Surface work on the Polaris-Taku property in northwestern British Columbia has identified a 5,000-ft. northerly strike extension of the property’s three main vein systems.
Property owner Canarc Resources (VSE) plans to start a 16-hole, 4,000-ft. program in an effort to test the near-surface potential of the new zone. The discovery area is more than 1,700 ft. higher than the area of existing gold resources and past production. The Polaris-Taku operated as an underground mine from 1937 to 1942 and then from 1946 to 1951, producing more than 231,000 oz. gold and 11,760 oz. silver from 760,000 tons of ore. Under way is a 25-hole, 20,000-ft. program of infill and stepout drilling, the objective of which is to re-evaluate the gold reserve by year-end. Polaris-Taku’s geologic resource was last estimated at 2.4 million tons grading 0.43 oz. gold per ton.
Rembrandt Gold Mines (ASE) retains a 15% net profits royalty in Polaris-Taku. Turning to more southern climes, Canarc has discovered a gold prospect at its Virginia 2 property in the Venezuelan district of El Dorado. The company is earning a half interest in the property from Tombstone Explorations (VSE) by spending US$2.5 million over four years.
Surface work has outlined a gold soil anomaly measuring 2,000 by 2,600 ft. and assaying up to 0.02 oz. Further work confirmed the presence of a folded and faulted iron formation crosscut by a shear zone containing carbonate alteration, quartz veins and stockworks. Chip and grab sampling returned values ranging from 0.1 to 0.5 oz. over a 160-ft. radius.
The surface target is believed to be the source of an alluvial gold field where garimpeiros have been active, and the company plans further surface work to expose and sample the mineralization prior to a drilling decision.
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