Canarc drilling at Guarimba property

Junior Canarc Resource (VSE) has finished an initial phase of exploration on nine properties in southeastern Venezuela.

The Guarimba property is the most advanced of these and is held under option to Consolidated Magna Ventures (VSE), with Tombstone Explorations (VSE) holding a back-in right. If all parties become fully vested, Canarc will hold a 42% interest, Tombstone 33% and Magna 25%.

Situated in the Kilometre 88 district, Guarimba adjoins Placer Dome’s Las Cristinas property on the southwest.

Sixty-five auger holes, each to a depth of about 10 metres, were drilled in and around an area of garimpeiro pits in the northeast corner of the property. The auger drilling returned 21 holes anomalous in gold, with values exceeding 0.3 grams per tonne. Several of the holes are clustered around the margins of the largest surface pit, which measures 1,000 metres long by 200 metres wide and 20 metres deep.

Included in a second phase of work, now under way, is the drilling of six holes totaling 1,000 metres, to test for mineralization below the pit. Canarc estimates the second-phase of work on its various Venezuelan property interests will total about US$2 million.