This summer Aquamin Resources (VSE) plans to embark on a unique quest for gold, specifically some 800 tons of concentrate grading 4 oz. gold per ton on a sunken barge lying under 300 ft. of water.
The arsenical concentrate is from the former-producing Polaris-Taku mine in northwestern British Columbia, and was lost when the barge sank in August, 1951.
Aquamin, formerly known as Lord River Gold Mines, has an agreement in principle with Fireman’s Fund Insurance of San Francisco, Calif., which grants it the salvage rights to the gold concentrate on the barge in exchange for US$23,000.
Aquamin in turn entered into a letter of intent with Can-Dive Services of North Vancouver, B.C., to recover the concentrate using Can-Dive’s one-man Newtsuit. The profits would be shared 75% to Aquamin and 25% to Can-Dive. The salvage operation is currently being costed by Can-Dive which hopes to begin work this summer.
About 100 tons of concentrate was previously recovered from the barge in the late 1970s, and Aquamin has obtained 50 lb. of this material in order to forward samples to various smelters for testing and quoting of smelter charges.
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