Company
ASX:PXX
PolarX Ltd (ASX:PXX) is an Australian exploration and development company with a project portfolio exclusively in the United States. The primary interest is exploration and development of the Alaska Range Project, which contains the Caribou Dome Project and the Stellar Project. PolarX also has an interest in the high-grade Humboldt Range Gold-Silver Project in northwest Nevada, which comprises 177 lode mining claims and complements the Alaskan project, providing year-round exploration.
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Soil and rock-chip sampling at PolarX's Black Canyon Lode have revealed large anomalous areas highly prospective for gold, with peak values of 512.7 g/t gold. PXX has subsequently staked 15 more claims in the area.
“This discovery is a potential game-changer for PolarX because the same volcanic host rocks, along with multiple IP and geochemical targets, are widespread at Caribou Dome, meaning the exploration upside here is immense,” says MD.
The company has drilled four holes at the Caribou Dome Copper Project to provide samples of mineralisation for metallurgical test-work.
Generation of specific drill targets has already kicked off with permit applications for drilling planned later this quarter.
Rare earths & specialist minerals
Results from PolarX’s drill programs will feed into the joint scoping study to evaluate mining and processing options for the Caribou Dome and nearby Zackly deposits, which will start this month.
The company has tier 1 copper, gold and silver assets - three of the most sought-after commodities located in the top five mining exploration and investment precincts in the world with political and fiscal stability.
Just last month, the precious metals explorer opted to increase its landholding at Humboldt Range after it uncovered a suite of bonanza silver hits within the Fourth of July claims.
The upcoming drilling is also designed to provide high-grade copper in massive sulphides from Caribou Dome for metallurgical studies to advance a scoping study.
The additional 358 hectares secures extensions of known mineralised gold-silver veins and recently discovered mineralised breccias located during systematic sampling.
Assays of veins sampled at the Fourth of July claims in the Humboldt Range Project have revealed very high-grade silver (>1500 g/t) with gold credits.
Detailed geological mapping has started over the entire claim block and will incorporate previous mapping by Renaissance Exploration, Victoria Gold Corp and the US Geological Survey.
The project is between two large active precious metal mining operations - Florida Canyon Mine (>5 million ounces gold) and Rochester Mine (>400 million ounces silver and >3 million ounces gold - and contains numerous historical mine workin
Combined with the field season at PolarX’s Alaska Range project, the Humboldt Range acquisition means the company will have year-round newsflow while leveraging its existing team and equipment in North America.
The Humboldt Range Project now comprises 273 lode mining claims in two groups: Black Canyon and Fourth of July.
The company aims to secure a JV partner for the Alaska Range Project and is identifying drilling targets for Humboldt Range.
The company is “delighted” with the share placement which closed within 24 hours of opening and attracted strong support from existing Australian and overseas shareholders.
Rare earths & specialist minerals
The company has started work programs to advance Zackly and evaluate its economic viability, either as a stand-alone project, or in some form of combined operation with Caribou Dome.
Zackly East final drilling results further confirms the conclusions reported in December that 4 kilometres of strongly magnetic structures are a high priority for further drilling as they are either known to be strongly mineralised or have
Rare earths & specialist minerals
The Humboldt Range Project extends PolarX’s activity and news-flow all year round and allows the Company to better leverage its existing team and equipment in North America.
The Humboldt Range project in Nevada has numerous high-grade gold-silver exploration targets.
