BRITISH COLUMBIA – Vancouver’s Canarc Resource Corp. is trimming the cost of the feasibility study to $9 million for its New Polaris gold project 100 km south of Atlin. The company also says it is currently seeking either a partner or a buyer to advance the project.
The original $26-million work program included underground mine development. Canarc will realize the savings by deferring the mine development work to the post-feasibility mine development program. Instead, the company will carry out an additional 15,000 metres of infill core drilling to upgrade its confidence in the measured and indicated resource estimate. About $5 million will be spent for permitting and engineering and the balance for drilling.
Canarc released a preliminary economic assessment for New Polaris that included building and operating a 72,000-oz/y gold mine based on 1.1 million tonnes of measured and indicated resources grading 11.7 g/t Au (after dilution) and 1.1 million tonnes of inferred resource grading 10.8 g/t Au (after dilution) at a 7 g/t cut-off grade.
Learn more about the New Polaris project at Canarc.net.