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PolarX reveals discovery assays from first diamond hole at Mars porphyry target

Published: 09:19 19 Nov 2019 AEDT

PolarX Ltd - PolarX reveals discovery assays from first diamond hole at Mars porphyry target
Notably, the hole ended in mineralisation and further drilling is planned

PolarX Ltd (ASX:PXX) has intersected 102 metres at 0.22% copper,0.07 g/t gold and 20 ppm molybdenum from 308 metres depth at its Mars Prospect within the Stellar Project in Alaska.

The style of the mineralisation indicates an association with highly oxidised fluids.

This is important because highly oxidised systems have the potential for higher grades of copper and gold than less oxidised systems.

Analysis suggests this hole is not in the hot core of the system where the highest grades are often located. 

Further drilling planned

Further drilling is planned to determine the extent of the mineralisation and to find the location of the potentially higher‐grade core of the system.

The copper-gold-molybdenum mineralisation at Mars reaffirms the prospectivity of the entire 12-kilometre length of the Mars‐Zackly‐Saturn corridor for porphyry deposits.

PolarX’s managing director Dr. Frazer Tabeart said: “Assays confirming the presence of significant copper and gold in porphyry‐style veining from 308 metres to 410 metres depth at Mars are extremely promising.

“The alteration minerals indicate that this hole is not the best part of the system but may be close. 

“When coupled with the size and nature of the surface geochemical and geophysical anomalies, the assays confirm our view that a very large mineralised system may be present.

“A significant drilling program is being planned to follow‐up this target. 

“These results also confirm that the entire 12km length of the Mars‐Zackly‐Saturn corridor is prospective for porphyry style mineralisation.

Gravity data reveals target at Saturn

“The recently acquired gravity data at Saturn highlights a large target immediately south of our drilling.

“The alteration zoning and geology in the Saturn drill holes again support our view that the gravity anomaly represents an intrusive (porphyry?) centre, which also requires further drilling to complete our first pass evaluation.”

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