PolarX (ASX: PXX) has uncovered high-grade copper-gold mineralisation below its existing Zackly deposit in Alaska, US, highlighting the potential for a resource upgrade.
The mineral explorer today reported the latest assays from a resource extension drilling campaign at its Alaska Range project, confirming multiple mineralised zones were encountered from 100m vertically below the nearest hole in Zackly’s current JORC resource.
Notable intersections included 1.4m grading at 3.2% copper, 9.3 grams per tonne of gold and 38.2g/t silver from a depth of 285.8m, and 2.5m at 2.3% copper, 3.5g/t gold and 18.5g/t silver from 326.1m.
These assays follow last week’s announcement that a hole located 850m east of the Zackly resource had intersected 55m at 2.8g/t gold and 0.6% copper from near the surface.
The Zackly inferred resource currently stands at 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver. The resource is from surface and has a 1km strike length.
According to PolarX, the newly discovered mineralisation appeared to be wider than was reported in the historic drill hole above it.
However, drilling of this new hole in the latest campaign was terminated before reaching its target depth due to a broken drill-rod string. Another drill hole will now test the deeper mineralisation at a similar vertical level 60m along strike to the west.
PolarX is shortly expecting results from two holes that were drilled on the same cross-section as the assay reported last week (east of Zackly).
The Alaska Range project comprises PolarX’s 100%-owned Stellar property (including the Zackly deposit) and the Caribou Dome property, where the company is earning 80-90% interests across multiple mineral claims.
The Caribou and Dome deposits also have existing copper resource estimations and collectively, the Alaska Range project holds a total resource of 127,000t of contained copper and 213,000oz of contained gold.
PolarX shares slid 1.1% following the news this morning but were back up at A$0.091 by midday trade.