THE BOURSE WHISPERER: PolarX (ASX: PXX) has picked up an option to acquire a Mining Lease Agreement over the Humboldt Range gold-silver project in Nevada, USA.
The Humbolt Range project comprises 177 lode mining claims, over which the option provides PolarX a 120-day exclusive period to finalise technical and legal due diligence.
Humboldt Range sits between two large-scale active mines: the Florida Canyon gold mine, and the Rochester silver-gold mine and contains geology typical to Nevada being consistent with bonanza-style epithermal gold-silver mineralisation.
High-grade gold and silver assays from previous rock-chip sampling of outcropping veins and grab sampling from the dumps of old mine workings occur in both groups of claims, with peak values up to 3,384 grams per tonne gold, 2,837g/t silver, 22.9 per cent lead and 3.1 per cent zinc.
PolarX paid US$35,000 to secure the option, which it can exercise by paying a further US$175,000 (in stages) and issuing five million shares to the Vendor and paying the Owner a 2.5 per cent NSR upon production with US$10,000 monthly advance royalty payments from September 2022.
Humboldt Range will enable PolarX to leverage its existing management team at its Alaska Range project.
“Surface grades from rock-chip sampling and mine dumps at Humboldt Range are exceptionally high, with multiple samples exceeding 100 grams per tonne gold along with high-grade silver, lead and zinc,” PolarX managing director Frazer Tabeart said in the company’s ASX announcement.
“It’s surrounded by large producing mines which shows the geology is conducive to significant modernscale operations.
“Seasons in Nevada will allow us to work from April to December each year, enabling us to generate strong news flow virtually all year round and leverage our current team, most of whom live in relative proximity and are familiar with the region.”
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