Canarc Resource has announced the completion of an airborne geophysical survey over the entire 14,650 hectare Princeton Gold Property.
The Princeton Gold Property is currently under option from Tasca Resources and Sydney Wilson.
The survey was conducted by Canarc to meet its Phase 1 option requirement to spend a minimum CAD$100,000 prior to January 31, 2019. Results of the survey are anticipated in February from the geophysical contractor Peter E. Walcott and Associates Ltd.
Tasca acquired the Princeton Gold Property in September 2016 to further explore 2010 and 2011 discoveries, when 25 of 37 grab samples of float and bedrock quartz vein returned gold values in excess of 1 part per million (ppm or gpt) and 13 of the 25 samples assayed in excess of 10 gpt gold, to a maximum of 66,237 ppb or 66.2 gpt gold.
Tasca subsequently completed a fall 2018 excavator trenching program tracing the 2010 and 2011 bedrock quartz veins and boulders over 120 metres along strike. Highlights from the program include:
The most significant sample result from this trenching program assayed 217 gpt gold over a 0.9 metre true width. A second sample of the vein three metres away ran 99.7 gpt gold also over a 0.9 metre true width.
Two angular quartz float samples assayed 115.5 gpt gold and 108.5 gpt gold.
The 2018 trenching program combined with the 2011 surface program has resulted in the collection of 53 in-place or angular quartz vein samples, 38 of which exceeded 1 gpt gold, and 24 of the 38 samples exceeding 10 gpt gold to a maximum of 217 gpt gold.
The mineralized vein was traced for 120 metres until overburden exceeded the six-metre reach of the excavator.
Since Tasca generated these sample results, Canarc considers them to be historical, as it has not completed sufficient work to independently verify these historic results.
Late last year, Tasca initiated a staking program to expand the property size from 4,013 hectares to 14,650 hectares. Tasca then entered in to the option agreement with Canarc to fast track exploration on the property. In order to meet its Phase 2 minimum exploration expenditure option requirement, Canarc plans to spend $390,000 in 2019.
The Princeton Gold Property is underlain by both Eocene Princeton Group volcanics and Triassic Jurassic Nicola Group volcanics. Recent mapping by the British Columbia Geological Survey and by Tasca geologists indicates that the gold-quartz vein mineralization on the Princeton property is hosted or intimately related to the Princeton Group volcanics.
Source: Company Press Release