PolarX Ltd (ASX:PXX) has received more high-grade gold and copper assays which extend mineralisation by a further 200 metres at the Zackly East prospect within its Alaska Range project.
Drilling at the prospect has returned an assay of 1.5 metres at 5 g/t gold and 3.15% copper from 11.6 metres deep within a 57-metre-long zone of elevated gold and copper in drill hole ZX20056.
Assays are pending from a further seven holes drilled as part of the now-completed 2020 program.
The 2020 drilling program of 23 holes for 3,130 metres is now complete with assays for the first 15 holes received.
Assays for the remaining seven holes are expected in the new year.
“Evidence of nearby porphyry”
These assays, the extensive nature of the gold-copper skarn mineralisation and intense alteration indicates one or more nearby sources of hydrothermal fluids, which in turn provides more evidence of a nearby porphyry deposit(s).
PolarX managing director Dr Frazer Tabeart said the latest results were highly significant for several reasons.
He said: “These latest assays mean we have now outlined gold and copper over a 320 metres length at Zackly East.
“We still have assays pending from another seven drill holes and we have another 2 kilometres of the same structure to drill.
“The results provide more evidence that there is a nearby porphyry in addition to the four porphyry targets we have already discovered at Alaska Range.”
Follow-up drilling planned
The mineralisation at the Zackly Main Skarn deposit is spatially associated with a structure running along a strong magnetic gradient.
Further drilling to test the eastwards extension of this structure is warranted, along with testing of a similar structure a further 100 metres to the north.
In addition, the recently acquired ultra-high-resolution magnetic data has highlighted a potential porphyry target to the north and east of current drilling, in addition to the known porphyry targets at Mars, Jupiter, Saturn, and Gemini at Alaska Range.
This target has never been drilled and is a high priority for follow-up.
Un-tested targets at Zackly East, including structures along strong magnetic gradients, and a possible porphyry target to the north and east of drilling.
“Compelling project”
The company will resume discussions with potential porphyry JV partners in the new year as COVID-19 restrictions ease.
Dr Tabeart said “With copper prices at a near all-time high, and predicted longer-term supply-side constraints, there’s never been a better time to explore for the red metal, particularly in safe, Tier 1 jurisdictions.
“Add in the precious metals that we have discovered in the Alaska Range, and you have a compelling project.”
Zackly East sits immediately adjacent to the Zackly Main skarn deposit, where the JORC inferred resource stands at 213,000 ounces of gold, 41,000 tonnes of copper and 1.5 million ounces silver.