Canarc continues to hit high grade gold with Fondaway drill program

Canarc Resource Corp (CVE:CCM, OTCMKTS: CRCUF) said the last four holes in its previously announced seven hole drill program at the Fondaway Canyon project in Nevada continued to impress.

All seven holes hit gold mineralization, the firm noted.

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“Mineralization in the three areas tested by these holes has been significantly extended to depth and along strike,” said Catalin Kilofliski, chief executive at Canarc.

He cited one hole, which extended high-grade (over 3 gpt (grams per ton gold) mineralization about 100 metres (m) along strike within a broad northeast-striking mineralized corridor that contained another hole 400m to the northeast.

“This corridor is open to the southwest and has not been tested to depth over much of its strike length of at least 700m.

“We were also successful in extending high-grade mineralization to depth in the South Mouth area with hole FC17-7,” he added.

“Our 3D analysis and geological review is on-going and will assist in developing an exploration action plan and next steps for 2018.”

Highlight assays from the latest four holes included 24.4 meters (m) at 1.80 grams per tonne (gpt) of the yellow metal, including 6.35 gpt  of gold over 0.9 m, 5.58 gpt gold over 1.6 m (metres) and 6.96 gpt  gold over 1.3 m in one hole.

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Another assay showed 12.8 m grading 3.48 gpt gold.

The Phase 1, seven-hole, program tested five widely-spaced targets along 2.3 km of the 3.8 km-long gold system.

The drilling results extended mineralized zones to depth and along strike and, together with previous exploration results, define bulk tonnage mineralization that may be amenable to open pit mining, the company said.

Story by ProactiveInvestors