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PolarX identifies porphyry-style veins and potential deep porphyry source in Alaska Range drilling

The program will assess the geochemical and geological anomalies at the Mars and Saturn prospects which are some of many unexplored advanced targets along the project’s 35-kilometre mineralised belt.

PolarX Ltd -
The Alaska Range Project was recently sub-divided to accommodate an earn-in

PolarX Ltd (ASX:PXX) has encountered porphyry-style veins with visible copper and molybdenum sulphides in the first hole drilled at the Mars prospect within its Alaska Range Project.

The diamond drilling program was designed to evaluate the Saturn and Mars porphyry targets and has already drilled five holes at Saturn and one hole at Mars.

The first 300 metres drilled at the Mars prospect show the porphyry-style veins in altered volcanic rocks from surface, intersecting multiple ages of veins and associated hydrothermal alteration.

The company believes the alteration, vein composition, vein morphology and the presence of copper and molybdenum sulphides are entirely consistent with magmatic hydrothermal mineralisation potentially related to a nearby porphyry deposit.

Drilling underway at Saturn has identified geology, alteration patterns and local hydrothermal veining consistent with a deeper porphyry source.

“Clearly warrants considerable follow-up drilling”

PolarX managing director Frazer Tabeart said the visual confirmation of porphyry-style veins containing chalcopyrite and molybdenite in the first hole was extremely encouraging.

Surface geochemical soil sampling at Mars recorded anomalous gold in addition to copper and molybdenum, but gold content in drilling can only be determined by assays which are now underway.

He added: “Given the large size of the co-incident copper-gold-molybdenum geochemical anomaly and the geophysical anomalies at Mars, this has the potential to be a very large mineralised system and clearly warrants considerable follow-up drilling.”

Tabeart said he looked forward to further results from the exciting prospect.

Strategic partnership

Saturn and Mars are within the Stellar Project, an area subject to the strategic partnership between PolarX and Lundin Mining Corporation, occur in a 12-kilometre long mineralised corridor which also hosts the high-grade Zackly copper-gold skarn.

The Mars target comprises an aeromagnetic anomaly with an associated copper-gold-molybdenum-arsenic soil anomaly extends over 1,500 by 800 metres.

These anomalies are co-incident with a chargeability high defined in a previous induced polarisation survey.

Interpreting results

Saturn comprises a blind magnetic anomaly which is buried under transported cover and highlighted in a detailed aeromagnetic survey undertaken in 2018, with 3D inversion modelling defined a steeply south-plunging upward-flaring cylinder.

The target area is about 3 kilometres to the east-southeast of the high-grade copper-gold skarn mineralisation at Zackly, with several exploration vectors such as grade, thickness and intensity of alteration increasing from west to east at Zackly, towards the magnetic anomaly of Saturn.

PolarX will need to undertake further work to combine the geological, geochemical, spectral and petrographic information, but the current consensus is that a deeper porphyry source may be present at Saturn.

Evidence supporting this interpretation includes:

  • The presence of altered andesitic basalts and basalts with up to 100 metres of intense oxidation and argillic (clay) alteration immediately below the cover;

  • The argillic alteration overprints propylitic (epidotechlorite-carbonate) and minor phyllic (chlorite-sericite-clay) alteration;

  • Zones of intense chloritemagnetite veining are also present; and

  • Sporadic veins containing quartz and pyrite are present, with intense silicasericite-pyrite alteration haloes representing locl phyllic alteration.

A gravity survey has been started to help identify buried intrusions and a more precise vector to the source will be derived from the finalisation of data collection and expert interpretation.

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