Outstanding gold and copper hits point to resource increase in elephant country for PolarX
Link copied to
Special report: PolarX has made an exceptional start on a new drilling program at its Alaska Range project, announcing today that the first hole returned 55m at 2.8 grams of gold per tonne and 0.6 per cent copper from just 2.5m below surface.
The intersection was made 850m east of the existing resource at the project’s Zackly deposit, highlighting the scope for a substantial increase in the inventory, PolarX (ASX:PXX) reported.
The assay (or lab tests) included intervals of 0.3m at 27.2 per cent copper and 2.5g/t gold, 11.5m at 0.6 per cent copper and 5.3g/t gold and 8.8m at 0.5 per cent copper and 5.8g/t gold.
The bulk of the gold is within 25m of the surface.
The Zackly Resource stands at 41,000 tonnes of copper, 213,000 ounces of gold and 1.5Moz silver from surface and occurs over a strike length of 1km.
“Given this result and the fact that several other holes drilled as part of this program intersected visible mineralisation (with assays pending) outside the current Resource, PolarX expects the JORC Resource estimate to increase,” the company said.
“Importantly, PolarX also believes that the geological nature, width and the grade of the mineralisation in the hole further supports its view of the potential for a porphyry copper-gold target at Zackly.”
PolarX has already reported visible gold and copper in other holes which were also drilled well outside the existing resource. Assays from these holes are pending and drilling is ongoing.
Zackly is just 20km from the Caribou Dome deposit at Alaska Range. Caribou has a JORC resource of 85,000 tonnes of copper at 3.1 per cent, with 45,000 tonnes grading 4.5% from surface down to only 100m- meaning it could share a processing facility with Zackly. Both deposits remain open in all directions.
Alaska Range, which hosts a 35km mineralised belt, also contains some very large exploration prospects including Mars, Senator and Moonwalk, all of which are considered highly prospective and potential company-makers.
Highly-regarded resources commentator Barry FitzGerald noted recently that Mars was a shallow porphyry target just 6km from Zackly along a mineralised structural corridor.
“Never before drilled, soil sampling at Mars returned coincident copper, gold, molybdenum and silver anomalism over an area of 2000m by 1500m,” FitzGerald said. “Rock-chip sampling turned up 7.4 per cent copper and 1.8gpt gold.
“Geophysics have indicated a buried anomaly located 100‐150m below the surface geochemical anomalism. PolarX reckons that is all consistent with a buried, mineralised porphyry copper-gold system.”
This special report is brought to you by PolarX.
This advice has been prepared without taking into account your objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your own objectives, financial situation or needs, before acting on the advice.
If this advice relates to the acquisition, or possible acquisition, of a particular financial product, the recipient should obtain a disclosure document, a Product Disclosure Statement or an offer document (PDS) relating to the product and consider the PDS before making any decision about whether to acquire the product.