viewPolarX Ltd

PolarX remains focused on Alaska Range project


At September 30, 2019, the company had more than 416 million ordinary shares and 33.8 million unlisted options on issue and cash of around A$3.4 million.

PolarX Ltd - PolarX remains focused on Alaska Range Project

Quick facts: PolarX Ltd

Price: 0.03 AUD

Market: ASX
Market Cap: $16.25 m
  • The company hit more than 400 metres of mineralised porphyry-style veins in the first diamond drill hole at the Mars prospect in October 2019.  
  • An induced polarisation (IP) survey was completed in July over the Saturn copper-gold target which identified large anomalies.  
  • A gravity survey over the Saturn prospect was completed in September with results expected later this month.  
  • Further work is required to combine the geological, geophysical, geochemical, spectral and petrographic information.  

PolarX Ltd (ASX:PXX) is focused on exploration and development at the Alaska Range project in the US state of Alaska and recently discovered porphyry-style veins in the first diamond drill hole at the Mars prospect.

The Alaska Range project contains the Caribou Dome project and Stellar project which collectively forms a contiguous package covering 262 square kilometres.

The Mars prospect lies six kilometres west-northwest of the Zackly Skarn and is included in the Stellar project claims which are subject to a partnership with Lundin Mining Corporation (TSE:LUN).

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

These anomalies are coincident with a chargeability high defined in a previous induced polarisation survey.

It 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.

Drilling at Mars

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 underway.

2019 exploration program

In June PolarX and Lundin Mining agreed on terms for a strategic earn-in joint venture over select porphyry copper-gold targets within the Stellar project.

The focus of the program, which was undertaken from July to September was on the Saturn and Mars porphyry copper-gold target and comprised:

  • 417-metre diamond drill hole at the Mars porphyry target;
  • IP program and data interpretation at the Saturn target to define drill targets;
  • 2,642 metres of core drilling to test the Saturn porphyry target; and
  • Gravity survey over the Saturn porphyry target.

Saturn IP survey

A program of IP surveys was undertaken in July to collect data along several profiles.

Collection of data occurred along two north-south lines and three west-east lines for a total length of 28.6 kilometres. 

The survey identified areas of anomalous chargeability on all sections.  

In Section 9175 the highest chargeability occurred on the outer flanks of the magnetic high, surrounding a zone of elevated chargeability associated with the magnetic high.

The pattern is entirely consistent with the classic porphyry copper exploration model; a pyritic shell in propylitic alteration surrounding the interpreted core of the porphyry intrusions and is also consistent with the potential for disseminated sulphides and stockwork quartz veins within the porphyry intrusions.  

This confirmed the interpreted porphyry intrusion as a high priority for drill testing.  

The IP data also show zones of decreased resistivity above the chargeability highs, possibly indicating the presence of clay‐minerals associated with argillic alteration or weathering.

Gravity survey

A ground gravity survey was also conducted over the Saturn project area in late-September and data processing is set to begin this month.

Final survey results will be released once processing and modelling of the data have been completed.

Zackly deposit

Mapping work undertaken at Zackly during the September quarter focused on the western and eastern mineralisation extensions.  

The work took place at the western end of the deposit and has increased the company’s knowledge about the structural controls for mineralisation within the Main Skarn mineral resource area as well as identifying west‐northwest striking structural trends that may extend across to the Mars target. 

Further environmental baseline studies were undertaken during the quarter to monitor surface and groundwater at the Zackly deposit for future mine permitting purposes.

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