PolarX Ltd (ASX:PXX) continued activities during the March quarter at its 262 square kilometre Alaska Range Project in Alaska, which contains the Caribou Dome and Stellar copper and copper-gold projects.
At Caribou Dome drilling is planned at Zackly East deposit while the company is in discussions with numerous potential JV/funding partners for the Stellar porphyry project, which includes the Mars and Saturn porphyry targets.
With JORC resources at Caribou Dome and Zackly, they form a high‐grade copper and copper‐gold portfolio with demonstrated endowment and upside potential for resource extensions and larger porphyry copper‐gold discoveries.
During the March quarter, preliminary core drilling was undertaken to evaluate the Saturn and Mars porphyry copper‐gold targets.
A single angled drill hole to a final down‐hole depth of 417 metres at Mars encountered variable levels of copper, gold and molybdenum mineralisation along the entire drill hole.
Further drilling is required to determine the extent of the mineralisation and to find the location of the potentially higher‐grade core of the system.
Discussions commenced with numerous potential JV/funding partners but have slowed due to the impact of COVID‐19 travel restrictions, which the company is confident will ease by quarter three of 2020.
The company intends to retain 100% ownership and to fund its own resource expansion drilling at the Zackly and Zackly East deposits within Caribou Dome.
Map showing the Saturn and Mars targets with respect to copper in soil anomalism in the Stellar Project claims
Drilling planned at Zackly
During the quarter, the company announced that the trenching, mapping and sampling program undertaken at the Zackly deposit during the 2019 exploration program has identified the potential for around 600 metres of mineralised strike length at Zackly East skarn.
This significant potential is in addition to the greater than 1,000 metres mineralised strike at the adjacent Zackly Main Skarn.
The company is planning a 15‐20 hole drill program to evaluate the Zackly East Skarn.
This program will total about 3,000 metres of core drilling and is planned to commence in late quarter two/early quarter three.
Looking forwards
The impact of COVID‐19 has been widespread with travel restrictions and regional lockdowns having the potential to impact the company’s business if continued.
Whilst travel between Australia and Alaska is currently not possible, the company is well represented in Alaska, and given that the field season will not commence until later in quarter two, there has to date been no impact on PolarX’s exploration.
As of March 31, 2020, the company had on issue 416,222,115 ordinary shares and 29,800,000 unlisted options, and cash of around A$1.4 million.