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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The Alaska Range Project contains the Caribou Dome Project and the Stellar Project, covering 262 square kilometres with around 35 kilometres strike length containing extensive copper‐and gold‐in‐soil anomalism.
Rare earths & specialist minerals
The company is exploring its flagship Alaska Range Project in Alaska, which is split into the Zackly Claims, Stellar Project, and Caribou Dome Project.
The company intends to pursue the porphyry targets at Mars and Saturn with funding to be provided through an earn‐in joint venture arrangement.
Rare earths & specialist minerals
PolarX is focused on its Alaska Range Project in Alaska prospective for copper, gold and silver.
A process has now been initiated to secure an alternative source of earn‐in funding for the Stellar porphyry targets.
Last month, Polarx intersected 102 metres at 0.22% copper,0.07 g/t gold and 20 ppm molybdenum from 308 metres depth at its Mars Prospect.
Rare earths & specialist minerals
A 102-metre intersection has confirmed the discovery of a porphyry style copper-gold-molybdenum system.
At September 30, 2019, the company had more than 416 million ordinary shares and 33.8 million unlisted options on issue and cash of around A$3.4 million.
The Mars target comprises an aero-magnetic anomaly with an associated copper-gold-molybdenum soil anomaly which extends over an area covering 1,500 metres by 800 meters.
The program will assess the geochemical and geological anomalies at the Mars and Saturn prospects which are some of many unexplored advanced targets along the project’s 35-kilometre mineralised belt.
Drilling follows a recent induced polarisation (IP) survey that identified large porphyry-like anomalies at the Saturn prospect.
With an enterprise value of about $30 million, PolarX is well leveraged to positive exploration news with the potential to return significant value to shareholders.
A survey will commence at Saturn this week to finalise drill hole locations.
PolarX is advancing the rapidly growing, shallow copper and gold potential at Zackly in the Alaska Range.
Exploration will focus on the company’s Zackly and Caribou Dome deposits, which are not part of the recent earn-in option with Lundin Mining.
Exclusive option to earn a 51% interest in PolarX’s Stellar Project by staged spending of US$24 million on exploration and staged payments to PolarX of US$20 million.
The company is focussed on the exploration and development of its Alaska Range Project in Alaska.
Results confirm that the Saturn prospect is a large cylindrical magnetic body, extending from near surface to a depth of about 3 kilometres.
The Plumridge project in WA is a joint venture with Independence Group (ASX:IGO).
Latest drill results have extended the depth of the Main Skarn at Zackly.
