The Black Bear Project is located approximately 6 kilometres south-west of Port McNeill on Vancouver Island, BC and immediately south of the Company’s sand and gravel resources at the Orca Quarry. Black Bear is an early-stage exploration project on which Polaris has identified a significant resource of basalt which is suitable for use in construction aggregates. An exploration, drilling, and material testing program, completed in early 2016, confirmed the suitability of the material for use in construction aggregates, and supported the establishment of a maiden Mineral Resource Estimate for the project which included a Measured and Indicated Resource Estimate of 70 million tonnes of basalt, and an additional Inferred Resource Estimate of 330 million tonnes of basalt.
Black Bear is an exciting opportunity for Polaris as it represents an opportunity to add a source of gravel, manufactured sand, and other crushed rock products in close proximity to the infrastructure at the Orca Quarry. Subject to confirmatory testing, the material from Black Bear may also be useful as a gravel supplement to the sand-rich Orca Quarry. We are working to rapidly advance the project through social, permitting and engineering studies, and are actively engaged in discussions with our First Nations partners, provincial government and local stakeholders.