PolarX Limited (ASX:PXX) has confirmed wide, high‐grade intersections of copper and gold from drilling the Zackly deposit at the Alaska Range Project in Alaska, U.S.
The assays for the first 5 holes returned high‐grade results of up to 3.9% copper and 3.7 g/t gold.
Significantly, these initial results confirm the presence of high‐grade copper and gold mineralisation at the Zackly deposit from near the surface.
The results will help underpin a revision of the existing historical copper and gold resource to JORC standard, which is scheduled for the coming quarter.
The drilled grades exceed those from historical drilling
A total of 13 holes were drilled, 11 of which were designed to twin or validate existing drill intersections and better define the deposit.
Significant results from the first five holes include:
- 14.5 metres at 2.5% copper and 2.0 g/t gold from 34.9 metres;
- 5.3 metres at 2% copper and 2.7 g/t gold from 9.7 metres; and
- 3.5 metres at 3.9% copper and 2.2 g/t gold from 99.1 metres.
The assay grades are broadly consistent with or exceed those from drilling done in the early 1980s upon which a historical resource of 1.5 million tonnes at 2.9% copper and 4.5 g/t gold was calculated.
PolarX drilled larger diameter core than the previous explorers at Zackly, meaning a greater level of sample confidence has been gained.
Importantly, some of the new holes also measure mineralisation over significantly wider intercepts than the twinned historical holes.
Revised resource estimate on the cards
Zackly lies 6 kilometres to the east of the Mars prospect along a mineralised structural corridor which may host several buried porphyry copper‐gold deposits including underneath Mars and Zackly.
This corridor is now a high priority target for PolarX at the Alaska Range Project.
Assay results for the remaining eight holes are expected in December 2017.
PolarX is aiming to re‐model the deposit and calculate a revised resource estimate which is expected to be published in the coming quarter.
The recently formed PolarX brings together multiple Alaskan assets under the “Alaska Range Project”.
The project contains high‐grade existing resources and numerous large unexplored advanced targets within a 35 kilometre mineralised belt.