property in BC has provided some encouraging results for Vancouver-based Carat Exploration (CRZ-V).

The company has received all assays from its 2006 and 2007 drill program which included 10 holes for 2,879 metres. Highlights include:

• Hole WL06-04 — 2.3 metres from 97.9 to 100.2 metres at 3.5% copper and 0.3% zinc, including a 1.5 metre interval grading 5.3% copper, 0.41% zinc and 24.8 grams silver per tonne.
• Hole WL06-05 9 metres from 6.4 to 15.4 metres at 0.77% zinc and 6.9 metres from 217 to 223.9 metres at 1.59% zinc.
• Hole WL06-06 4 metres from 10 to 14 metres at 0.69% zinc.
• Hole WL06-07 1.8 metres from 38.6 to 40.4 metres at 1.1% copper and 2 metres from 210 to 212.5 at 2.89% zinc.
• Hole WL06-08 11.7 metres from 195.0 to 206.7 at 0.56% zinc.

In Toronto on April 13 Carat shares were up nearly 12% or 14 to $1.32 on just 16,500 shares traded. The company has roughly 36 million shares outstanding.

The Seneca property is situated 120 km east of Vancouver and overlies the historic Seneca deposit a deposit with a historical estimate of 1.5 million tonnes grading 3.57% zinc, 0.63% copper, 0.15% lead, 41.1 grams per tonne silver and 0.8 grams gold. Those numbers come from a non-compliant, unpublished report by Wright Engineers in 1984.

Carat describes the deposit as a polymetallic copper-lead-zinc-silver massive sulphide within middle jurassic volcanic rocks.

The company moved its drill program several kilometers east of Seneca after drilling that deposit in its 2005 program. The area focused on for its most recent program is called the Weaver Lake area.

Carat says the area hadnt been explored in the past, but says its own initial work showed potential for massive sulphide mineralization.

It made that assessment after stream sediment sampling in 2005 showed what it describes as a strong and extensive polymetallic geochemical anomaly north of Weaver Lake in the southeastern portion of the Seneca property.

Drilling tested the anomaly and is being interpreted by Carat as altered zones which are possible pathfinders to overlying massive sulphides. It says drill results are consistent with a hydrothermal feeder zone to a potential volcanic-hosted massive sulphide deposit.

The hydrothermal alteration and associated stringers are in a package of andesitic and dacitic volcanic rocks and interlayered sedimentary rocks.

The company says the stringer zones are predominantly made up of pyrite and chalcopyrite (copper sulphide) but locally contain notable amounts of sphalerite (zinc sulphide).

Carat says the geological units hosting the alteration are similar to those hosting massive sulphide mineralization at the Seneca deposit.

The company reported no significant mineral intercepts from holes WL06-03, WL06-09 and WL06-10.