Another positive round of exploration results for PolarX
PolarX Limited’s (ASX:PXX) assays from the first diamond hole drilled at the Mars prospect combined with management’s observations regarding styles of mineralisation indicate that these results may be the forerunner to bigger and better things as the company prepares to embark on a comprehensive exploration program in areas adjacent to the drill hole.
The Mars and Saturn porphyry targets occur in the Stellar Project, which is the area subject to the strategic partnership with global mining group, Lundin Mining Corporation.
Mineralised porphyry-style veins occur from within 6 metres of the surface to the end of the hole at 417 metres down-hole depth.
Six phases of veining have been identified, four of which contained copper mineralisation and two of these also contained molybdenum.
As indicated below, Mars occurs at the western end of a 12 kilometre long mineralised corridor which also hosts the high-grade Zackly copper-gold skarn and, at the eastern end, the Saturn porphyry target.
Follow-up drilling should be even better
Assay results from the first diamond drill hole at the Mars prospect which remains open, confirmed the discovery of porphyry-style copper-gold-molybdenum mineralisation.
From a geological perspective, this mineralisation is associated with gypsum alteration, indicating an association with highly oxidised fluids, an extremely important takeaway because highly oxidised systems have the potential for higher grades of copper and gold than less oxidised systems.
Pointing to the fact that PolarX has only dipped its toe in the water, the lack of pervasive potassic alteration in the mineralised intersections suggests this is not in the hottest core of the system where the highest grades are often located.
Importantly, the hole ended in mineralisation, indicating the potential for follow-up drilling to identify the potentially higher grade core of the system.
Intersection exceeds 100 metres in width
Providing further encouragement was the extensive width of the intersection which as indicated below exceeded 102 metres.
Management also highlighted that the mineralisation intensity broadly increased with downhole depth, but quite noticeably increased between 321 metres to end of hole.
From a broader perspective, the copper-gold-molybdenum mineralisation at Mars reaffirms the prospectivity of the entire 12 kilometre length of the Mars-Zachary-Saturn corridor for porphyry deposits.
Discussing the significance of these results and other recently received data that will impact the company’s exploration strategy in 2019/2020, PolarX managing director 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 12 kilometre length of the Mars-Zackly-Saturn corridor is prospective for porphyry style mineralisation.
‘’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 (possibly porphyry) centre, which also requires further drilling to complete our first pass evaluation.”
This is supported by recently completed gravity survey at Saturn which validates target to the immediate south.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
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.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.