PolarX awaiting assays for four major exploration programs

Big Q1 expected for North America-focused explorer

sponsor-image-img

Busy explorer PolarX deserved a well-earned break over Christmas after just completing four major exploration programs.

The programs, all of which confirmed mineralisation, were conducted across the Caribou Dome copper project in Alaska and the Humboldt-Range gold-silver project in Nevada.

At Caribou Dome, drilling hit massive sulphides with visible copper sulphides within the resource envelope.

Caribou Dome has a resource of 2.8 million tonnes at 3.1% copper.

Another program at Caribou Dome hit disseminated and vein-hosted native copper mineralisation in four holes testing a target over 1.1km in length and 300m wide, representing a new discovery.

The mineralisation is hosted in andesitic-basalt lava flows and is of a similar nature to the Keweenaw copper deposits in Michigan, where more than 5Mt of native copper was mined at an average grade of 1.85% copper.

Samples from the programs were submitted to laboratories in late September and early October.

Assay results and samples from the first work will add information to a scoping study evaluating the potential for joint operations at the Caribou Dome copper deposit and the nearby Zackly copper-gold deposit, the latter of which has a resource of 3.4Mt at 1.2% copper and 2 grams per tonne gold.

The scoping study is expected to be complete in the March quarter of 2022.

At Humboldt Range, acquired earlier this year, channel sampling of the outcropping, high-priority Star Canyon gold-silver mineralisation was undertaken.

Previous field validation identified extensive outcropping ridges of intensely silicified and oxidised volcanic rocks hosting multiple quartz vein arrays and old gold-silver workings.

The alteration reaches widths of up to 200m and extends over more than 400m of strike length before being concealed under thin soils to the north and south.

PolarX believes the area represents the best-known target in the entire project for large tonnage, bulk-mineable precious metal mineralisation.

The company extended its landholding after work confirmed highly promising gold targets up to 2.3km long.

An infill soil sampling program was completed to follow up rock chips results grading up to 512.7gpt gold.

The company will use the results to refine drill targets for an initial program in the March 2022 quarter.

One advantage of Nevada, unlike Alaska, is that field work can be conducted all year round.

Like many mining companies, PolarX is experiencing delays in receiving assays due to massive demand, global staff shortages and COVID-19 workplace restrictions.

However, it will make for a busy start to 2022 when the results start rolling in.

category-img

HEAD OFFICE:

SOCIAL MEDIA:

DIRECTORS:

  • Mark Bojanjac
  • Frazer Tabeart
  • Jason Berton
  • Bob Boaz

SHARES ON ISSUE:

  • 672,216,731

MARKET CAP (at January 12, 2022):

  • $25.8 million

MAJOR SHAREHOLDERS:

  • Ruffer 13.9%
  • Lundin Mining 7.9%
  • US Global 7.5%
  • Board and management 7.5%

topics

loader
category-img

HEAD OFFICE:

SOCIAL MEDIA:

DIRECTORS:

  • Mark Bojanjac
  • Frazer Tabeart
  • Jason Berton
  • Bob Boaz

SHARES ON ISSUE:

  • 672,216,731

MARKET CAP (at January 12, 2022):

  • $25.8 million

MAJOR SHAREHOLDERS:

  • Ruffer 13.9%
  • Lundin Mining 7.9%
  • US Global 7.5%
  • Board and management 7.5%