As a result, Canarc has terminated its option agreement with
Phase 1 Drill Program
In August, 2020, the Company completed a Phase 1, 7-hole, 1,019 meter reverse circulation ('RC') drill program to test the Swamp and Dryland gold showings at Hard Cash. The holes were drilled in a southeasterly direction across the northeasterly strike of the shear zone with lines spaced at 200m intervals and drill collars from 50 to 150 meters along lines over the two prospect areas. The drill holes were inclined at 45 degrees testing the targets perpendicular to the shear zone down to a planned depth of 150 meters.
A total of 662 RC chip samples were collected from the seven drillholes. The results of the RC drilling confirmed gold mineralization over a strike length of 1.5 kilometers. The drill results appear to confirm an alternative ore model of widespread shearing and alteration containing remobilized gold in veins within the thermal aureole of an intrusive stock to the south and east of the Swamp and Dryland gold showings. The drill results do not appear to be indicative of a significant, shear zone-hosted, orogenic gold discovery.
QA/QC Program
A rigorous Quality Assurance and Quality Control ('QA/QC') program was implemented as part of the sampling procedures throughout the drill program to monitor the integrity of the assay results. Standard samples of Certified Reference Material ('CRM'), duplicate and blank samples were inserted into the sample stream prior to being sent to the laboratory and the adherence of results to strict parameters was monitored. The RC drill chips were collected at 1.5 meter intervals and a representative sample was acquired by passing the chips through a cascading riffle splitter in the field. The samples were shipped to
About Canarc
Contact:
Tel: (604) 685-9700
Email: scott@canarc.net
Web: www.canarc.net
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' within the meaning of
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the Company's ongoing due diligence review in relation to the Acquisition, risks related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
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