PolarX intersects porphyry style veins at Mars prospect


Published 01-OCT-2019 09:23 A.M.


3 minute read

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In an extremely encouraging development for copper-gold explorer, PolarX Ltd (ASX:PXX), the first 300 metres of the initial diamond hole being drilled at the Mars prospect within the Alaska Range Project has intersected porphyry-style veins containing visible iron, copper and molybdenum sulphides in altered volcanic rocks from near surface.

The hole intersected multiple ages of veins and associated hydrothermal alteration.

Underlining the geological features that became apparent during drilling, as well as highlighting the significance of the size of the anomalies, managing director Frazer Tabeart said, “Visual confirmation of porphyry-style veins containing chalcopyrite and molybdenite in the first hole at Mars is extremely encouraging.

‘’Given the large size of the co-incident copper-gold-molybdenum geochemical anomaly and the geophysical anomalies at Mars, this has the potential to be a very large mineralised system and clearly warrants considerable follow-up drilling.”

Lundin Mining Corporation weighs in on exploration

As a backdrop, these targets are within the Stellar Project, which is the area subject to a strategic partnership with Lundin Mining Corporation.

In June 2019, the company entered into a strategic partnership with Lundin Mining Corporation over the Stellar Project under which Lundin Mining invested $4.3 million in PolarX to secure the right to subsequently enter a staged earn-in joint venture.

If exercised, Lundin Mining can acquire a 51% interest in Stellar by staged exploration spending of US$24 million and staged cash payments to PolarX of US$20 million within three years.

The core drilling program is also designed to evaluate porphyry targets at the Saturn prospect, which along with Mars is highlighted below.

Saturn and Mars occur in a 12 kilometre long mineralised corridor which also hosts the high-grade Zackly copper-gold skarn as indicated above.

A preliminary program of core drilling to evaluate Saturn and Mars was undertaken in August and September.

The Mars target comprises an aeromagnetic anomaly with an associated copper-gold-molybdenum-azimuth soil anomaly which extends over 1500 metre by 800 metre area.

These anomalies are co-incident with a chargeability high defined in a previous Induced Polarisation (IP) survey.

Saturn prospect also indicates deep porphyry source

The Saturn target comprises a blind magnetic anomaly which is buried under transported cover.

The target was highlighted in a detailed aeromagnetic survey undertaken in 2018.

The target area lies approximately three kilometres east south-east of the high-grade copper-gold skarn mineralisation at Zackly as indicated below.

A number of exploration vectors such as grade, thickness and intensity of alteration increase from west to east at Zackly, heading towards the magnetic anomaly at Saturn.

Initial results of the core drilling program designed to evaluate the Saturn and Mars porphyry targets within its Alaska Range Project have provided evidence supporting management’s expectations that a deeper porphyry source may be present at the prospect.

Core drilling into the extensive Saturn magnetic anomaly has identified geology, alteration patterns and local hydrothermal veining consistent with a deeper porphyry source.

Saturn is covered by a thick layer of unconsolidated post-mineral cover which has slowed drilling progress.

In a program that is still progressing, five holes for a total of approximately 2,600 metres have been drilled to date.

Management is of the view that further work is required to combine a range of geological information to confirm current consensus of a deeper porphyry system.

A gravity survey is also expected to help in identifying buried intrusions, but management won’t be in a position to provide a comprehensive update until all data has been received, analysed and interpreted.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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