ASX-listed explorer PolarX’s Humboldt Range gold-silver project in Nevada looks to be screaming out to be drilled as strong sampling results confirm a large and highly promising target. The Perth-based company is in the final stages of securing a rig to sink some holes into what is fast becoming a high priority project at the Black Canyon lode claim.
The results come from the first three of eleven channel samples submitted to the lab in November of last year.
The samples were carved above ground across the belly of a mineralised outcrop that threw up some highly anomalous gold and silver values and was estimated to be over 645 metres in length.
The first sample revealed 54m grading 0.22 grams per tonne gold and 17.3 grams per tonne silver.
The second was even longer at 72m running 0.21 g/t gold and 11.7 g/t silver.
The final channel in the trio was larger than the first two combined and yielded a broad 138m going 0.14 g/t gold and 2.7 g/t silver.
The channel samples from the Star Canyon target string together stretching longer than 245m perpendicular to the orientation of the altered and mineralised volcanic rocks and are a testament to the large-scale potential of the project.
Whilst the grades might seem low to a seasoned Aussie miner, in the context of what is being successfully mined in the region the results are highly significant.
Notably, the Perth-based company says the sampling results are consistently at or above the cut-off grades at the two nearby large-scale heap leach gold and silver-gold mining operations.
Interestingly, the 5-million-ounce Florida Canyon gold mining and heap leach operation run by TSX-listed American producer Argonaut sits within 4km west of PolarX’s claims and has an annual production of approximately 77,000 ounces of gold.
Further evidence of the region’s significant potential can be seen out of the left window on a short drive down the I-80 interstate highway. Another American producer NYSE-listed Coeur Mining operates the Rochester silver-gold project 30km south of PolarX’s claim. The sizeable operation to the south produced a whopping 3.2 million ounces of silver and over 27,000 ounces of gold in 2020.
PolarX sees Star Canyon as an obvious target for immediate drilling and believes the bulk mining potential is something that could incite interest from neighbours or be an instance where the company takes the ball and runs with it.
The channel samples were taken within a larger gold-in-soil anomaly exceeding 50 parts per billion gold and spanning an area of 645m by 500m. Encouragingly, the anomaly remains open and untested to the north and south.
The company says the necessary permits to drill the anomaly are expected in two to three weeks, a drilling contract has nearly been finalised and assays for the remaining channels samples are expected shortly.
Given the strong assays PolarX has moved quickly to plunge holes in the ground and get a handle on the potential of its gold-silver project. Given the other activity in the area things could get interesting quickly for PolarX if the ball bounces its way once the ground feels the bite of the drill bit.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
