logo-loader
viewPolarX Ltd

PolarX hits more than 400 metres of mineralised porphyry-style veins at Alaska Range; shares up

The Mars target comprises an aero-magnetic anomaly with an associated copper-gold-molybdenum soil anomaly which extends over an area covering 1,500 metres by 800 meters.

PolarX Ltd - PolarX hits more than 400 metres of mineralised porphyry-style veins within the Alaska Range Project
Quartz-chalcopyrite vein in sericite-chlorite altered diorite at the Mars prospect

PolarX Ltd (ASX:PXX) has hit more than 400 metres of mineralised porphyry-style veins in the first diamond drill hole at Mars prospect within the Alaska Range Project in Alaska, USA.

This hole ended in mineralisation at 417 metres depth, intersecting multiple stages of porphyry veins containing visible iron, copper and molybdenum sulphides from the surface.

The hole contains a broad zonation with increasing vein intensity and increasing abundance of copper and molybdenum sulphides as the hole deepens.

Shares have been up more than 23% to an intra-day high of 9.6 cents.

“Very large" system may be present

PolarX managing director Frazer Tabeart said: “Visual confirmation of even more intense porphyry-style veining containing chalcopyrite and molybdenite from 321 metres to the end of the first hole at 417 metres is extremely promising.

“The 400 metres down-hole thickness of mineralisation, the large size of the copper-gold-molybdenum surface geochemical and geophysical anomalies at Mars support our view that a very large mineralised system may be present.”

The Mars porphyry target occurs in the Stellar project, which is the area subject to the strategic partnership with Lundin Mining Corporation (TSE:LUN).

Mars occurs at the western end of a 12-kilometre-long mineralised corridor, which also hosts the high-grade Zackly copper-gold skarn and Saturn porphyry target.

A preliminary program of core drilling to evaluate Saturn and Mars was undertaken in August and September 2019.

19MAR001 at 357.5 metres depth. Coarse‐grained molybdenite in quartz‐carbonate vein.

Mars features a notable increase in visible copper and molybdenum sulphide at 321 metres, continuing to the end of the hole at 417 metres with visual estimates of 0.5% to 2% chalcopyrite.

The alteration, vein composition and morphology are consistent with magmatic hydrothermal mineralisation which may be related to a nearby porphyry deposit.

Surface geochemical soil sampling at Mars also recorded anomalous gold in addition to copper and molybdenum.

Gold is expected to be present in addition to the visible copper and molybdenum but can only be determined by assays which are currently underway.

 

Quick facts: PolarX Ltd

Price: 0.072 AUD

ASX:PXX
Market: ASX
Market Cap: $29.97 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PolarX Ltd named herein, including the promotion by the Company of PolarX Ltd in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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...

4 weeks, 1 day ago

2 min read