POLARX LIMITED For personal use only
5 July 2022
Humboldt Range Gold-Silver Project, Nevada
First RC drilling at Star Canyon hits 9.1m at
124g/t Au from 27m
Bonanza result sits within numerous wide lower-grade intersections less than 3km from the
5Moz operating Florida Canyon Gold Mine
Highlights:
- Maiden Reverse Circulation percussion (RC) drilling at Star Canyon in the Humboldt Range Project has returned exceptional results.
- The results highlight potential for Star Canyon to host high-grade gold and silver veins within a potentially bulk mineable Carlin-style system in Nevada, a world-class precious metals province.
- The results include:
- 9.1m @ 124.36 g/t Au & 48.6 g/t Ag from 27.4m to 36.6m depth in hole BC22- 005, including 3m @ 371g/t Au & 143.5g/t Ag.
- 73.2m @ 0.28 g/t Au from 36.6m to end of hole in Carlin-style mineralisation immediately down hole from the bonanza intersection in BC22-005.
- 42.7m @ 0.32 g/t Au, including 25.9m @ 0.48 g/t Au from 19.8m (BC22-007). This is also spatially associated with a broad zone of silver mineralisation over 59.4m @ 3.5g/t Ag from 3m depth.
- 61m @ 0.19 g/t Au from 39.2m (BC22-004).
- Broad Carlin-style gold and silver mineralisation occurs throughout the tested part of the soil anomaly and the central mineralised limestone corridor.
- The mineralisation remains open and largely untested for the extension of bonanza grade veins.
- The Star Canyon prospect is part of a much larger anomalous gold & silver zone known to contain many other mineralised veins with bonanza grade potential.
- In light of these strong results, PolarX is prioritising follow-up drilling at Star Canyon and the associated Ridgeline Target.
PolarX Limited (ASX: PXX, "PolarX" or 'the Company") is pleased to report outstanding assays which confirm bonanza gold and silver grades in mineralised veins associated with Carlin style mineralisation at the Star Canyon prospect within its Humboldt Range Project in Nevada, USA.
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The coincidence of the two mineralisation styles within the one project demonstrates the potential for high grade veins to significantly increase the metal inventory of a large tonnage Carlin style resource that may be present and that could be amenable to a bulk mining operation.
Figure 1. Star Canyon drill plan view with drill results overlaid on the soil sample anomaly. All 10 RC holes drilled at Star Canyon (except BC22-005) were either drilled west-dipping and away from the central bonanza vein or ended well before they had the opportunity to test the bonanza vein. Hole BC22-005 intercepted the bonanza grade vein (9.14m apparent width) and continued for over 73m within Carlin-style mineralisation until end of hole (109m). A potential bonanza vein system may extend through the central anomalous zone at Star Canyon. Note silver mineralisation extends further east than gold mineralisation (holes BC22-001 and BC22-006).
Program Details
The maiden RC drill program at Star Canyon consisted of 10 Reverse Circulation (RC) percussion holes to test the strong gold and silver anomaly identified from PolarX's soil sampling program (Figure 2, Tables 1 and 2 and see ASX announcement 16 February, 2022). Drill holes were largely set to west dipping inclinations due to the angle of the terrain to test the bulk tonnage potential of the anomaly. The RC drilling program has only tested an area of 600m x 400m within the soil anomaly which measures 2,500m x 1,000m.
The Star Canyon prospect lies with the Black Canyon claims 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 6) and the Rochester Mine is about 20km south of the Fourth of July claims.
Drilling has confirmed that mineralisation is hosted within strongly silicified limestone with extensive quartz veining in a Carlin-style setting (see ASX announcement 3 May, 2022). An east dipping hole (BC22-005)was drilled to test for west-dippingvein structures observed at the nearby historic Champion Mine workings, and intercepted a bonanza grade vein consistent with historical vein samples encountered elsewhere in the Black Canyon tenure (see Figure 3 and 4 and Table 1 below).
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Table 1. Assay results summary for Star Canyon RC program.
Hole ID | From | To | Interval (m)** | Grade g/t | Grade g/t | Comment |
Au | Ag | |||||
BC22-005 | 27.4 | 36.6 | 9.1 | 124.4 | 48.6 | bonanza vein |
incl. | 27.4 | 30.5 | 3.1 | 371.0 | 143.5 | bonanza vein |
and | 36.6 | 109.7 | 73.2 | 0.28 | 1.2 | Carlin style |
and | 68.6 | 77.7 | 9.1 | 0.92 | 1.2 | vein |
BC22-007* | 3.0 | 45.7 | 42.7 | 0.32 | Carlin style | |
incl | 19.8 | 45.7 | 25.9 | 0.48 | Carlin style | |
or | 3.0 | 62.5 | 59.4 | 3.5 | Carlin style | |
incl | 42.7 | 50.3 | 7.6 | 15.1 | Carlin style | |
BC22-004 | 39.6 | 100.6 | 61.0 | 0.19 | NSI | Carlin style |
BC22-010 | 1.5 | 35.1 | 33.5 | 0.16 | 4.3 | Carlin style |
and | 68.6 | 96.0 | 27.4 | 0.16 | 0.9 | Carlin style |
BC22-003 | 22.9 | 41.1 | 18.3 | 0.20 | 0.9 | Carlin style |
and | 70.1 | 74.7 | 4.6 | 0.16 | 1.8 | Carlin style |
and | 85.3 | 102.1 | 16.8 | 0.13 | 1.0 | Carlin style |
BC22-002 | 10.7 | 18.3 | 7.6 | 0.18 | 7.4 | Carlin style |
and | 73.2 | 88.4 | 15.2 | 0.14 | 2.2 | Carlin style |
BC22-001 | 0 | 97.5 | 97.5 | NSI | 3.9 | Carlin style |
Incl | 30.5 | 41.1 | 10.7 | NSI | 16.2 | Carlin style |
BC22-006 | 27.4 | 67.0 | 39.6 | NSI | 3.6 | Carlin style |
BC22-008 | NSI | NSI | ||||
BC22-009 | NSI | NSI | ||||
Lower cut-off 0.1 g/t Au was used for the Carlin style mineralisation. No upper cut-offs have been used for the high-grade vein results for BC22-005. *Note that silver mineralisation extends for further down-hole than gold mineralisation in BC22-007 (see Figure 5).
- Note that these are down-holethicknesses. There is insufficient interpretation of the mineralisation to confidently report "true widths".
Hole BC22-005 is situated 100m south of the artisanal Champion Mine workings and the veins discovered in the drilling are not exposed at surface.
The bonanza grade vein (see Figures 1 and 4) was intercepted between 27.4 and 36.6m down-hole depth and averages 124.36 g/t Au & 48.6 g/t Ag. Two individual 1.52m samples assayed 352.79 g/t Au
- 134 g/t Ag and 389.27 g/t Au & 153 g/t Ag from 27.4 to 30.5m downhole depth, immediately followed with 73.15m at 0.28 g/t Au from 36.6m to end of hole at 109.73m. This hole was terminated in mineralisation grading 0.29g/t Au and 4.3g/t Ag due to technical issues.
Quartz veins identified in the historical Champion Mine workings strike NNE and dip steeply (about 80o) to the west and can be traced for about 450m along an intense zone of quartz veining and silica flooding. This zone remains untested outside hole BC22-005 due to the west dipping inclinations of all other drill holes in the program being unable to intercept the steep west dipping vein structures from their drill pads.
Access to the mine is limited but only minor surface disturbance indicates mining activities at Champion were not extensive. BC22-005 was drilled 100m to the south of these historical workings
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to avoid any potential voids. Follow-up diamond drilling is planned to confirm vein continuity, grades and true thicknesses and will also attempt to drill beneath the historical workings.
Hole BC22-004 intercepted 61m @ 0.19 g/t Au and was drilled dipping away from the bonanza vein yet still encountered strong Carlin-style mineralisation (Figure 3).
Figure 2 Black Canyon project showing location of Star Canyon RC drill collars on the NE flank of a large gold-in-soil anomaly which measures approximately 2,500m by 1,000m. RC drilling covers a very small proportion of this anomaly which includes outcrop of several high-gradegold-silver vein systems.
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Figure 3 Intensely veined and altered volcanic rocks associated with gold anomalism exposed in soil sampling and historic Champion Mine gold-silver workings, Star Canyon.
Figure 4. Section 4488480N displays the bonanza vein gold and silver intercepts and long Carlin style mineralisation in between vein intercepts. Hole BC22-004 was drilled away from the bonanza vein yet intercepted a 61m at 0.19 g/t Au within Carlin style mineralisation.
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PolarX Limited published this content on 04 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2022 22:52:05 UTC.
