| Announcement Date: | 2023-02-20 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | PolarX Ltd. |
| Project name: | Star Canyon |
| Location: | United States |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 53.34m at 0.21g/t Au from 67.06m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | PolarX Limited (ASX: PXX, “PolarX” or ‘the Company”) reports that thick, low-grade gold mineralisation has been encountered in rhyolite and andesite volcanic units of the Rochester Rhyolite Formation throughout most of the holes drilled at Star Canyon, Nevada, USA in the December 2022 reverse circulation (RC) drill program (refer Table 1 and Table 2 and Figures 1-3). The low-grade gold mineralisation is hosted in similar geology to the nearby Rochester Mine (400Moz Ag, 3Moz Au) and neighbouring Spring Valley project (4.1Moz Au) which already demonstrate commercial potential for large scale bulk tonnage mining (Figure 4). Detailed geological logging has identified a concealed fault structure (Figure 1) that has offset the depth continuity of the bonanza gold and silver vein (Figure 2) previously identified at Star Canyon, Nevada (see ASX announcement 5 July 2022), which intersected 9.1m@124.4g/t gold and 48.6g/t silver. The bonanza vein and other mapped vein sets remain high priority active drill targets with continuity potential along strike in the near-surface hanging wall and at depth in the footwall. A normal fault structure has caused an abrupt discontinuity in the geological units (Figures 2 & 3). The fault strikes approximately north-south and dips approximately 60-70o to the east. |
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