Proactive Investors - Run By Investors For Investors

PolarX advancing copper-gold assets in Alaska, maiden JORC resource at Zackly pending

The company is set to release its maiden JORC resource at the Zackly deposit soon.
View of the Senator prospect in mountainous Alaska
Drill results from Zackly included 33.43 metres at 1.2% copper and 1.3 g/t gold

PolarX Ltd (ASX:PXX) is focused on the exploration of 35 kilometres of strike prospective for copper and gold within its Alaska Range Project in Alaska.

The project contains the Caribou Dome JORC resource measuring 2.8 million tonnes grading 3.1% copper.

It also hosts the historical Zackly deposit which has a non-JORC estimate of 1.5 million tonnes grading 2.9% copper and 4.5 g/t gold.

Both deposits are open in all directions and present significant additional upside potential for larger porphyry copper‐gold discoveries.

READ: PolarX's screen fire assaying from Zackly returns substantially higher gold grades

Exploration priorities include extending the Zackly copper-gold deposit, extending the Caribou Dome copper deposit and exploring the Jupiter, Mars, Gemini, Senator and Moonwalk prospects.

A 13-hole 2,054-metre diamond drilling program was completed in the December 2017 half at the company’s 100% owned high‐grade Zackly copper‐gold prospect.

Assays from the first seven holes included 33.43 metres at 1.2% copper and 1.3 g/t gold from 98.27 metres.

Zackly copper-gold deposit maiden resource pending

Zackly consists of a non-JORC resource measuring 1.5 million tonnes grading 4.5 g/t gold and 2.9% copper which is open in all directions.

The resource is within the Zackly Main Skarn measuring 800x250x3 metres within a greater 4-5 kilometre trend with very limited drilling.

PolarX aims to upgrade the resource to JORC standard using the recently completed 13-hole diamond drill program.

The remaining drill results and maiden JORC resource are due in March 2018.

Deeper porphyry potential at Zackly

Geological evidence exists for a buried porphyry intrusive which provided heat, fluids and copper - evidence has been observed in several holes.

An induced polarisation (IP) survey has also been completed across the strike‐length of the existing Zackly deposit and will be used to plan additional drilling for the 2018 campaign.

Induced polarisation data shows copper-gold porphyry targets at Mars prospect

Results from the IP survey conducted for the Mars copper-gold prospect show a buried anomaly, now the main target of the prospect.

The target has a chargeability anomaly consistent with the top of a mineralised porphyry system located circa 100‐150 metres below surface.

Strong copper and gold assays at surface in both soil and rock‐chips grading up to 7.4% copper and 1.8 g/t gold have been identified directly above the IP anomaly over a 2-kilometre strike length.

This provides further evidence for a large new mineralised system.

The Mars prospect lies 6 kilometres from the Zackly deposit along a mineralised structural corridor which could potentially host several buried porphyry copper‐gold deposits including under Mars and Zackly.

The structural corridor is a high priority for future exploration.

Results from the IP survey conducted at the Senator copper target remain pending.

Caribou Dome likely to be targeted in 2018

Caribou Dome is a shallow, high-grade copper deposit with a JORC resource of 2.8 million tonnes grading 3.1% copper for 86,000 tonnes of contained copper.

60% of the sediment-hosted high-grade resource is in the top 150 metres including 935,000 tonnes at 4.4% copper.

The deposit is open in all directions and structural reinterpretation is underway targeting additional tonnages in 2018.

Upcoming news flow includes maiden JORC resource and exploration program

Upcoming news flow over the near term for PolarX will include:

• Finalise and publish assays for outstanding Zackly drill holes;
• Complete resource modelling for Zackly and publish JORC 2012 inferred resource;
• Appoint drill contractor for 2018 field season;
• Modelling and interpretation of IP data for Zackly, Mars and Senator; and
• Detailed planning and budgeting for 2018 exploration program for the Alaska Range Project.

Alaska Range Project extended in January 2018

PolarX’s focus on its Alaska Range Project was confirmed when the company increased the project’s area to 242.6 square kilometres earlier in 2018.

A total of 34 new mining claims have been staked and recorded in Alaska.

21 new claims secured extensions to both ends of the Mars prospect and 11 new claims secured potential extensions of the copper in soil anomalism at the Senator prospect.

Notably, two new claims were staked some 50 kilometres east of the Alaska Range Project to cover a vegetation anomaly.

PolarX believes this area to be prospective for copper sulphide mineralisation.

View full PXX profile View Profile

PolarX Ltd Timeline

Related Articles

A manganese sample from the Bryah Basin Project
October 02 2018
Emerging new applications for manganese in batteries and energy storage are seen as exciting opportunities.
project area
October 26 2018
Last month, the company confirmed high-grade gold drilling results from the Wallbrook Gold Project.
A field worker examines mineralisation at Gabanintha Vanadium Project in Western Australia
The company is targeting low-cost vanadium pentoxide production with the study expected this month.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use