Polarx Ltd (ASX:PXX) intends to start a substantial drilling program in July to follow-up previous high‐grade gold and copper intersections at Zackly East prospect within its Alaska Range Project.
A small, initial drilling program returned hits grading up to 3.1 g/t gold and 0.6% copper.
PolarX managing director Frazer Tabeart said there was immense potential to grow the overall Zackly resource.
He said: “Zackly Main already hosts a significant shallow, high‐grade resource and the initial results from Zackly East highlight the strong potential to grow this inventory."
A program of 15‐20 shallow drill holes to an average depth of 150 metres each for around 3,000 metres total is planned to test the 600-metre-long Zackly East target.
Drilling will determine down‐dip continuity of the thick, high‐grade gold and copper mineralisation intersected by drill holes ZX‐18020 (55 metres at 2.8 g/t gold and 0.6% copper) and ZX‐18024 (47 metres at 3.1 g/t gold and 0.6% copper).
The company has been closely monitoring the COVID‐19 situation in Alaska and is confident that the exploration team will be able to establish camp and execute the planned drilling campaign in a safe and efficient manner.
Drilling is expected to commence in July and take around eight weeks using two drill rigs.
The planned 3,000 metres drilling program will test the Zackly East skarn target.
Mineralised drill intersections to the east of the main Zackly resource, along with geological mapping and trenching to evaluate the potential 600 metres strike‐length of the Zackly East skarn, indicate that the resource inventory may be increased as a result of future drilling.
The main Zackly Resource consists of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver from surface over a strike length of 1,050 metres.
PolarX is confident that the shallow, thick and relatively low‐angle mineralisation encountered at Zackly East may be amenable to open-pit mining and is the highest priority and lowest risk target for evaluation on the Alaska Range Project.
Joint venture options
In 2020, the company aims to secure a major joint venture partner for the Mars and Saturn porphyry targets and then immediately begin drilling to follow‐up the Mars discovery hole which would be funded via an earn‐in JV arrangement.
Tabeart said: “We aim to grow Zackly to a size where it could underpin a standalone project or tie into any exploration success at the nearby Mars and Saturn porphyry targets.
“This strategy gives us options which we can pursue in our own right or with a joint venture at Mars and Saturn.”
PolarX has engaged with several potential JV partners who are undertaking due diligence on Mars and Saturn and are waiting for the COVID‐19 restrictions to be eased to be able to access and view the drill core which is stored near Anchorage.
Zackly and Zackly East will be excluded from any JV earn‐in areas with the drilling program to confirm the extension of the Zackly East skarn to be PolarX‐funded.