Recent drilling on the Polaris-Taku property in northwestern British Columbia has extended the strike length of the C vein about 350 ft. to the east at the 400-ft. level.
Suntac Minerals (VSE) is earning a 60% interest in the property from Rembrandt Gold Mines (ASE) by funding a feasibility study. The two companies are controlled by Canarc Resource (VSE) which owns about 51% of Suntac and 39% of Rembrandt.
Directors of all three companies recently voted in favor of a proposed merger. Under the proposal, both Suntac and Rembrandt shareholders will receive one share of Canarc for every 3.5 shares tendered. Special meetings are scheduled for Aug. 4 to vote on the proposal.
The best hole from the first six holes in the current drilling program intersected 21.5 ft. grading 0.46 oz. gold per ton.
Hole PC-92-C4, which intersected 4.7 ft. grading 0.037 oz. gold, is believed to have missed the upper portion of the C vein due to deep overburden. Bradford Cooke, president of Canarc, said the next six drill holes will be targeted to fill in some large gaps in the C vein drill pattern as well as extend the vein to the west.
Estimates from previous drilling put preliminary reserves in three oreshoots, including the AB, C and Y veins, at about 2.2 million tons grading 0.43 oz. gold.
Cooke said stepout drilling in a second-phase program, expected to begin after completion of the merger, will test the strike extent of the C vein to the northeast.
The program is budgeted at about $2 million and Cooke said the company is reviewing the possibility of financing the work through a convertible debenture. Failing that, he said a number of major mining companies have expressed an interest in financing additional work on the property. Drill results from the current program are as follows:
Hole Interval Width Gold True width
(ft.) (ft.) (oz./ton) (ft.)
PC-92-C1 407.0-417.8 10.8 0.26 8.3
PC-92-C2 432.2-435.2 3.0 0.10 2.8
531.5-538.0 6.5 0.13 6.1
PC-92-C3 423.2-428.5 5.3 0.21 4.45
PC-92-C4 460.3-465.0 4.7 0.037 3.5
PC-92-C5 848.8-870.3 21.5 0.46 17.6
PC-92-C6 625.2-632.1 6.0 0.44 5.0
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