Drilling on Canarc Resource’s (TSE) Polaris-Taku property in northwestern British Columbia has increased the amount of contained gold to 1.15 million oz. from 1.03 million oz.
The AB, Y and C veins host a probable and possible resource of about 2.6 million tons grading 0.43 oz. per ton, based on a 0.2-oz. cutoff (or 2.5 million tons grading 0.44 oz., based on a 0.25-oz. cutoff).
The North zone and the deep Y vein feature an additional resource estimated at 251,000 tons grading 0.23 oz. These figures are based on a 0.15-oz. cutoff and were calculated using 150-ft.-diameter blocks around each 1994 drill hole. All principal vein systems remain open along strike and at depth. This year’s plans include deep drilling on the C vein and stepout drilling on the North zone.
To date, Canarc has spent more than US$5 million delineating Polaris-Taku. In 1995, it intends to expand gold reserves to more than 1.4 million oz. and update a prefeasibility report. The property is subject to a 15% net profits interest held by Rembrandt Gold Mines (ASE).
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