By acquiring the 2,800-hectare Baramita gold property, Canarc Resource (VSE) can increase substantially its holdings in the Guyana Shield.
To do so, it must spend $700,000 exploring the property, situated 260 km northwest of Georgetown, Guyana, and pay US$100,000 over four years. Previously, seven zones along a granite-greenstone contact were identified by Golden Star Resources (TSE). Hand-pitting and deep augering to depths of 30 metres on two of the zones — Old World and Millionaire — established estimated resources of 275,000 tonnes grading 1.23 grams gold per tonne and 575,000 tonnes grading 1.22 grams.
Preliminary work, now under way, has returned 14 surface grab samples averaging 70.26 grams. Diamond drilling is expected to begin before year-end.
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