PolarX Ltd (ASX:PXX) has delivered a busy September quarter as it progresses exploration on copper, gold and silver projects in US resources hotspots in Alaska and Nevada.
During the quarter, the company completed a 1,295-metre core drilling program at the high-grade Caribou Dome Copper Project within its Alaska Range Project.
PolarX also returned highly promising soil sampling results that identified several large, high-grade gold and silver anomalies within its Humboldt Range Gold-Silver Project in Nevada.
Drilling at Alaska Range
PolarX’s core drilling at Caribou Dome consisted of four initial holes to provide samples of copper mineralisation for metallurgical test-work and a further four holes to test two of three coincident geochemical and geophysical anomalies.
Drilling to test new high-priority targets discovered finely disseminated and vein-hosted native copper in four holes spanning a length of 1.1 kilometres.
Assays are pending on the seven 2021 holes and follow-up drilling is being planned.
Furthermore, core from the metallurgical sampling holes will be used for new metallurgical test-work to support a scoping study on mining and processing options for Caribou Dome and the nearby Zackly copper-gold deposit.
Location Map showing Caribou Dome in the Alaska Range Project
Exploration at Humboldt Range
PolarX’s validation of soil and rock-chip sampling has confirmed multiple large drill targets within the Humboldt Range Gold-Silver Project.
Two areas of highly gold anomalism at Black Canyon warrant infill sampling to define precise drilling targets:
- The eastern gold anomaly eastern anomaly measures 2.3 by 0.8 kilometres and contains up to 793 ppb gold in the soils and up to 43.8 g/t gold and 86.1 g/t silver in rock-chip sampling in extensive quartz veins within the soil anomaly; and
- The western anomaly measures 1.3 x 0.3 kilometres and contains up to 245.9 ppb gold in the soils. At its northern end lies the Lois Vein system where several rock chip samples assayed over 100 g/t gold, with a peak value of 512.7 g/t gold in a 30-centimetre wide quartz vein.
In light of the results from the sampling program, the company has staked an additional 15 federal lode claims to the south of the large eastern gold anomaly, covering 1.2 square kilometres.
Furthermore, PolarX has begun a detailed infill sampling program in the two areas selected as high-priority for drilling.
Location map depicting Black Canyon and Fourth of July Claim Blocks, and proximal large-scale gold-silver mining operations
Financial summary
As of September 30, 2021, PolarX had on issue 672,216,731 shares and 37 million unlisted options, and cash of about $1.8 million.
The $1.33 million of exploration and evaluation expenditure capitalised during the quarter predominantly comprised:
- Payments to service providers with the core drilling program undertaken on the Alaska Range Project and the Humboldt Range Project;
- Technical consulting fees; and
- Annual claim fees for both the Alaska Range Project and the Humboldt Range Project.