PolarX sees potential to expand resource

By Trevor Hoey. Published at Jan 20, 2020, in Small Caps

PolarX Limited (ASX:PXX) has released promising trenching, mapping and sampling results that demonstrate the potential for approximately 600 metres of mineralised strike length at the Zackly East skarn within its Alaska Range Project.

As shown below, diamond drill holes ZX‐18020 (55 metres at 2.8g/t gold and 0.6% copper) and ZX‐18024 (47 metres at 3.1g/t gold and 0.6% copper) intersected thick copper and gold mineralisation commencing from near surface at Zackly East in 2018.

These results highlight the scope for significant growth in the existing Zackly Inferred Resource of 41,000 tonnes copper, 213,000 ounces gold and 1.5 million ounces silver from surface.

The Zackly Skarn sits within the Alaska Range project, which also hosts the Mars porphyry copper‐gold discovery and the large Saturn porphyry target.

There is also potential for near‐surface resource extensions and multiple mineralised skarn positions further along the 12 kilometres long Mars‐Zackly‐Saturn structural corridor.

The Main Skarn and East Skarn lie within the Structural Corridor that runs west‐east from the Mars porphyry discovery through Zackly and to the northern edge of the Saturn porphyry target as indicated below.

This corridor contains many untested magnetic and structural targets and has the potential to host multiple additional skarn deposits, as well as larger porphyry copper deposits.

Drilling to confirm the extension of the Zackly East skarn should be conducted around mid-year.

Discussions are underway with several parties which have expressed interest in pursuing the porphyry targets at Mars and Saturn via an earn‐in joint venture.

Potential to expand resource

Importantly, the thick, near‐surface nature of mineralisation in holes ZX‐18020 and ZX‐18024, as well as ZX‐18021, combined with the new information suggests considerable strike‐length/extensions.

This may allow rapid accumulation of additional resource tonnes and metal inventory through further drilling.

Surface copper mineralisation identified

Rock type, bedding direction, mineralisation, veining and fault controls on mineralisation are all consistent across trenches 1 and 2 as shown in the first diagram.

From a geological perspective, copper mineralisation was observed to be related to moderately to steeply dipping north-west to south-east trending faults that cut across the andesite rocks and clearly post‐dating the thrust emplacement.

The following diagram shows strong surface copper mineralisation discovered in rock‐chip samples collected along the trenches.

As indicated above, impressive copper assay results were obtained from both trenches.

Trench 1 contained two mineralised zones with 16 metres 509 ppm copper and 20 metres at 566 ppm copper.

Trench 2 had one strongly mineralised zone with 14 metres at 1265 ppm copper.

These are considered significant assays for trenches that are situated in the overlying volcanic rocks, namely those that are above the underlying limestone/skarn.

Possible share price catalysts in 2020 include confirmation of a joint-venture agreement in relation to pursuing porphyry targets at Mars and Saturn, mid-year drilling results and resource expansion with the most likely near term news driver being a joint-venture proposal.

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S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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