PolarX Ltd (ASX:PXX) has commenced the first two holes in a 8-10-hole, 5,000-metre diamond drilling program at the Saturn prospect within its Stellar Project in Alaska.
Initial data from an IP survey over the Saturn target has identified large anomalies which are consistent with the targeted copper‐gold porphyry mineralisation.
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The deep drilling program is funded by a recent $4.3 million share placement to Lundin Mining Corporation (TSE:LUN), which is now PolarX’s largest shareholder with a 12.85% stake.
Two core drilling rigs are on site drilling holes to at least 600 metres depth to test targets generated from the IP survey data.
Each hole is expected to take around two weeks to drill with the results to be released when available.
Further drilling will be planned after an assessment of the geology encountered in these two holes is combined with the remainder of the IP survey results and the previous magnetic data.
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Lundin Mining can earn up to a 51% interest in the Stellar Project, which hosts a number of porphyry targets including Saturn and Mars.
It can earn-in through staged spending of US$24 million on exploration and staged payments to PolarX of US$20 million.