First Zackly assays do not disappoint

PolarX Ltd. Aug. 15 reported that assay results confirm the outstanding copper-gold mineralization observed in the core from hole ZX-18020, a hole drilled some 850 meters east of the current resource at the Zackly deposit on the company's Alaska Range project.

Starting at a depth of 2.5 meters, this hole cut 54.6 meters averaging 2.8 grams per metric ton gold, 9.4 g/t silver and 0.6 percent copper, including a 0.3-meter (one foot) section from 56.7 meters averaging 27.3 percent copper, 2.5 g/t gold and 82.5 g/t silver.

The Zackly deposit currently hosts 3.4 million metric tons of JORC- (Australian Joint Ore Reserves Committee) compliant inferred resource grading 1.2 percent (90.4 million pounds) copper, 2 grams per metric ton (213,000 oz) gold and 14 g/t (1.5 million oz) silver.

This year's drill program at Alaska Range is focused on expanding the roughly 1,000-meter-long Zackly copper‐gold deposit along strike and to depth.

Considering the gold, silver and copper encountered in ZX-18020, along with visible gold and copper mineralization observed in other holes drilled along strike and below the Zackly deposit, PolarX expects this year's drilling will accomplish its objective.

Hole ZX-18023, drilled 350 meters east of the currently defined Zackly deposit and 500 meters west of ZX-18020, cut 9.6 meters of magnetite skarn mineralization with visible copper sulfides. ZX‐18025 cut 11.4 meters of skarn mineralization with visible copper sulfides about 40 meters below ZX-18023. Additionally, visible gold was observed in ZX‐18016, a hole collared about 50 meters west of ZX-18023.

A historical hole drilled in this same area cut 11.3 meters averaging 1.3 percent copper and 2.9 g/t gold.

In addition to the holes drilled to the east of the deposit, ZX‐18018 cut strong visible copper and gold mineralization roughly 100 meters below the resource.

Further assays from these Zackly resource expansion holes are expected in the coming weeks.

Beyond tracing the shallow high-grade skarn mineralization, PolarX believes the drilling at Zackly is vectoring toward a deeper and much larger potential porphyry source indicated by a prominent magnetic anomaly at Zackly SE, which lies about 2,000 meters southeast of the current resource.

The geological nature, width and grade of the mineralization encountered in ZX‐18020 seems to support this idea.

The gold and copper oxide mineralization encountered in this hole drilled nearly mid-point between Zackly and Zackly SE appear to be associated with quartz and sericite veining and alteration which is consistent with hydrothermal alteration proximal to a porphyry system.

The Mars prospect, which brackets the northwest end of a 6,000-meter corridor that is showing potential for deeper porphyry mineralization, hosts another prominent magnetic anomaly PolarX would like to investigate further.

Broadly spaced sampling at Mars has outlined copper, gold, molybdenum and silver mineralization over a 2,000- by 1,500-meter area. Rock-chip samples collected here have returned up to 7.4 percent copper and 1.8 g/t gold.

An induced polarization geophysical survey completed in 2017 identified a chargeability anomaly that is 100 to 150 meters below the surface of Mars. PolarX said these coincident geochemical and geophysical anomalies suggest the potential of a buried porphyry copper-gold system about 3,000 meters northwest of Zackly.

Earlier this month, PolarX completed an AU$3.9 million financing, which is being used to accelerate exploration at Alaska Range, including further airborne and ground geophysics surveys; drilling on the Mars and Zackly SE porphyry targets; additional resource expansion drilling at Zackly; and for general working capital.

–SHANE LASLEY