Vancouver – An ongoing drilling program by Canarc Resource (CCM-T, CRCUF-O) has returned more high-grade intercepts from the past-producing New Polaris project in northwestern British Columbia, including 23 grams gold per tonne over 5.9 metres and 43.4 grams gold over 2 metres.
The latest results follow previously released high-grade intercepts from the ongoing drill program at New Polaris, including 23.1 grams gold over 16.5 metres reported several weeks ago.
Canarc owns 100% of the New Polaris mine project, subject to a 10% to 15% net profits royalty. This year’s $2.7-million, 60-hole drilling campaign is expected to result in a new resource estimate, conceptual mine plan (including economic evaluation), and a permitting application by the end of this year.
The latest results are from the central part of the C vein system, proximal to the No. 1 fault, and were drilled to fill-in gaps in the previous drill-hole pattern. The company notes that the strong arsenopyrite mineralization intersected in these holes is consistent with most previous drill holes within the C vein.
The Polaris mine, originally known as the Polaris Taku mine, began production in 1937, and operated for five years until 1942, and again from 1946 to 1951. About 232,000 ounces of gold were produced from ore grading 0.35 oz. gold per tonne, with concentrates shipped to Tacoma, Washington for refining. The mine closed after a barge loaded with gold concentrate sank in stormy seas off the B.C. Coast.
Canarc acquired the project in 1992, and has since discovered zones below and beyond the mine workings.
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