PolarX set for strong news flow into 2022 as it advances Humboldt Range and Alaska Range projects in North America

PolarX Ltd (ASX:PXX) (FRA:PX0) is all set for strong news flow this year and into the second quarter of 2022 as it advances its high-grade copper, silver and gold deposits at Humboldt Range in Nevada and Alaska Range projects along the ‘ring of fire’.  The company has tier 1 copper, gold and silver assets - three of the most sought-after commodities located in the top five mining exploration and investment precincts in the world with political and fiscal stability.  PolarX will undertake a drilling program in Alaska to further test the very high-grade Caribou Dome copper deposit, and a simple program to elevate its Nevada projects to drill-ready status.  At the Humboldt Range project, drilling is planned for late 2021 and in 2022.  Growth strategy The company plans to leverage managerial expertise in Tier 1 areas, with the strategic focus on fiscally safe, well-endowed copper and gold provinces in North America where it can leverage its existing team of consultants. PolarX has a combined board experience of over 65 years in the resource sector with a long history with the Alaska Range project. Following its maiden porphyry discovery at the Mars Prospect, the company has confirmed large areas in the Alaska Range Project with potential for large, bulk-tonnage copper-gold. The company is seeking to introduce a partner to accelerate exploration at minimal cost to shareholders. It also plans to advance the Humboldt Range, with high-grade gold and silver defined at surface in 2021. PolarX aims to execute high-impact exploration for year-round news flow, complementing seasonal exploration at Alaska Range. At the Scale Zackly East & Caribou Dome projects, the company has defined around 6 million tonnes of high-grade, near-surface resources. With copper at record highs, the upcoming program will seek to grow the resource and commence scoping studies to evaluate options to transform the project into a world-class development. Humboldt Range exploration program underway The Humboldt Range Gold-Silver Project, which is located in the best mining jurisdiction in the US, comprises two claim blocks – Black Canyon and Fourth of July. PolarX uncovered large silver-gold anomalies during a soil sampling program over its Fourth of July claims.  Fourth of July is at the southern end of Humboldt Range and is less than 15 kilometres from the operating Rochester Mine, which hosts 400 million ounces of silver and 3 million ounces of gold. The assays from its latest geochemical campaign defined several large, high-grade silver and gold anomalies across Fourth of July. Notably, the largest silver anomaly is thought to be more than 3.5 kilometres long and 2 kilometres wide and hosts as much as 186 g/t silver. PolarX collected rock chips from the anomaly’s major mineralised veins, with silver hits peaking at 4,800 g/t, while eight samples returned over 1,000 g/t silver. Gold results were also promising: PolarX identified myriad gold in soil anomalies over the claims, associated with both the major silver anomaly and several standalone anomalies. During soil sampling, PolarX uncovered a prominent silver anomaly in the southwest portion of the Fourth of July claims, associated with two major north-south striking faults, which form the Arizona Graben. Promisingly, multiple rock chip samples collected from veins within this very large silver anomaly assay over 60 g/t silver, while the anomaly is broadly defined as more than 0.5 g/t silver in soils. PolarX also discovered the Arizona Graben is highly anomalous for gold, particularly along the region’s fault margins. Rock chip sampling along mineralised veins returned several assays over 10 g/t gold, with grades peaking at 76 g/t gold. Meanwhile, the peak gold in soil anomalism recorded 413 parts per billion (ppb) gold, while any anomalism over 20 ppb gold is considered highly significant. PolarX intends to compile the latest geochemical soil sampling and rock chip results to generate a range of priority drilling targets at Fourth of July. The explorer has already started target generation will focus on permitting for drilling during the September quarter. Outside of Fourth of July, PolarX is preparing for assays from a soil and rock chip sampling program at Humboldt Range’s more gold-dominant Black Canyon claims. All data from this claim will be compiled into a 3D model and used to generate and prioritise targets for drilling, with drill permitting to commence later this quarter. Expand landholding Following the impressive drilling results, PolarX expanded its landholding at its Humboldt Range Project, securing an additional 358.7 hectares covering extensions of known mineralised gold-silver veins and recently discovered mineralised breccias located during systematic sampling. It secured 45 new lode claims at Fourth of July. The new lode claims secure the mineralisation noted during transit to field areas, including gossanous breccias and old workings. More than 50 assays were received from rock-chip samples collected by the company at the Jackson, Cottonwood, Black Warrior and Lucky Dog veins within the Fourth of July claim. All veins returned very high silver grades, several with bonanza grades well above 1,000 g/t, including 1,360.5 g/t, 1,110.9 g/t, more than 1,500 g/t, 1,374.4 g/t, 1,693.7 g/t, 1,099.2 g/t, 2,083.3 g/t, 1,070 g/t and 1,880 g/t. These results complement and extend historical sampling which showed similar silver results and gold grades up to 17.3 g/t. The company plans to integrate all the exploration data to define preliminary drill targets in July-August, allowing drill permitting to commence in August for a potential fourth-quarter drilling campaign. PolarX technical staff will also shortly relocate to Alaska to prepare for a core drilling program at the high-grade Caribou Dome Copper Project, which has a mineral resource estimate of 2.8 million tonnes at 3.1% copper, and this is expected to commence in August. Alaska Range projects Located in one of the world’s great mineral provinces, it is the world’s most productive copper belt, the company has a large landholding covering 261 square kilometres. Its landholding encompasses the 100%-owned Stelar Property, which includes the Zackly Gold-Copper skarn and numerous porphyry copper-gold targets and the 80%-owned Caribou Dome Property. Zackly, a 5 kilometres long skarn system with high-grade gold, copper and silver from surface and open at around 400 metres depth. Zackly Main Skarn hosts 3.4 million tonnes averaging 2.0 g/t gold and 1.2% copper + 14.0 g/t silver JORC inferred resources over the westernmost 1 kilometre. Zackly East mineralisation is generally thicker and may be more suitable for open pit mining. There is further upside on the identification of the source porphyry system feeding Zackly. Metallurgical test-work commenced in the second quarter of 2021 to evaluate the gravity separation of coarse, free-milling gold and the flotation of copper sulphides from gravity circuit residues. The 2020 drilling focused on extending Zackly East further to the east from the thickest, highest grade drill intersections. Mineralisation has confirmed over 800 metres at Zackly East, taking total mineralised strike-length to 2.5 kilometres (Zackly Main + Zackly East). There is 2.5 kilometres of untested strong magnetic gradient to the north and east of current drilling and possible porphyry copper-gold targets to the north and east of current drilling. Scoping study is under consideration for commencement in the third/fourth quarter of 2021 to evaluate combined mining and processing of Zackly East, Caribou Dome and Zackly Main. Its Stellar Property has massive porphyry copper-gold potential, with broad spaced soil sampling showing two highly significant copper anomalies, with both more than 250ppm, up to 11 kilometres by 6 kilometres in size. Leveraging on record copper prices The company is growing its high-grade copper mineral resource, having established around 6 million tonnes of total resource across both Alaska Range properties comprising: Zackly: 3.4 million tonnes at 1.2% Cu + 2 g/t gold + 14 g/t silver; and Caribou Dome: 2.8 million tonnes at 3.1% copper. Zackly and Caribou Dome have substantial growth potential from mineralisation extending down dip and in well understood, but unexplored extensional zones. The company’s upcoming exploration season from July to December in 2021, will focus on testing these extensions. Further, to its high-grade high copper and gold mineralisation at Zackly & Caribou Dome, the company has confirmed substantial porphyry potential at Stellar following the maiden discovery hole at the Mars prospect of 102 metres at 0.22% copper and 0.1 g/t gold. The company is especially excited by this discovery as the copper-gold mineralization was intersected outside the core zone where grades ore often higher. This discovery validates surface copper anomalies and signifies the presence of a larger copper-gold porphyry system under cover. Copper prices have been surging to all-time highs on a recovery bet, with Goldman Sachs predicting that copper could hit US$15,000 per tonne by 2025. A$5 million funding The company raised a total of A$5 million through a share placement which closed within 24 hours of opening following strong support by existing Australian and overseas shareholders. PolarX managing director Frazer Tabeart said: “These funds allow us to commence our exploration programs in Nevada and Alaska with a high degree of confidence, and we look forward to providing progress updates.”