Excitement growing in PolarX’s big porphyry target, says analyst

5th April 2019
Resources Rising Stars

There is growing investor excitement in the upcoming exploration season at PolarX’s Alaska Range Project, as reflected in a report published this week by veteran analyst Gavin Wendt.

Writing in his well-read Minelife bulletin, Wendt describes the large Saturn prospect at Alaska Range as a “textbook example of a porphyry prospect”.

He said his view was based on the combination of the modelling results, the magnetic responses from the surrounding zone and the close proximity to the high-grade Zackly Skarn copper-gold deposit.

Zackly already has a resource of 41,000t of copper, 213,000oz of gold and 1.5Moz silver from surface.

“The mineralisation at Zackly remains open at depth and along strike at each end and provides an immediate opportunity to boost the overall JORC resource base,” Wendt says.

“The near-surface high gold grades and thick, sub-horizontal geometry of this mineralisation means it could be suitable for low-cost, open-pit extraction upon an economic resource being established through further drilling and feasibility studies.”

Alaska Range also hosts the Caribou Dome deposit, which comprises a JORC Resource of 2.8Mt at 3.1% copper for 85,500t of contained copper.

PolarX aims to rapidly accumulate sufficient copper-gold inventory between Zackly and Caribou Dome to support feasibility studies on a combined operation, or one or more stand-alone operations.

But at the same time, it is pursuing the potentially game-changing Saturn porphyry prospect next to Zackly.

PolarX says that 3D modelling has provided more firm evidence that the Saturn prospect represents a large, compelling copper-gold porphyry target - the magnetic body is approximately 2km x 1km in areal extent and extends to depths in excess of 3km.

“The geometry of the Saturn magnetic body, its geological setting and the halo of magnetite destruction surrounding the body itself all support the presence of an oxidised (i.e. magnetite-bearing) intrusive cluster, surrounded by a zone of propylitic alteration,” Wendt says in his report.

“These factors, together with the proximity of high-grade copper-gold mineralisation at the Zackly Skarn deposit, provide very strong evidence for Saturn to potentially be a large-scale porphyry copper-gold system.”

Wendt says an induced polarisation (IP) survey will be undertaken over the Saturn target during the current quarter, covering approximately 20 line-km of surveying.

This survey is designed to locate the presence of disseminated sulphides associated with the intrusive core and in the surrounding alteration halo and will be used in conjunction with the magnetic data to plan a drilling program for execution during Q3 2019.

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