BRITISH COLUMBIA – CANARC RESOURCE CORP. of Vancouver reports assays as high as 23.2 g/t Au from its New Polaris project, 100 km south of Atlin. The company holds 100% interest in the former producer and is conducting a $27-million in-fill drilling program.
Canarc received several high-grade assays from seven holes drilled on the western part of the C vein system. Hole 1646E-2A returned 23.2 g/t Au over 3.00 metres; hole 1646E-5, 22.8 g/t Au over 3.85 metres; hole1614E-8, 22.4 g/t Au over 4.80 metres; and hole 1646E-6, 15.5 g/t Au over 7.20 metres. Three other holes returned grades of approximately 6.00 to 9.00 g/t Au.
The New Polaris property contains an estimated 1.3 million oz of gold (non-NI-43-101-compliant). Canarc plans to complete a new resource estimate, then move ahead to refine the mine plan, complete an economic evaluation and begin the permitting process by the fourth quarter of 2006. The project is expected to enter the full feasibility and final permitting stage in 2007.
The history of the former New Polaris gold mine is posted at www.Canarc.net.