PolarX Ltd (ASX:PXX) has confirmed a large, promising gold-silver target, thanks to sampling at its Humboldt Range Project in Nevada, US.
The explorer unearthed the drill target near the head of Humboldt’s Star Canyon prospect in the Black Canyon lode claims, less than 3 kilometres from the operating 5-million-ounce Florida Canyon gold mine.
So far, PolarX has unearthed highly anomalous gold and silver in the first three of 11 traverses in its channel sampling campaign, covering a cumulative 245 metres across the strike of the mineralisation and alteration.
Given the strong assays, PXX has moved to secure a drilling permit and finalise a drilling contractor, with work expected to commence early next quarter.
Ultimately, this area now represents the Black Canyon’s best-known target for large tonnage, low to moderate grade gold-silver mineralisation, and it has been classified as a high-priority drill target.
Preliminary channel sampling results
The most significant geochemical gold-in-soil sample anomaly in the Black Canyon project lies in the east of the claim block at the head of Star Canyon.
The eastern part of Star Canyon contains a large gold-in-soil anomaly, which is situated at the break in slope and which measures 645 metres by 500 metres at more than 50 parts per billion gold, before being concealed under thin soils to the north and south.
Field validation identified extensive outcropping ridges of intensely silicified and oxidised volcanic rocks, hosting multiple quartz vein arrays and old gold-silver workings within this gold anomaly.
Follow-up channel sampling to collect 1.5-metre-long samples has been completed in two groups of traverses, covering 275 metres across the alteration, perpendicular to strike.
Assay results for the bulk of the first three-channel samples have been received, covering 245 metres out of the 275-metre cumulative across-strike sampling length.
All three channel samples returned highly anomalous gold and silver levels:
➢ Channel 1: 54 metres at 0.22 g/t gold and 17.3 g/t silver (peak values of 2.23 g/t gold 398 g/t silver);
➢ Channel 2: 72 metres at 0.21 g/t gold and 11.7 g/t silver (peak values of 2.05 g/t gold,79.9 g/t silver); and
➢ Channel 3: 138 metres at 0.14 g/t gold and 2.66 g/t silver (peak values of 1.70 g/t gold, 20.1g/t silver).
The surface channel sampling results are consistently at or above the cut-off grades at these two large-scale mines, confirming their potential commercial significance prior to drilling
Assays for the westernmost section of channel traverse 3 remain outstanding, as are results for channel traverses 4 to 11.
Next steps
A reverse circulation (RC) drilling campaign will commence next quarter, along with drill testing on targets in the nearby Fourth of July claims.
Assays are also expected shortly for the remainder of channel traverse 3, as well as traverses 4 to 11.
Permitting for drilling is underway, with approvals expected in a matter of weeks, and the company expects to finalise a drilling contract imminently.