Canarc drills at Polaris-Taku

At the Polaris-Taku gold property in northwestern British Columbia, Canarc Resource (TSE) has completed a deep drilling program.

Six holes tested the depth potential of the C vein system, returning multiple vein intersections of up to 2,400 ft. deep. The C vein had previously been drilled to a depth of 1,000 ft.

Results from the last two holes included a 10.1-ft. intersection of an upper vein, beginning at a depth of 1,924.2 ft. grading 0.52 oz. gold per ton, as well as a 13.3-ft. interval of a lower vein at a depth of 2,264.1 ft. grading 0.44 oz. for hole 95-44.

Hole 95-45 intersected 14.1 ft. of the upper vein at a depth of 1,924 ft. grading 0.53 oz., as well as 13.8 ft. of the lower vein at a depth of 2,383.1 ft. grading 0.18 oz.

The upper vein is reported to average 11.9 ft. grading 0.44 oz., while the lower vein averages 13.3 ft. grading 0.38 oz. The averages are based on the intercepts from five holes. Hole 95-41 deviated and failed to hit the target zone.

An updated reserve calculation is under way. A probable and possible resource for the C vein was previously estimated at 729,000 tons grading 0.41 oz.

As well, the AB and Y veins are estimated to contain 1.8 million tons averaging 0.44 oz. An additional resource for the deep Y veins stands at 26,000 tons averaging 0.58 oz., while the North veins contain 225,000 tons grading 0.19 oz.

A technical review of the project by consultant Fluor Daniel Wright is expected shortly.

Canarc’s 100% interest in Polaris-Taku is subject to a 15% net profits interest held by Rembrandt Gold Mines (ASE).