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PolarX to Acquire Nevada Gold Project

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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.”

 

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.polarx.com.au

 

 

THE DAILY ROADHOUSE

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Blackstone Minerals Hits Big Numbers at King Cobra Discovery

THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) announced impressive drilling intersections from the King Cobra discovery at the company’s Ta Khoa nickel project in Northern Vietnam.

Red 5 Continues to Advance King of the Hill Final Feasibility Study

THE DRILL SERGEANT: Red 5 Limited (ASX: RED) reported continued progress with the Final Feasibility Study (FFS) for the proposed stand-alone integrated bulk open pit and underground mining and processing operation at the company’s King of the Hills (KOTH) gold project in Western Australia.

PolarX Identifies Mineralised Alaskan Strike Potential

THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has identified potential for approx. 600 metres of mineralised strike length at the Zackly East Skarn within the company’s Alaska Range project.

Alloy Resources Reports on RTX JV Activity

THE DRILL SERGEANT: Alloy Resources (ASX: AYR) reported on recent progress at the company’s farm-in agreement with Rio Tinto Exploration Pty Limited (RTX), under which RTX is earning an initial 70 per cent interest in E45/4807 in the Paterson Province of Western Australia.

 

PolarX Identifies Mineralised Alaskan Strike Potential

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THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has identified potential for approx. 600 metres of mineralised strike length at the Zackly East Skarn within the company’s Alaska Range project.

PolarX determined the potential via trenching, mapping and sampling and results from diamond drill holes undertaken in 2018 that intersected thick copper and gold mineralisation commencing from near surface at Zackly East, returning:

ZX‐18020
55 metres at 2.8 grams per tonne gold and 0.6 per cent copper; and

ZX‐18024
47m at 3.1g/t gold and 0.6 per cent copper.

These early diamond drill holes discovered the mineralised Zackly East Skarn in 2018, which dips gently to the north and is mineralised over much thicker zones than the previously known subvertical dipping Main Skarn.

The Zackly East Skarn host unit was originally limestone, but was emplaced by way of thrust faulting and now sits in the hanging wall above the thrust fault.

The Main Skarn of the Alaska Range project lies below the thrust fault in the footwall.

The Main Skarn and East Skarn lie within a structural corridor that runs from the Mars porphyry discovery through Zackly and to the northern edge of the Saturn porphyry target and contains many untested magnetic and structural targets that the company considers could have the potential to host multiple additional skarn deposits, as well as larger porphyry copper deposits.

“PolarX intends to pursue the porphyry targets at Mars and Saturn with funding to be provided via an earn‐in joint venture arrangement,” PolarX said in its ASX announcement.

“Discussions have commenced with multiple interested parties.

“The company will continue to fund its own resource expansion drilling at Zackly and Zackly East.”

 

Web: www.polarx.com.au

 

THE DAILY ROADHOUSE

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Peel Mining Boosts Southern Nights Potential

THE DRILL SERGEANT: Peel Mining (ASX: PEX) has claimed discovery of new zones of mineralisation from an ongoing drilling campaign across the company’s 100 per cent-owned Wagga Tank project, south of Cobar in western New South Wales.

Cassini Resources Advances Mount Squires Gold Project

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced final results of recent RC drilling and future work plans at the company’s 100 per cent-owned Mount Squires project in the West Musgrave Province of Western Australia.

Barra Resources Drilling at Burbanks

THE DRILL SERGEANT: Barra Resources (ASX: BAR) has commenced a Reverse Circulation (RC) drilling program at the company’s Burbanks gold project, south of Coolgardie in Western Australia.

Geopacific Resources Raising $45M to Underpin Woodlark Project Development

THE BOURSE WHISPERER: Geopacific Resources (ASX: GPR) has completed a $40 million share placement and is subsequently offering a Share Purchase Plan (SPP) to raise up to a further $5 million to eligible shareholders.

PolarX Hits Mineralised Porphyry‐Style Veins at Mars

THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has completed a single diamond drill hole into the Mars porphyry target within the company’s Alaska Range project in Alaska.

Pantoro Encounters Wide High-Grade Intercepts at Rowdies

THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has drilled high-grade extensions to the north Rowdies lode from results along strike of existing development in the upper levels of the Wagtail Underground Mine, part of the company’s 100 per cent-owned Halls Creek gold project in the Kimberley Region of Western Australia.

PolarX Hits Mineralised Porphyry‐Style Veins at Mars

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THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has completed a single diamond drill hole into the Mars porphyry target within the company’s Alaska Range project in Alaska.

PolarX said the Mars porphyry target is in the Stellar project, an area that is subject to a strategic partnership the company struck with Lundin Mining Corporation and announced in June 2019.

The company explained that Mars occurs at the western end of a 12-kilometres‐long mineralised corridor, which also hosts the high‐grade Zackly copper-gold skarn and the Saturn porphyry target.

A preliminary program of core drilling to evaluate Saturn and Mars was undertaken in August and September and reported in October 2019.

The first diamond drill hole at the Mars prospect in the Alaska Range project ended in mineralisation at 417 metres down‐hole depth, intersecting multiple stages of porphyry‐style veins containing visible iron, copper and molybdenum sulphides from near surface to the end of the hole.

PolarX reported there to be a broad zonation with increasing vein intensity and increasing abundance of copper and molybdenum sulphides as the hole deepens with a notable increase in visible copper and molybdenum sulphide abundance at 321m deep, continuing to the end of the hole at 417m with visual estimates of 0.5 per cent to 2 per cent chalcopyrite.

“Visual confirmation of even more intense porphyry‐style veining containing chalcopyrite and molybdenite from 321 metres to the end of the first hole at 417 metres depth at Mars is extremely promising,” PolarX managing director Dr. Frazer Tabeart said in the company’s announcement to the Australian Securities Exchange.

“The 400 metres-plus down‐hole thickness of mineralisation, the large size of the copper‐gold‐molybdenum surface geochemical and geophysical anomalies at Mars, support our view that a very large mineralised system may be present.”

 

Web: www.polarx.com.au