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PolarX will start drilling Zackly Copper-Gold Project in Alaska next week

A contract for a 3,000-metre core drilling program has been executed with rigs and geological support team scheduled to arrive on-site by July 15.

PolarX Ltd - PolarX will start drilling Zackly Copper-Gold Project in Alaska next week
Looking west towards Zackly East, showing snow-free drilling areas

PolarX Ltd (ASX:PXX) (FRA:PX0) will start drilling next week at its high-priority Zackly East target within the Alaska Range project following-up thick high-grade mineralisation intersected at the end of the previous field season.

A contract for a 3,000-metre core drilling program comprising 15-20 holes has been executed and preparations are well advanced.

The company has executed a helicopter contract for the mobilisation of drilling and two drill rigs are expected to arrive on-site by July 15 for the program, which is expected to take 6-8 weeks.

Site preparation underway

Site preparation and access road maintenance for drilling is underway and camp construction will start this week and will be fully operational by July 15, when the exploration team is expected to be on site.

Drilling is expected to start on July 18 and will follow-up on mineralisation intersected by two drill holes with results from these holes of 55 metres at 2.8 g/t gold and 0.6% copper and 47 metres at 3.1 g/t gold and 0.6% copper.

Potential to boost resource

These results along with geological mapping and trenching to evaluate the potential 600-metre strike length of Zackly East skarn, indicate that the resource inventory may be increased from the planned drilling program.

This skarn is 800 metres from Zackly Main Skarn deposit, where the inferred resource is 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.

Drilling will begin on the existing section containing the two previous holes to determine down-dip continuity.

Step-out cross-sections will be drilled on 50-metre and 100-metre centres with precise details to be finalised on a hole-by-hole basis using information gleaned from the previous drill holes.

Share Purchase Plan closes soon

PolarX is conducting a Share Purchase Plan (SPP) to raise up to $1 million, which is available to shareholders on the company’s share register at 7.00pm (AEST) on June 17, 2020 and having a registered address in Australia or New Zealand.

Participation is optional but gives eligible shareholders the opportunity to increase their shareholding by subscribing for up to $30,000 of shares at 3.8 cents per ordinary share without paying brokerage fees or other transaction costs.

The SPP closes at 5.00pm (AEST) on Wednesday, July 8, 2020, unless extended by the directors.

Quick facts: PolarX Ltd

Price: 0.048 AUD

ASX:PXX
Market: ASX
Market Cap: $25.99 m
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Watch

PolarX Ltd's Frazer Tabeart outlines drilling plans for its Zackly East...

PolarX Ltd's (ASX:PXX) managing director Frazer Tabeart caught up with Proactive's Andrew Scott to discuss its plans for drilling at the Zackly East Prospect in Alaska. Zackly East is just 800 metres from existing Zackly Main Resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5...

on 28/5/20

2 min read