PolarX (ASX: PXX) has firmed up the potential of its Saturn prospect at its Alaska Range project after 3D modelling confirmed the existence of a large copper‐gold porphyry target.
The Perth-headquartered company said the results of the modelling, combined with the other key geological features established in earlier exploration, were entirely consistent with the presence of a porphyry system.
Saturn, which extends from near‐surface to a depth of at least 3km, is surrounded by a zone where the magnetic response has been obliterated. This remains indicative of propylitic alteration, as seen around known copper‐gold porphyry systems.
According to PolarX, the geometry of the Saturn magnetic body, its geological setting, and the halo of magnetite destruction surrounding the body all support the presence of an oxidised intrusive cluster surrounded by a zone of propylitic alteration.
PolarX managing director Frazer Tabeart said an induced polarisation survey would now be conducted to locate the presence of disseminated sulphides associated with the intrusive core and in the surrounding alteration halo.
“Every piece of exploration work we do provides more evidence that Saturn is a compelling copper‐gold porphyry target,” Dr Tabeart said.
“The combination of the modelling results, the magnetic responses from the surrounding zone and the close proximity to the high‐grade Zackly Skarn copper‐gold deposit means Saturn is shaping up as a text‐book example of a porphyry prospect.”
The induced polarisation survey, in conjunction with the magnetic data, will be used to plan a drilling program ahead of drill testing Saturn in the upcoming September quarter.
PolarX has been making some significant inroads in Alaska over the last 12 months, with extension drilling uncovering high-grade copper-gold mineralisation below its existing Zackly deposit.
The company’s Alaska Range project comprises its 100%-owned Stellar property and the Caribou Dome property, where PolarX is earning 80-90% interests across multiple mineral claims.
Current exploration and development work is designed to initially bring the Zackly and Caribou-Dome deposits into early production while concurrently testing larger new porphyry targets such as Saturn and Mars.
PolarX is confident of significant upside across its Alaskan acreage given Alaska already hosts many of the world’s largest and highest-grade gold and copper mines with similar geology to the company’s package.
The company also announced today it had staked an additional 30 state mining claims encompassing an area of 19.4 square kilometres to cover the south plunging depth extent of Saturn plus a significant buffer.
PolarX shares climbed 16.6% in morning trade to $0.07.