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PolarX enhances copper-gold potential of Alaska Range Project: Independent Investment Research

The 2018 drilling has added significant size to the Zackly copper-gold skarn mineralisation.

Drilling at the Zackly prospect
Drilling at the Zackly prospect

PolarX Ltd (ASX:PXX) has made significant progress on its Alaska Range Project during 2018, considerably enhancing the prospectivity of the project to host major porphyry copper-gold systems.

The following is an extract from a report by Independent Investment Research, a research house based in Australia and the US:

Much of the work during the 2018 field season involved extensional drilling of the Zackly skarn, following the March 2018 initial inferred mineral resource estimate (MRE) of 3.4 million tonnes at 1.2% copper, 2 g/t gold and 14 g/t silver; the drilling has extended the 1,050 metres strike of the initial MRE by at least 850 metres, with the resource open along strike and at depth.

This has also increased the global MRE for the project (including Caribou Dome) to 6.2 million tonnes at 2% copper and 2 g/t gold, for 127,000 tonnes of contained copper and 217,000 ounces of gold.

Project location map

Importantly, the drilling intersected thick, shallowly dipping and shallow mineralisation in a separate skarn zone at the eastern end of Zackly, showing the potential for open pit mining - this included a near to true width intersection of 55 metres at 0.6% copper and 2.8 g/t gold from 2.5 metres, 850 metres east of the eastern extent of the current inferred resource.

Attractive mining destination

Alaska is an attractive and well-regarded mining destination, ranking 10th globally and 3rd in the US in the 2017 Fraser Institute survey.

The state is home to a number of metal mines, as well as coal and a large oil and gas industry, with the attractiveness of Alaska being recently highlighted by the purchase of the high grade (14.7 g/t gold) 4.15 million ounces Pogo gold mine by Northern Star Minerals (ASX:NST).

Strong management and technical team

The company has management, technical personnel and partners with extensive experience in the junior resources sector and a proven history of technical success and delivering value to shareholders.

Additionally, key personnel and related partners hold about 14% of the company, thus aligning their interests with those of other shareholders.

Active exploration programs and news flow

Given the results of the 2018 work program, we expect another concerted effort in 2019 (including expected drilling at Zackly, Zackly NE and Mars), with all indications that this will again bring very positive news.

Additionally, nearer term news flow should include further drilling assays from Zackly and results from the Moonwalk geochemical sampling program, as well as the Zackly MRE update in early 2019

Disclaimer: Independent Investment Research has been commissioned to prepare this independent research report and will receive fees for its preparation.

Quick facts: PolarX Ltd

Price: 0.045 AUD

Market: ASX
Market Cap: $24.37 m

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