PolarX Ltd

PolarX confirms large copper-gold porphyry target in 3D modelling at Alaska Range project

Results confirm that the Saturn prospect is a large cylindrical magnetic body, extending from near surface to a depth of about 3 kilometres.

Drilling at Zackly deposit with PolarX expecting to drill-test the Saturn target this year

PolarX Ltd (ASX:PXX) has received 3D modelling results confirming that the Saturn prospect within its Alaska Range project in Alaska is a large, compelling copper-gold porphyry target.

When combined with other key geological features established in earlier exploration, the results are entirely consistent with the presence of a porphyry system.

PolarX managing director Frazer Tabeart said an induced polarisation (IP) survey would now be conducted in a bid to locate the presence of disseminated sulphides associated with the intrusive core and the surrounding alteration halo.

Oblique view looking west-northwest showing the Saturn 3D inversion model.

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“Every piece of exploration work we do provides more evidence that Saturn is a compelling copper-gold porphyry target.

“The combination of modelling results, the magnetic responses from the surrounding zone and the close proximity to the high-grade Zackly copper-gold skarn deposit means Saturn is shaping up as a textbook example of a porphyry prospect.”

Investors responded positively with shares up 20% today to an intra-day high of 7.2 cents.

The Saturn porphyry copper-gold target was delineated in high-resolution aeromagnetic data collected in September 2018, comprising a cluster of magnetic anomalies surrounded by a zone of magnetite destruction.

High-resolution aeromagnetic survey data highlighting the Saturn target to the east southeast of Zackly.

Three-dimensional inversion modelling of the magnetic data also highlighted that the anomaly at Saturn represents a steeply south plunging, upward flaring cylinder.

The magnetic body is about 2 kilometres by 1 kilometre in areal extent and extends to depths in excess of 3 kilometres which is the lower extent of the inversion model. It is covered by 10 to 15 metres of glacial till and is blind to surface geochemistry.

READ: PolarX outlines rapid expansion at Alaska Range project

The geometry of the Saturn magnetic body, its geological setting and the halo magnetite destruction surrounding the body all support the presence of an oxidised intrusive cluster surrounded by a zone of propylitic alteration.

Next steps

An IP survey will be undertaken over the Saturn target next quarter, covering about 20 line-kilometres of surveying, designed to locate the presence of disseminated sulphides associated with the intrusive core and in the surrounding alteration halo.

The survey will be used in conjunction with the magnetic data to plan a drilling program in quarter-three 2019.

Quick facts: PolarX Ltd

Price: $0.09

Market: ASX
Market Cap: $38.71 m

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on 28/11/18

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