Drilling increases reserves at Polaris-Taku gold prospect

After compiling results from the past year’s drilling on the Polaris-Taku property in northwestern British Columbia, preliminary estimates of probable and possible reserves have been boosted to 2.85 million tons grading 0.43 oz. gold per ton.

Suntac Minerals (VSE) is funding work on the property under a deal to earn a 60% interest from Rembrandt Gold Mines (ASE). To become vested, Suntac must complete a positive feasibility study by Aug. 1, 1993.

The new reserve estimate was completed by Montgomery Consultants and incorporates the 16 surface holes drilled this year through the C vein system. The new figure compares with Montgomery’s previous estimate of 2.23 million tons grading 0.43 oz. gold. The increase is all associated with new C vein material.

Of the new total reserve, 385,000 tons grading 0.25 oz. gold is classified as probable with the balance considered possible.

Canarc Resource (VSE), which owns about 51% (64% fully diluted) of Suntac’s shares and about 28% (34% fully diluted) of Rembrandt’s shares, recently launched a takeover bid to acquire the shares it does not already own. Both Suntac and Rembrandt shareholders are offered one share of Canarc in return for every 3.5 shares of each company.