POLARX LIMITED 21 April 2022
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Humboldt Range Gold-Silver Project, Nevada
3,000m RC Drilling Program Commences at
Highly Prospective Gold-Silver Target in
Star Canyon, Nevada
More strong sampling results highlight potential for bulk-tonnage mineralisation; Ten holes to be drilled at Star Canyon followed by 10 more at Fourth of July claims
Highlights:
• Infill soil sampling results and final channel sample assays further validate the Star Canyon drill target for bulk-tonnage gold-silver mineralisation at the northern end of the Humboldt Range Project
• Highly anomalous gold and silver values in 6 of 11 channel sample traverses cover a cumulative length of >275m perpendicular to the estimated >645m strike length of altered and mineralised volcanic rocks:
o Channel 1: 54m @ 17.3g/t Ag and 0.22g/t Au
o Channel 2: 72m @ 11.7g/t Ag and 0.21g/t Au
o Channel 3: 175m @ 2.2g/t Ag and 0.13g/t Au
o Channel 4: 48m @ 11.4g/t Ag and 0.18g/t Au
o Channel 10: 6.8m @ 4.1g/t Ag and 0.12g/t Au
o Channel 11: 7.7m @ 1.5g/t Ag and 0.19g/t Au
• These detailed channel samples were taken within a coherent gold-in-soil anomaly measuring 645m x 500m at >50ppb Au which is concealed under thin soils to the north and south (Figure 1). It remains open and untested beneath that cover.
• This area is now Black Canyon's best-known target for large-tonnage, low to moderate grade gold-silver mineralisation.
• The Star Canyon soil anomaly is within a broader soil anomaly measuring 2,300m long and 900m wide at >30ppb Au.
• The area also contains highly anomalous levels of silver, lead and arsenic in the soils.
• A program of RC percussion drilling has commenced at Star Canyon, with ten holes to an average depth of 150m scheduled for drilling over a 2-week period.
• The drill rig will then move south to drill a further ten holes at the Fourth of July claim block, testing multiple targets for gold-silver mineralisation.
PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 |www.polarx.com.au
Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008
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Figure 1 Oblique 3D-view showing Star Canyon channel samples with respect to gold-in-soil anomalism, high-grade vein samples and proximity to the 5Moz Florida Canyon gold mine.
Introduction
PolarX Limited (ASX: PXX, "PolarX" or 'the Company") is pleased to announce commencement of RC percussion drilling of the highly promising gold-silver drill target near the head of Star Canyon in the Black Canyon claims within its Humboldt Range Project in Nevada, USA (see Figure 2).
A minimum program of ten holes for 1,500m is planned, followed by a similar program at the nearby Fourth of July claims.
Black Canyon is at the northern end of Humboldt Range and is less than 3km from the currently operating Florida Canyon Mine, which hosts 5Moz gold (see Figure 1 and Figure 3).
Figure 2 RC percussion drill rig on site drilling the first hole at Star Canyon, Nevada
PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 |www.polarx.com.au
Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008
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Figure 3. Location map depicting Black Canyon and Fourth of July Claim Blocks, and proximal large-scale gold-silver mining operations.
New Infill Soil Sampling Results and Final Channel Sampling Results from Star Canyon
Infill soil sampling and channel sampling was completed at Star Canyon over heavily altered and mineralised volcanic rock outcrops within a very large gold, silver, lead and arsenic in soil geochemical anomaly. Results of these programs and location of the planned RC drill collars are presented below.
Infill Soil Sampling Results
The entire Black Canyon claim block was previously sampled on a 200m x 50m grid basis (refer ASX release dated 19 August 2021), and has been infilled to a 100m x 25m grid over gold/silver anomalous areas (Figure 4):
• Infill sampling highlights a very large cohesive gold anomaly in the eastern part of the claims, which extends for over 2300m along strike and approximately 900m across strike at >30ppb gold.
PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 |www.polarx.com.au
Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008
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Figure 4 Gridded image of gold in soil sampling overlain with rock-chip sample assays, labelled where >4g/t gold.
Location of Channel Samples in Star Canyon shown, along with planned RC drill collar locations.
• Previous geochemical orientation soil surveys by the Company confirmed that 30ppb gold is considered anomalous and may represent bedrock mineralisation.
PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 |www.polarx.com.au
Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008
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• The infill sampling also highlights that the large gold anomaly is associated with highly anomalous levels of silver, lead and arsenic, consistent with observations of mineralised samples in the field (Figure 5).
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o Within this large multi-element soil geochemical anomaly, the eastern part of Star Canyon contains a coherent gold in soil anomaly which is situated at the break in slope and which measures 645m long x 500m wide at >50ppb Au, before being concealed under thin soils to the north and south.
Figure 5. Multi-element geochemical anomalism at Black Canyon claims, Nevada
PolarX Limited | +61 8 6465 5500 | +61 8 6465 5599 |www.polarx.com.au
Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008
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PolarX Limited published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 22:34:07 UTC.
