PolarX gears up for a busy year with activities scheduled across Humboldt Range and Alaska Range

PolarX Ltd (ASX:PXX) (FRA:PX0) is focused on advancing its North American projects at Humboldt Range and Alaska Range this year, aiming to complete due diligence as well as start exploration at both projects. At Alaska Range, the company plans to undertake metallurgy tests, initiate drilling after securing a JV partner and begin a scoping study to evaluate the combined mining and processing of Zackly East, Caribou Dome and Zackly Main mineralisation. Simultaneously, PolarX will also undertake due diligence leading to exercise of options, geological mapping and channel sampling, and IP survey at the Humboldt Range Gold-Silver Project in northwest Nevada. The company is confident its Tier-1 copper, gold and silver assets represent three of the most sought-after commodities and that the Alaska and Nevada projects are in the top five mining exploration and investment precincts in the world with political and fiscal stability. Humboldt Range acquisition Recently, the company secured an option to acquire a mining lease agreement over the Humboldt Range Project, which comprises 177 lode mining claims in two groups (Black Canyon and Fourth of July). The project is close to active world-class gold and gold-silver mines and complements the company’s existing Alaska Range Project. Pursuant to the option agreement, PolarX paid an initial fee of US$35,000 to secure an exclusive option over the mining lease agreement for up to 120-days whilst the company conducts due-diligence investigations to further verify previous exploration results and confirm ownership of the underlying lode claims. Due diligence is expected to be complete by April 30, 2021. Exploration at Humboldt Range Once due diligence is completed, the company will start exploration with geological mapping, channel sampling and ground geophysical work planned. PolarX also plans to undertake ground geophysics (IP) survey to help map out zones of silicification (resistive zones) with bulk mining potential and hopes to generate targets for drilling by the fourth quarter of 2021. The project is close to active world-class gold and gold-silver mines Humboldt Range potential Widespread narrow vein mineralisation with visible gold occurs in the Humboldt claims, which were historically mined till 1927. High-grade assays from a previous rock-chip sampling of outcropping veins and grab sampling from the dumps of old mine workings with peak values up to 3,384 g/t gold, 2,837 g/t silver, 22.9% lead and 3.1% zinc. Sample collected for assays and verified by PXX consultants indicate gold mineralisation in swarms of 5 centimetres to 1.5 metres wide epithermal quartz veins along with structural corridors between 30 metres and 275 metres wide contain numerous mineralised quartz veins that represent potential bulk mining targets. Alaska Range developments The company’s Alaska range project comprises the Stellar and Caribou Dome properties, both of which have numerous copper-gold targets. These projects are in one of the world’s greatest mineral provinces with historical production of more than 40 million ounces of gold along with over 200 million ounces under development and feasibility studies. PXX will carry out metallurgical test-work to evaluate processing options for the Zackly gold copper-silver mineralisation and the potential for co-processing with Caribou Dome copper mineralisation. The company will undertake additional drilling in summer 2021 and plans to start a scoping study in the third quarter of 2021 to evaluate combined mining and processing of Zackly East, Caribou Dome and Zackly Main mineralisation. It also plans to start further drilling in Alaska to expand resources as well as possible porphyry drilling after securing a JV partner. The Alaska Range Project includes the Stellar property and Caribou Dome property. Zackly Main Skarn The company believes further drilling to test the eastwards extension of the structure at the Zackly Main Skarn within the Alaskan ranges is warranted along with testing of a similar structure a further 100 metres to the north. Zackly is a skarn system containing high-grade gold, copper and silver from the surface to tested depths of around 400 metres and hosts two deposits: the Zackly Main Skarn and Zackly East Skarn. Zackly hosts 3.4 million tonnes averaging 2 g/t gold, 1.2% copper, and 14.0g/t silver and Zackly Main deposit is 1-kilometre long and occurs along with a structure on a strong magnetic gradient. An aggressive drilling program is planned for Alaska Range in 2021 in order expand its existing JORC resources and also to explore previously defined high-grade mineralisation zones sitting outside those resources.