The project comprises 177 lode mining claims (lode is a vein of metal ore in the earth) and adds to PolarX’s Alaska Range project in Alaska.
Humboldt Range lies between the Florida Canyon Gold Mine, which contains five million ounces of gold, and the 400 million-ounce Rochester silver mine in Nevada.
It is highlighted by outcropping quartz veins and historical mines with assays showing more than 10 g/t of gold, with peak values of 3,384 g/t gold, 2,837 g/t silver, 22.9% lead and 3.1% zinc.
PolarX managing director Frazer Tabeart has said the company was aiming to provide year-round newsflow to investors with the Humboldt Range project.
“Surface grades from rock-chip sampling and mine dumps at Humboldt Range are exceptionally high, with multiple samples exceeding 100 g/t gold along with high-grade silver, lead and zinc.
“It’s surrounded by large producing mines, which shows the geology is conducive to significant modern-scale operations.
“Seasons in Nevada will allow us to work from April to December each year, enabling us to generate strong news flow virtually all year round and leverage our current team, most of whom live in relative proximity and are familiar with the region.”
State of play
PolarX is undertaking high-impact exploration at both Humboldt Range and Alaska Range, for gold and silver at the former and copper and gold at the latter.
Both projects contain high-grade mineralisation at the surface, as well as numerous unexplored prospects.
The company has an aggressive 2021 drilling program planned for Alaska Range in order to not only expand its existing JORC resources but also to explore previously defined high-grade mineralisation zones sitting outside those resources.
Humboldt Range is currently under exclusive option for PolarX to take 100 per cent of the mining rights, which it is hoping to complete by April 2021.
What’s the game plan?
In a new presentation to investors, PolarX outlined its strategy for 2021 and beyond.
It will focus exclusively on North America, maintaining its focus on copper, silver and gold.
It plans to operate entirely within in ‘Tier 1’ jurisdictions – ie areas with high-grade mining targets – in order to reduce its safety and financial risks.
It will hunt down under-explored regions within these jurisdictions in the hope of boosting their resource estimates.
Finally, it will seek joint venture partners to fund large-scale exploration and development on larger porphyry copper-gold targets in order to minimise equity dilution to shareholders.
PolarX says the Humboldt gold-silver project is located in the USA’s best mining jurisdiction, very near to actively producing gold and silver-gold mines.
Two of the claims in particular, Black Canyon and Fourth of July, have excited PolarX consultants on the ground, having been explored long ago in the past.
Black Canyon holds peak values of 3,384 g/t gold, 2,837 g/t silver, 22.9% lead and 3.1% zinc.
The company will complete due diligence and exercise its option by the end of April and plans to then immediately commence exploration with geological mapping, channel sampling and ground geophysical work.
It hopes to drill several targets by the fourth quarter of 2021..
- Daniel Paproth