Base Metals: PolarX’s Mars drilling result is out of this world
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PolarX (ASX:PXX) has uncovered evidence that the Mars prospect within its Alaska Range project could host a very large mineralised system after its first hole intersected more than 400m of porphyry‐style veins and ended in mineralisation.
Significantly, the veins contained visible iron, copper and molybdenum sulphides from near surface to the end of hole.
The company added there is a notable increase in visible copper and molybdenum sulphide abundance from a depth of about 321m to the end of hole at 417m.
Additionally, gold is also expected to be present as anomalous gold was recorded during surface geochemical sampling at Mars. However, PolarX noted that this can only be determined by assays that are currently underway.
“Visual confirmation of even more intense porphyry‐style veining containing chalcopyrite and molybdenite from 321m to the end of the first hole at 417m depth at Mars is extremely promising,” managing director Frazer Tabeart said.
“The 400m+ down‐hole thickness of mineralisation, the large size of the copper‐gold‐molybdenum surface geochemical and geophysical anomalies at Mars support our view that a very large mineralised system may be present.”
The company has completed five holes in a campaign of up to 10 holes that is designed to provide a clearer picture of Saturn’s true potential.
Success here could trigger a farm-in from North American major Lundin Mining Corporation that includes US$24m in exploration and US$20m in staged cash payments to PolarX.
Alaska Range also hosts the Zackly Claims deposit that already has a resource of 44,000 tonnes of contained copper and 217,000 ounces of gold. This deposit is excluded from the Lundin Mining agreement, meaning it remains 100 per cent owned by PolarX.
St George Mining (ASX:SGQ) has extended the high grade mineralisation at the Investigators prospect within its Mt Alexander project in WA after a large step-out hole intersected thick nickel-copper sulphides about 100m along strike of known mineralisation.
Meanwhile, an assay of 5m at 2.97 per cent nickel, 1.04 per cent copper and 1.02 grams per tonne platinum group elements from a depth of 83m has confirmed a significant extension of high grade mineralisation at the Stricklands prospect.
Canterbury Resources’ (ASX:CBY) drilling program at the Briggs copper project in Queensland has intersected a zone of higher grade mineralisation.
Assays from this zone returned a hit of 17.6m at 1 per cent copper from a depth of 236.4m within a broader zone of 61m at 0.48 per cent copper from 200m.
Odin Metals (ASX:ODM) has started drilling at the Sturgeon Lake zinc-copper project in Ontario, Canada, to test for extensions of high grade zinc mineralisation at the Abitibi Zone.
Drilling will also test several high priority targets identified by the company.