Planets aligning as Mars reveals red metal for PolarX

4th October 2019
Resources Rising Stars

First drilling of the Mars prospect at PolarX’s Alaska Range project has hit porphyry-style veins containing visible copper, with the junior saying it was looking forward to further results from the “very exciting” target (reports MiningNews).

PolarX is excited because of the potential significance of any discovery given "the large size of the co‐incident copper‐gold‐molybdenum geochemical anomaly and the geophysical anomalies at Mars".

Assays are also awaited for potential gold content.

Meanwhile, the company said "common consensus" is a deeper porphyry source may be present at the Saturn prospect, located to the east of Mars.

Saturn and Mars occur in a 12km‐long mineralised corridor which is being explored in a campaign being managed by PolarX under the guidance of a five‐person exploration committee (three from Canadian company Lundin Mining, and two from the ASX-listed junior).

Under an agreement reached earlier this year, Lundin has until the end of 2019 to decide whether it wants to earn a 51% interest in the so-called Stellar project that will contain Saturn and Mars.

It would earn the stake in stages by spending of US$24 million on exploration and making cash payments to PolarX of $20 million over three years.

Lundin also has a stake in PolarX of about 13%, having paid A$4.3 million earlier this year for shares priced at 8c each.

PolarX retains other ground plus resources within the Alaska project.

Subscribe to the RRS Weekly Wrap

© 2019 Resources Rising Stars All Rights Reserved