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PolarX outlines rapid expansion at Alaska Range Project

Snapshot

The project has upside potential for larger porphyry copper‐gold discoveries.

Project map showing two JORC resources

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ASX:PXX
Market: ASX
Market Cap: $29.97 m
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PolarX Ltd (ASX:PXX) is focused on the exploration of 35 kilometres of strike prospective for copper and gold within its Alaska Range Project in Alaska.

The project hosts two JORC-compliant deposits, Zackly and Caribou Dome.

It also has a number of emerging porphyry targets such as Mars and Zackly SE.

Zackly's resource measures 3.4 million tonnes grading 1.2% copper and 2.0 g/t gold and Caribou Dome is 2.8 million tonnes grading 3.1% copper.

PolarX has made good progress over the last 12 months advancing its flagship Alaska Range Project.

Most notably, in March 2018, a maiden JORC resource for the Zackly copper-gold-silver deposit was completed.

Exploration and drilling since then has further highlighted the upside potential of the resource growth.

The Alaska Range Project is an advanced project with district scale copper anomalies and escalating high-grade JORC resources of copper and copper-gold-silver in a known porphyry province.

PolarX has two goals

PolarX has two goals – first to expand the Zackly resource to critical-mass for an economically attractive project to underwrite a robust and tangle valuation.

Secondly, to advance high ranking porphyry copper-gold targets to a major new discovery through drilling in 2019.

The 2019 exploration program will be designed to further explore the 55 metres at 2.8 g/t gold and 0.6% copper intersection recently discovered at Zackly.

READ: PolarX copper-gold results reinforce potential for large open pit at Zackly

Drilling towards the end of 2018 not only supports new mineralised zones outside the current JORC resource but also open-pit mining potential.

Drill results and high-resolution aeromagnetic data indicate that the mineralisation trend continues 850 metres further east from the Zackly resource.

It occurs over a strike length of 1 kilometre, which could be extended further through drilling.

Subject to further drilling and study results, future mining could begin with an open cut operation on this shallow, low-angle mineralisation.

This would precede an underground operation to mine the high-grade sub-vertical mineralisation established in the current resource and immediate extensions 350 metres to the east.

New discovery targeted in 2019 from emerging targets

The Zackly deposit sits in the middle of a 12-kilometre long structural corridor containing multiple copper-gold porphyry targets.

A magnetic survey has shown prominent magnetic clusters at the Mars and Zackly SE prospects located at either end of the corridor. 

Mars hosts strong rock-chip geochemistry with up to 50% copper and 7g/t gold sampled.

This is the most advanced targets is drill-ready.

READ: PolarX substantial shareholder JPMorgan Chase & Co boosts interest to 9.73%

The project is located in an easy to access, mining-friendly top tier jurisdiction.

Alaska has six current mines, all large-scale and many operated by major miners.

In the mid-term elections, a mining friendly Governor and Federal Senator recently returned to office.

The project has nearby lodges for accommodation and support and is 100 kilometres from rail, power and a highway.

80% of Alaska’s gross domestic product (GDP) is from mining, oil and gas.

READ: PolarX completes $1.26 million placement for Alaska Range Project

Last month, PolarX successfully raised $1.26 million through a share placement of 21.1 million shares priced at 6 cents.

Funds will be used for work including a metallurgical test program, exploration surveys, and securing key exploration contractors for 2019.

PolarX said the support for the placement from existing holders reflected confidence in the substantial upside at Alaska Range.

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Full interview: PolarX encounters encouraging results in drilling at Alaska...

PolarX Ltd (ASX:PXX) managing director Frazer Tabeart updates Proactive on first drilling results from the Mars and Saturn prospects in the Alaska Range project in Alaska. The drilling at Mars intersected porphyry-style veins containing visible copper and molybdenum sulphides. Tabeart said...

on 15/10/19

4 min read