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    PolarX hits more than 400m of porphyry-style veins at first Mars hole

    PolarX Limited (ASX: PXX) has announced a highly encouraging update on the single diamond drill hole completed into the Mars porphyry target within its Alaska Range Project in Alaska.

    The company reported that the first diamond drill hole at the Mars prospect ended in mineralisation at 417m down‐hole depth.

    PolarX announced that the hole intersected multiple stages of porphyry‐style veins containing visible iron, copper and molybdenum sulphides from near surface to the end of the hole.

    The company reported that there is a broad zonation with increasing vein intensity and increasing abundance of copper and molybdenum sulphides as the hole deepens.

    PXX said that the intensity of copper and molybdenum mineralisation increases with depth,  particularly in the last 100m, with visual estimates of 0.5% to 2% chalcopyrite from 321m to 417m.

    The company noted that the alteration, vein composition and morphology observed are entirely consistent with magmatic hydrothermal mineralisation which may be related to a nearby porphyry deposit.

    PXX reported that the surface geochemical soil sampling at Mars recorded anomalous gold in addition to copper, and molybdenum.

    The company said that gold is expected to be present in addition to the visible copper and molybdenum, but can only be determined by assays, which are currently underway.

    Alaska Range project

    PolarX’s Alaska Range Project is an advanced project with district scale copper anomalies and escalating high-grade JORC resources of copper and copper-gold-silver in a known porphyry province.

    The Alaska Range property is divided into three projects, Stellar, Zackly Skarn, and Caribou Dome. Zackly and Caribou Dome are two JORC-compliant deposits.

    Stellar includes property acquired from Millrock Resources Incorporated like the Mars and Saturn projects and is subject to the strategic partnership with Lundin Mining Corporation. Mars and Zackly SE are some of the emerging porphyry targets.

    Mars target

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

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

    The Mars target comprises an aeromagnetic anomaly with an associated Cu‐Au‐Mo‐As soil anomaly which extends over an area covering 1,500m x 800m. These anomalies are co‐incident with a chargeability high defined in a previous Induced Polarisation (IP) survey.

    Drilling at Mars target

    A single angled drill hole 19MAR001 to a final down‐hole depth of 417m was drilled into the Mars target by PolarX. The hole was stopped whilst still in mineralisation in heavily broken ground.

    The company reported that six phases of veining have been identified throughout drill hole 19MAR001, four of which contain copper mineralisation, and two of these also contain molybdenum.

    They are epidote‐silica vein with an epidote (+/‐ chlorite) rich halo;  Chlorite‐pyrite +/‐ chalcopyrite; Carbonate‐quartz‐pyrite +/‐ chalcopyrite with chlorite halo overprinting earlier epidote; Red carbonate‐hematite, pyrite +/‐ chalcopyrite +/‐ molybdenum veins with epidote halo; Thick colloform banded carbonate (early on margins), quartz (later in vein core) veins and pyrite +/‐ chalcopyrite, open space textures, strong epidote‐titanite alteration halo; and Wispy white quartz veinlets overprinting early chlorite +/‐ magnetite alteration and open space colloform banded carbonate‐quartz vein.

    Porphyry‐style veins

    PXX reported that mineralised porphyry‐style veins occur from within 6m of the surface to the end of the hole at 417m down‐hole depth.

    The company said that the veins cross‐cut strongly magnetic andesitic lavas and diorite intrusions which are strongly altered to chlorite, epidote, and carbonate, locally with more intense sericite‐carbonate‐silica alteration.

    Intensity increase with depth

    The company reported that the mineralisation intensity broadly increases with down hole depth, but quite noticeably increases at 321m to the end of the hole (417m) with abundances of chalcopyrite visually estimated at between 0.5% and 2.0% within this interval.

    PXX noted that the mineralisation changes from pyrite dominated to chalcopyrite dominated with increasing depth down hole.

    The company said that the assays for base and precious metals are expected next month.

    Next steps

    The company reported that a suitable work program will be developed following a more comprehensive review, compilation, and interpretation of previously acquired data.

    PXX said that diagrams highlighting potential drilling target areas will be developed once all outstanding data has been received and interpreted by the Company.

    Management comments

    PolarX MD Dr. Frazer Tabeart said: “Visual confirmation of even more intense porphyry‐style veining containing chalcopyrite and molybdenite from 321m to the end of the first hole at 417m depth at Mars is extremely promising.

    The 400m+ 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.”

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00