Maiden drilling by PolarX in Nevada hits bonanza gold intercept

PolarX ASX PXX Star Canyon soil sampling historic Champion Mine gold silver workings Humboldt Range
The first reverse circulation hole drilled at PolarX's Star Canyon prospect has hit more than 120g/t gold.

Perth-based PolarX (ASX: PXX) reports that its first reverse circulation drilling at Star Canyon in Nevada has intersected 124.36 grams per tonne of gold over 9.1m.

Star Canyon is less than 3km from the currently operating Florida Canyon mine, which ground hosts 5 million ounces of gold and is owned by Toronto-listed Argonaut Gold.

The project is also near the Rochester silver-gold mine owned by NYSE-listed major Coeur Mining.

PolarX is exploring for high-grade gold and silver veins, with that 9.1m intersect also returning 48.6g/t silver, and the hole has a higher-grade interval of 3m at 371g/t gold and 143.5g/t silver. Mineralisation began 27.4m down hole.

Other assays included 73.2m at 0.28g/t (the hole ending still in mineralisation), 42.7m at 0.32g/t gold (including 25m at 0.48g/t) and 61m at 0.19g/t gold.

Broad Carlin-style mineralisation confirmed, mineralisation still open

The company says broad Carlin-style mineralisation remains open and largely untested for bonanza-grade veins.

The Carlin trend in Nevada, 80km long and 64km wide in places, is the most prolific gold producing structure in North America.

PolarX is focusing on a gold-silver drill target near the head of the Star Canyon prospect.

More zones with ‘bonanza’ grade potential

The Star Canyon prospect lies within the Black Canyon claims at the northern end of the Humboldt Range project.

“The Star Canyon prospect is part of a much larger anomalous gold and silver zone known to contain many other mineralised veins with bonanza grade potential,” the company said.

The maiden reverse circulation drill program at Star Canyon consisted of 10 reverse circulation percussion holes to test the strong gold and silver anomaly identified in PolarX’s soil sampling program.

Quartz veins identified in the historical Champion mine workings at Star Canyon dip steeply to the west and can be traced for about 450m along an intense zone of quartz veining and silica flooding, the company stated.

This zone remains untested outside one hole 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.

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.