The New Polaris mesothermal gold mineralized vein system is hosted in a Devonian (?) package of the Stikine assemblage, which constitutes the basement of the Stikine Terrane. The New Polaris portion of this package is composed predominantly of basaltic to andesitic augite-phyric volcaniclastics and associated intrusives with lesser amounts of limestone, serpentinised ultramafics, and gabbro. These volcaniclastic and sedimentary units are northwest to north striking, vertical to steeply dipping and range in character from laminated ash to coarse tuff breccia.

Mineralization consists mainly of veins or fissure infilling within shear zones located near the base of the Stuhini Group volcanic assemblage. The volcanics are comprised mainly of andesitic pyroclastics which are cut by numerous small dioritic to gabbroic stocks, tentatively dated as Permian, all of which are crosscut by elongated felsite dikes. The volcanics are altered to greenstones and have undergone intense chlorite and carbonate alteration. Near or within the shear zones, the wallrock is almost completely silicified and partially sericitized.

There are two main mineralized shear structures. Most of the early production came from the AB zone which strikes northwest and dips about 70 degrees southwest for a strike length in excess of 750 metres and a depth of 250 metres. The Y zone was developed later, and strikes to the north, dipping 45 degrees east. A longitudinal section showing the old mining stopes and pierce points of previous drill holes in four subparallel veins comprising the Y vein system, indicates an ore shoot more than 426 metres long and over 213 metres deep. Drill indicated reserves of this system are approximately 59,868 tonnes grading 23.99 grams per tonne gold (George Cross News Letter #161, 1991).

The C vein has been drill tested along a 365 metre length and to a depth of 304 metres (George Cross News Letter No.15, 1992).

The AB, C and Y veins are open-ended systems, considering drilling has located neither the margins nor the bottoms of the main ore shoots (George Cross News Letter No.15, 1992).

The ore in all the shears is similar, and consists of white quartz and carbonate veins with lenses and fragments of wallrock which are partly replaced by pyrite and arsenopyrite. The quartz-carbonate veins range up to 6.0 metres in width and are irregularly mineralized with lenses and fine disseminations of pyrite, arsenopyrite and minor stibnite. The stibnite generally occurs as coarse-bladed crystals. The gold is associated with the arsenopyrite and to some extent with the pyrite and listwanite alteration. No free gold has been reported.

Gold mineralization was first discovered at Polaris-Taku in 1929. The Polaris-Taku mine was in operation from 1937 to 1951 with the exception of the war years, 1942 to 1946, when production was suspended. Production totalled 683,337 tonnes yielding 365,772 grams of silver, 7,203,579 grams of gold and 79,958 kilograms of copper.

Underground rehabilitation of the old mine workings is in progress by Canarc Resources Corporation.

Consultants Watts, Griffith and McQuat recently calculated a preliminary resource of about 680,325 tonnes grading 15.76 grams per tonne gold for the C Vein system and 544,260 tonnes grading 16.11 grams per tonne for the Y Vein system based on a 20 per cent dilution factor. With additional reserves remaining in the old mining area estimated at 221,332 tonnes grading 11.31 grams per tonne gold, the total diluted preliminary resource stands at about 1,451,360 tonnes grading 15.08 grams per tonne gold (Northern Miner - September 7, 1992).

Montgomery Consultants were commissioned to update their previous independent study of drill indicated, probable and possible, geological gold resources in the AB, C and Y vein systems. Montgomery's new resource estimates are as follows:

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VEIN SYSTEM  CLASS.   CUTOFF GOLD GRADE    TONNAGE     GRADE GOLD
                      (grams per tonne)    (tonnes) (grams per tonne)
Y Vein       Probable      8.57            190,491        15.80
AB Vein      Probable      8.57             70,753        13.81
C Vein       Probable      8.57             40,819        13.36
New C Vein   Probable      8.57             47,169        14.53
Total        Probable      8.57            349,232        14.94
Y Vein       Possible      8.57            895,307        16.07
AB Vein      Possible      8.57            460,806        13.26
C Vein       Possible      8.57            360,118        13.64
New C Vein   Possible      8.57            521,582        13.47
Total        Possible      8.57          2,237,813        14.74
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Grand Total - Probable/Possible reserves - 2,587,045 tonnes grading 14.56 grams per tonne gold (George Cross News Letter No. 207 (October 27), 1992).

All three vein systems at Polaris-Taku remain open along strike and at depth (George Cross News Letter No. 207 (October 27), 1992).

Drill indicated geological reserves, estimated by an independent study in early 1995, total 2.54 million tonnes grading 14.1 grams per tonne gold (Information Circular 1996-1).

Drilling was also conducted on the North zone where the target is one or more gold-bearing quartz-carbonate vein systems within a favourable alteration zone up to 30 metres thick and over 670 metres long. A total of 27 drillholes have delineated the North zone over a strike length of 670 metres, with an additional 240 metres of strike length indicated by soil geochemical anomalies. The average width of the zone is about 7 metres grading 5.14 grams per tonne gold (Information Circular 1995-9, page 17). A resource is estimated at 204,000 tonnes grading 6.51 grams per tonne gold (Information Circular 1996-1).

In late 1996, Golden Angus Mines Ltd., a subsidiary of Canarc Resources Corporation, began a multi-million dollar underground exploration and development program on the Polaris-Taku. Drill-indicated geological reserves, contained in the AB, Y and C vein systems, were estimated in 1996 at 3.27 million tonnes grading 13.7 grams per tonne gold, at a cut-off grade of 6.86 grams per tonne gold. Annual production is forecast at 2800 kilograms of gold over a minimum 8-year mine life. Initial underground work will include rehabilitation, sampling and drilling of the upper workings on the AB and Y vein systems between the Canyon adit and the surface to test for potential open-pit resources, and testing the bottom of the mineralization below the 750 level on the C veins and possible depth extension of the AB vein system. The company plans 200 drill holes in its 1996-1997 program designed to increase the contained mineable resource sufficient to complete a bankable feasibility study for production in the spring of 1998 (Information Circular 1997-1, page 21).

During 1997, Canarc Resource Corporation completed a multimillion underground exploration and development program on the New Polaris project. They completed approximately 12,190 metres of diamond-drilling out of a planned 30,480 metres. The best intersection was a 34.2-metre interval assaying 14.4 grams per tonne gold in the C zone, below the 600 level workings. Drilling on the AJ level intersected ore grades in the AB and Y zones that were either neglected or not previously known. Reserves estimated by Canarc in 1996 are 3.27 million tonnes grading 13.7 grams per tonne gold at a cut-off grade of 6.86 grams per tonne gold (Information Circular 1998-1, page 22). Two new zones, Serpentine and D, were found near the north end of the old workings.

In 1997, the property was renamed the New Polaris project. Recent drilling (6950 metres in 47 holes) has increased probable and possible resources to 3.27 million tonnes grading 13.7 grams per tonne gold (Information Circular 1999-1, page 9).

In 2003, Canarc Resources Corp continued exploration and metallurgical testing at New Polaris. A late-season, 3-hole, drilling program was completed. Metallurgical test work on a mini-bulk sample of high-grade material, collected in late 2002, significantly increased the gold recoveries from 90 per cent up to 98.7 per cent. A diagnostic leach test indicated that 9 per cent of the gold is free milling, 69 per cent is refractory, associated with arsenopyrite and pyrite, and the remaining 22 per cent occurs with the quartz-carbonate matrix.

In 2004, Canarc began an in-fill drilling program near the end of the year. The program consisted of 2767 metres of drilling. The first four holes returned a weighted average of 25.6 grams per tonne gold over a 5.3-meter core length. True width is estimated to be 85 to 90 per cent of the core length (Exploration and Mining in British Columbia 2004, page 26).

Canarc Resource Corp.'s phase 2 infill drill program was completed in 2005. Eight holes (for a total of 2,357 metres) were drilled in October and November, 2005, on 30-metre spacings to test the C vein system, starting a farther 61 metres down-dip and 33 metres along strike from last year's phase 1 infill drilling program. All eight drill holes intersected economically significant gold grades and vein widths. In the 2005 holes, the weighted average of the principal C-vein intercepts is 14.2 grams per tonne gold over 8.0 metres and the hanging wall C-vein intercepts averaged 15.8 grams per tonne gold over 3.5 metres (Exploration in British Columbia 2005, page 28). True width is estimated to be 85 to 90 per cent of the core length.

In 2006, Canarc Resource Corp completed 65 core holes (24 000 metres) on an in-fill drilling program intended to upgrade a historic resource of 3.26 million tonnes grading 12.3 grams per tonne gold to a mining reserve. The current program reduces the spacing between drill intercepts from 60 to 30 metres, beginning down dip of two stopes in the former Polaris-Taku mine. Drilling in 2006 traced the C-vein to 350 metres below surface and returned consistently positive results. The first recorded sighting of visible gold, in association with stibnite, was made in core from three holes along the western margin of the in-fill grid and returned exceptional intercepts, such as 44.7 grams per tonne gold over 6.2 metres (Exploration in British Columbia 2006, page 37). In addition the C-vein was found to thicken to the northeast beyond the area of previous drilling. Canarc will pump water from the mine workings and begin underground drilling in 2007.

Canarc Resource Corp reported a measured plus indicated undiluted resource of 1.67 million tonnes grading 10.62 grams per tonne gold and an inferred resource 2.06 million tonnes grading 10.5 grams per tonne gold (Exploration in British Columbia 2007, page 25). Both are at 2 grams per tonne cut-off grade. A preliminary assessment was made to build a mine to produce 80 000 oz of gold per year. The company is considering an underground development program to recover a bulk sample to test recovery of the refractory gold.

By 2007, the total New Polaris database consists of 1,056 diamond drill holes with a total of 31,514 sample intervals. An NI 43-101 resource estimate by Giroux Consultants Ltd. dated March 14, 2007 was based on ordinary kriging of 192 recent drill holes and 1,432 gold assay intervals constrained within four main mineralized zones. The estimated project economics for Canarc to build and operate a 600 tonne per day gold mine, averaging 72,000 ounces of gold per year, at New Polaris appeared positive in early 2011(Press Release, April 12, 2011).

In February 2019, Canarc released an updated mineral resource of 1,687,000 tonnes indicated grading 10.8 grams per tonne gold and 1,483,000 tonnes inferred grading 10.2 grams per tonne gold, using a 4.0 grams per tonne gold cut-off grade (Schulte, M. (2019-02-28): 2019 Preliminary Economimc Assessment - The New Polaris Gold Project).