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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44688)	10/7/2009 8:39:41 PM
From: LoneClone	Read Replies (1) \| Respond to of 196881

Polar Star Puts Its Proxy Battle Behind It To Forge Ahead On Montezuma By Rob Davies minesite.com You might well argue that a proxy fight earlier in the year was a distraction for Doug Willock, chief executive of Polar Star Mining Corporation. But the successful conclusion in his favour has left him with the board that he wants and the support of 60 per cent of the shareholders. Part of that proxy fight led to an ad hoc drilling programme that was not in the best of locations. But now that all that is behind the company, Doug and his team can concentrate on identifying the best drill targets for the next programme. Polar Star was created in 2003 to acquire the assets that Outukumpu was divesting in Chile in 2003. Its main focus right now, though, is on exploring the 43,000 hectares contained in its Montezuma property. Montezuma has an address for a copper property that could hardly be better. To the north is the Chiquicamata mine of Codelco, and to the south is the Esperanza property of Antofagasta. Like these two mines, Montezuma lies on the West Fault. Polar Star controls a 25 kilometre geophysical anomaly that stretches along this fault with a width of between one and three kilometres. So the problem becomes selecting sites in such a target-rich environment. Doug, in conjunction with his geologist, Terence Walker, is in the process of finalising the infill IP programme that will deliver enough detail to generate drill targets. The 3,500 metres that was drilled in March confirmed that mineralisation exists, and that it is characteristic of porphyry copper systems. Doug reckons they just scraped the edge of three. He thinks the IP data will be ready by mid-October and that drilling will have been completed by the end of the fourth quarter. It sounds quite easy and straightforward when you say it like that. In reality, though, the hard sulfato surface of the desert means IP readings are meaningless unless they are taken below it. That means engaging a backhoe to break the surface so as to be able to get the IP data from about one metre down. It is not that difficult, but it does take time, and limits the surveying to about two kilometres a day. The March programme only covered 47 kilometres, although the forthcoming one is planned to cover 70 kilometres. While Montezuma is the prime target, Polar Star has a total land package of 263,000 hectares in Chile, and Doug thinks there could be some real goodies within that. One property that he is biding his time on is Chepica. A recent drill programme and 43 -101 resource calculation generated a figure of 178,000 tonnes at 0.51% copper for the property. Although Doug let the option lapse, Polar Star still has 21,000 hectares in the area and he would be keen to go back on the right terms. Polar Star is not big, only capitalised at C$20 million, but it does have C$3.5 million in the treasury to fund its current exploration programme. Should it need to raise further money to follow up the discoveries it hopes to make, Doug is confident that the shareholders will give him all the support he needs.