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Canarc to begin drilling at Fondaway Canyon, Nevada

Published 07 September 2017

Canarc Resource announced that it has received approval from the US Bureau of Land Management for a drilling campaign at its Fondaway Canyon property in Nevada.

The program consists of 7 core holes totaling 2,700 meters in 5 target areas at depths of up to 400 meters; drilling is expected to start on or about September 15th, 2017. The program will cost approximately $850,000 CDN and will be funded from existing cash.

The principal objectives of the drilling program are to test for extensions of mineralization to depth below shallowly-drilled mineralized zones at the South Mouth, Pack Rat, South Pit and Colorado zones, and for the down-dip continuation of mineralization in the Half Moon - Stibnite area. Drilling will also focus on the corners of the structural dilation zone where gold mineralization is particularly enhanced.

South Mouth

South Mouth is a broad area of mineralization up to 300 m wide by at least 700 m long. Historic drilling tested to only about 125 m deep, with most holes shorter than 100 m. Canarc will complete 2 holes across the mineralized area in an effort to extend mineralization 100 to 200 m below previously-tested levels. South Mouth mineralization was not included in the recent Fondaway resource calculations.

Pack Rat

Like South Mouth, Pack Rat is a broad area of mineralization tested by shallow historic drilling; only 2 of the 39 holes drilled exceed 80 m. The gold mineralization occurs in steeply-dipping shear zones and vein stockworks in the southwest corner of the district-scale, structural dilation zone. Mineralization is known over a 180 m vertical range and remains open at depth and along strike. Canarc will complete 1 angle hole across the mineralized area in an effort to extend mineralization 100 to 200 m below previously-tested levels. Pack Rat mineralization was not included in the recent Fondaway resource calculations.

South Pit

The South Pit target lies in the southeast corner of the district-scale structural dilation zone at the intersection of northeast-striking and east-striking mineralized structures. The intersection is marked by high-grade gold (e.g., 15.75 g/t Au over 0.5 m, Canarc sample). The northeast structure is at least 25 m wide and at least 200 m long, with samples exceeding 3 g/t away from the intersection. Canarc will complete 1 drill hole to test the intersection area.

Half Moon - Stibnite

The Half Moon - Stibnite target lies at the northeast corner of the dilation zone at the intersection of northeast-striking and east-striking mineralized shear zones and veins. Gold mineralization occurs within a broad envelope of stockwork veining which is about 175 m thick and has been tested down dip for about 350 m. The deepest historic drill intersection in the area is 4.2 g/t Au over 16.8 m including 7.8 g/t over 3 m and 6.7 g/t over 5.8 m (hole 02FC-4). The Company will complete one hole to test about 100 m below the historic holes.

Colorado

Colorado is a broad mineralized area (about 200 m by 300 m) marking the northwest corner of the dilation zone that contains strongly-altered and mineralized dikes, high-grade veins and shear zones, and broad lower-grade mineralization hosted in altered shale. Canarc's rock-chip samples returned 5.0 g/t Au over 2 m, 10.7 g/t Au over 4 m and 24.0 g/t Au over 2 m in steep and low-angle shear/vein zones. The Company will complete 2 deep holes across the area to test below previous drilling and confirm the high-grade mineralization in the area of hole TF-114.



Source: Company Press Release