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High Value Gold Properties
Propel Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF) by Greg Moses - AllPennyStocks.com News Reporter
October 19, 2006 (AllPennyStocks.com Media Inc.) - Gold
prices, even after achieving a meteoric rise earlier this
year, are still at historically attractive levels. While gold
prices may be fluctuating, one Canadian Gold Exploration and
Mining firm, based in Vancouver, is still bedrock solid.
Canarc Resource Corp.
(TSX: CCM) is an established growth oriented Gold
Exploration firm spanning the Americas. The Company has a rich
history and currently has three key Projects underway in
North, Central, and South America.
Canarc Resource Corp. is a strong, well managed company
whose shareholders include Barrick Gold Corporation and
Kinross Gold Corp. Barrick Gold is a large leading
international New York Stock Exchange gold mining company,
which operates 27 mines. While Kinross Gold Corp. is a world
class Canadian gold firm, ranked as the eighth largest
producer in the world.
Canarc is aggressively moving forward with its New Polaris
Gold Project, which is the Company's flagship property. It is
a 100% owned, subject to a 15% NPI, and is a past producing
high grade underground Gold Mine. The Project, which CCM has
owned since 1990, is located in Northwestern British Columbia,
100km south of Atlin B.C., near the border with Alaska.
The New Polaris Gold property has a golden history.
Prospectors discovered gold at the site in 1929. The Polaris
Taku Mine was built in 1936 and operated for 5 years until
1942 and than again from 1946 to 1951. During those years, a
total of 232,000 ounces of gold was produced from 760,000 tons
of ore grading 0.35 ounces per ton. During its tenure, Canarc
has upgraded the infrastructure at the site, including the
camp which can now support 35 people.
This year, Canarc has hit some of the best holes yet in the
C vein system at New Polaris. Visible gold has recently been
reported by the Company in High Grade Drill hole number
1615E8A (View the Polaris Project Drill Map). This is a
milestone event at New Polaris, as this is the first
occurrence of visible gold in the drill core.
Further recently released wide area drilling results from
the current 2006 drill program at the New Polaris site are
very encouraging. The Company has been executing an aggressive
$3.1 million, 60 hole, phase 3 grid drilling campaign this
year to further advance the definition drilling executed in
the 2 previous programs. This 2006 program was specifically
designed to fill in gaps in the previous drill pattern.
Drill holes 1768E-1A, 330SW-9 and 330SW-10 each intersected
strong mineralized zones and are containing higher-grade core
zones typical of the C vein system. All three holes were
drilled near the #1 fault and towards the center of the 2006
drill grid. Also announced were additional high-grade gold
intercepts that have been found in the central part of the C
vein system in hole 270SW-2.
In addition, Canarc's other high potential Project has been
the Benzdorp Gold Project which CCM has been exploring since
1996. The Company has an option agreement to own up to 80% of
the property from the state owned mining company in the
country of Suriname in South America.
This potentially large tonnage Benzdorp Exploration
Project, with extensive gold potential, consists of four
distinct exploration concessions spanning 1,380 square
kilometers.
CCM has had great exploration success on the historic
Benzdorp property. For example in 2004, work on the JQA
prospect including hole number BZ04-51 returned several
significant gold intercepts. In total, all thirteen holes
drilled in 2004 showed significant gold mineralization.
While artisan miners have worked in the area previously,
Canarc has been using high technology on the project,
including a high resolution airborne magnetic and radiometric
survey.
As a result of the Company's effective efforts, two new
prospect areas referred to as VHA and VHB have been defined.
The VHA target is a 650 meters by 600 meters gold soil
anomaly. The VHB target is 400 meters by 200 meters, soil
anomaly. Both targets are scheduled for drilling.
At the corporate level, to accelerate growth on the New
Polaris Project, the Company has recently announced a $4.1
million financing, in two non-brokered private placements.
The proceeds will be used to undertake a major underground
dewatering and exploration development program at New Polaris
to begin in Q4, 2006. This program will require a massive
mobilization of 200 tons of fuel, equipment, and supplies.
Additionally, the proceeds will launch an expanded in-fill
drilling program, and jump start engineering, metallurgical
and environmental studies.
The Company continues to aggressively pursue opportunities
for new precious metals acquisitions in the Americas and
elsewhere. Canarc Resource Corp. is a firm with a lot of
potential, in an important and key Industry sector.
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