PolarX discovers copper & gold on Mars (kinda)
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Explorer PolarX says Mars is an “exceptional, high-priority target”, but they haven’t joined the space race yet.
The landscape looks alien – but the Mars prospect is part of PolarX’s (ASX:PXX) Alaska Range Project, 250km from Alaska’s largest city Anchorage.
The company says they graded rock chips from Mars up to 7.4 per cent copper and 6.9 grams per tonne gold — grades that qualify for the title ‘high’.
One sample returned over 50 per cent copper — above the limit of the assay technique PolarX was using.
The PolarX share price improved 5 per cent to 7.7c on the news, stemming some of the year’s losses.
The share price has traded between 5.6c and 17c over the past year.
PolarX managing director Dr Frazer Tabeart said the latest results provide several pieces of key evidence which strongly support its view that Mars was “an exceptional, high‐priority target”.
“Mars is a very high priority, drill‐ready target for large porphyry copper‐gold style mineralisation,” he said.
“This again demonstrates the rapidly growing potential of the 12km mineralised corridor between the Mars and Zackly [deposits].”
PolarX is focussed on growing its flagship Zackly deposit and bringing it into production.
A resource upgrade for Zackly – currently 127,000 tonnes of copper and 213,000 ounces of gold – is due next month.