Canarc Resource Drill Program Intersects Gold at Tay�LP Property,
Yukon
Vancouver, Canada �
November 12, 2009 - Canarc Resource Corp. (CCM: TSX and CRCUF: OTC-BB) announces that
its recent drill program on the Tay-LP gold property located within the
Tintina gold belt of the Yukon Territory intersected gold mineralization in
all ten drill holes.
Drilling highlights
include 1.48 grams per tonne (gpt) gold over 9.2 meters (m) true width
(0.043 oz per ton over 30.2 feet) contained within a broader mineralized
zone grading 0.73 gpt gold over 28.2 m in hole TLP09-4; and 9.14 gpt gold
over 1.0 m (0.27 oz per ton over 3.3 feet) contained within a broader
mineralized zone grading 0.71 gpt gold over 29.2 m in hole TLP09-1.
The 2009 drill program
successfully extended the gold mineralization along strike and/or down dip
from three areas with previous drill intercepts on the property (Sections
4, 11 and 28). Some of the historic drilling highlights include 3.6
gpt gold over 24.3 m in hole 91-24, 1.3 gpt gold over 31.8 m in hole 02-17
and 4.0 gpt gold over 10.5 m in hole 04-02.
Assay results for the
ten drill holes are shown in the table below. Maps and sections can
be viewed on our website: http://www.canarc.net.
Please click
here: http://www.canarc.net/news/index.php?content_id=256 to view a video summary.
Hole
Number
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(gpt)
|
TLP-09-01
|
91.2
|
120.4
|
29.2
|
0.71
|
incl.
|
93.0
|
94.0
|
1.0
|
9.14
|
and
|
109.0
|
119.0
|
10.0
|
0.81
|
incl.
|
115.1
|
119.0
|
3.9
|
1.69
|
TLP-09-02
|
90.7
|
98.0
|
7.3
|
0.99
|
incl.
|
92.1
|
93.0
|
0.9
|
4.84
|
TLP-09-03
|
158.4
|
171.0
|
12.6
|
0.81
|
incl.
|
158.4
|
159.4
|
1.0
|
4.12
|
and
|
174.7
|
185.7
|
11.0
|
0.63
|
TLP-09-04
|
148.0
|
176.2
|
28.2
|
0.73
|
incl.
|
167.0
|
176.2
|
9.2
|
1.48
|
TLP-09-05
|
32.0
|
52.0
|
20.0
|
0.50
|
incl.
|
44.0
|
46.0
|
2.0
|
2.13
|
and
|
86.9
|
95.9
|
9.0
|
1.15
|
TLP-09-06
|
84.7
|
101.0
|
16.3
|
0.90
|
incl.
|
86.8
|
88.15
|
1.35
|
4.05
|
TLP-09-07
|
101.4
|
113.3
|
11.9
|
0.45
|
incl.
|
101.4
|
102.0
|
0.6
|
2.09
|
TLP-09-08
|
122.85
|
124.9
|
2.05
|
2.30
|
incl.
|
123.8
|
124.9
|
1.1
|
3.80
|
TLP-09-09
|
91.65
|
94.1
|
2.45
|
2.03
|
incl.
|
91.65
|
93.0
|
1.35
|
3.50
|
TLP-09-10
|
105.15
|
110.0
|
4.85
|
3.14
|
incl.
|
105.15
|
107.15
|
2.00
|
6.51
|
and
|
123.0
|
147.0
|
24.0
|
0.52
|
incl.
|
132.55
|
133.0
|
0.45
|
5.24
|
True widths are greater
than 90% of core lengths, except for holes 7 and 8, where they are
approximately 75%.
James Moors, Vice
President of Exploration for Canarc commented,
�The 2009 drilling
program consistently intersected and extended known gold mineralization by
50-100 m along strike and down dip from the three gold zones previously
defined within a 3 km MaxMin geophysical anomaly that trends parallel to a
large intrusion. In general, our drilling hit broader zones of lower
grade gold mineralization compared to the previous drilling. Higher
grades appear to be associated with higher temperature quartz-pyrrhotite
gold mineralization.
These 2009 drill holes
are still 1000 m east of the intrusive contact and have yet to test the
full length of the MaxMin anomaly. Combine these factors with the existence
of two other intrusive bodies, and numerous other untouched geophysical and
geochemical anomalies and it is safe to say we have many attractive targets
that we are looking forward to testing with the next exploration program.�
The Tay�LP property
consists of 413 claims covering a 20 km-long by 4 km-wide belt of gold
prospects (approximately 80 sq. km or 8,000 hectares) that were first
discovered by prospecting in 1984. Tay-LP enjoys good road access from both
Ross River and Whitehorse via the South Canol Road and a four-wheel drive
access road to the old camp on Seagull Creek.
Several million dollars
are estimated to have been spent on exploration since 1984 by Cominco
(1984-87), Pacific Comox (1988-99), Newmont (2000-01) and Ross River
(2002-04). As a result, Canarc has inherited a large exploration database,
including 1382 km of airborne geophysical surveys, 3 geochemical soil
grids, 2 ground geophysical grids, 12 reverse circulation drill holes, and
53 diamond drill holes.
Gold mineralization at
Tay-LP shares some geological similarities with other recent gold discoveries
within the Tintina Gold Belt, such as the Rau property of Atac Resources
(ATC: TSX-V) and the Ketza River gold deposit of Yukon-Nevada Gold (YNG:
TSX), which is located only 18 km east of Tay-LP. Gold at Tay-LP is
associated with sulphide minerals (mainly pyrrhotite) in quartz breccias
(containing elevated bismuth and tellurium) replacing favourable structures
and strata within Cambro-Ordovician calcareous phyllites and marbles
proximal to Cretaceous quartz monzonite stocks and sills.
Canarc has an option to
acquire up to a 100% interest in Tay-LP from Ross River Minerals Inc. over
a three year period, subject to a third party 3% NSR royalty. Pursuant to
the NSR royalty agreements, Canarc must pay CA$25,000 per year in cash or
stock as annual advance payments. The TSX has approved the issuance of
160,250 shares to settle the 2009 advance royalty payment.
James Moors, B.Sc.,
P.Geo, is the Qualified Person who supervised the 2009 drilling program on
the Tay-LP property. He instituted a Quality Control sampling program
of blanks, standards and duplicates to ensure the integrity of all assay
results. All drill core was split by Canarc personnel at the Tay-LP
camp, secured in tagged bags, and then trucked to the prep lab of ALS
Global in Terrace, British Columbia. The core samples were dried,
crushed, and split. A 30-gram subsample was shipped to the ALS Global lab
in North Vancouver for analysis. Gold content was determined by fire
assay with an atomic absorption finish (FA-AA), and samples containing
greater than 0.5 gpt Au were subjected to a second gravimetric finish. Other
trace elements were analyzed by atomic absorption. ALS Global also
uses its own standards for quality control checks.
Canarc Resource Corp.
is a growth-oriented, gold exploration company listed on the TSX (CCM) and
the OTC-BB (CRCUF). Canarc is currently focused on seeking a partner
to advance its New Polaris gold mine project in north-western British
Columbia to the feasibility stage and on acquiring attractive new gold exploration
and mining projects in North America. Barrick Gold Corp. is a
shareholder.
CANARC RESOURCE
CORP.
Per:
/s/ Bradford J. Cooke
Bradford J. Cooke
Chairman and C.E.O.
For more information, please contact Gregg Wilson at Toll Free:
1-877-684-9700, tel: (604) 685-9700, fax: (604) 685-9744, email: info@canarc.net or visit our website, www.canarc.net.
CAUTIONARY DISCLAIMER � FORWARD LOOKING
STATEMENTS
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements that are not historical
facts, including without limitation statements regarding future estimates,
plans, objectives, assumptions or expectations of future performance, are
"forward-looking statements". We caution you that such
"forward-looking statements" involve known and unknown risks and
uncertainties, as discussed in the Company's filings with Canadian and
United States securities agencies. The Company expressly
disclaims any obligation to update any forward-looking statements other
than as required by applicable law. We seek safe harbour.
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