With the first phase of their 1990 drilling program complete, Suntac Minerals (VSE) has released an in-house reserve calculation for the C vein on the Polaris-Taku property in the Tulsequah River area of northwestern British Columbia. The program included about 9,390 ft. of drilling on the C vein. Using a 0.25 oz. cutoff, Suntac has estimated a geological reserve of 366,000 tons grading 0.50 oz. gold per ton.
Suntac is earning a 60% interest in the property from Rembrandt Gold Mines (ASE), by spending $3 million over five years.
The C vein remains open on strike and to depth and the company’s second phase of drilling will include stepout as well as infill drilling on both the C vein and the Y vein.
Although a budget for the program has not been finalized, the company estimates it will be in the order of $500,000. Suntac expects to begin drilling in May and will require a financing to replenish its depleted working capital prior to beginning work.
The new reserve adds to the previously released probable and possible reserves of 520,000 tons grading 0.45 oz. gold for a total of 886,000 tons grading 0.47 oz.
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