PolarX to complete vital drilling program in September quarter
PolarX Limited (ASX:PXX) will commence a much-anticipated drilling campaign at its high-priority Zackly East target within its Alaska Range Project next week.
The company plans to conduct 3000 metres of core drilling at its Zackly East Skarn, situated just 800 metres from the Zackly Main Skarn deposit where PolarX has outlined an Inferred Resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces silver from surface.
This resource occurs over a strike length of more than one kilometre as indicated below.
Strongly mineralised drill intersections to the east of the resource included 55 metres at 2.8g/t gold and 0.6% copper, as well as 47 metres at 3.1 g/t Au and 0.6% copper.
These drilling results, along with geological mapping and trenching which assisted in evaluating the potential 600-metre strike length of the Zackly East skarn, indicate that the resource inventory may be increased as a result of the planned drilling program.
Drilling to be completed in September quarter
An initial program of approximately 3000 metres of drilling, comprising 15 to 20 drill holes has been planned to evaluate a strike length of the structure ranging between 500 metres and 600 metres.
Drilling will commence on the existing section containing two holes in order 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.
Drilling is expected to take approximately six to eight weeks using two drill rigs.
It is worth noting that the company’s share price has increased by 150% in the last two months, and with an imminent near-term catalyst such as the upcoming drilling campaign there could be further upside.
As an aside, existing shareholders have a chance to top up their holding at 3.8 cents per share prior to the current Share Purchase Plan closing this Wednesday.
This represents an attractive entry price given that the company is currently trading at a premium of nearly 10% relative to the allocation price.
Here's PolarX Managing Director Frazer Tabeart Morgans analyst Chris Brown outlining the exploration program and news flow from drilling for the 2020 summer field season in Alaska:
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.