Alaskan porphyry copper target checks out for PolarX
US-focussed multi-commodity explorer, PolarX, has confirmed that ground geophysical induced polarisation, or “IP”, surveys over its Saturn copper-gold target at the Alaska Range project, have delineated large chargeable anomalies over broad areas.
The company said that interpretation of the data showed the highest chargeability zones occurring on the outer edges of the magnetic anomaly at Saturn, which it deems consistent with textbook, porphyry copper exploration models worldwide.
The survey data also outlined the prospectivity for classic disseminated sulphide and quartz-veined stockwork ore systems, typical of porphyry intrusions according to management.
In addition, geophysical data showed areas of decreased resistivity above the chargeable highs, potentially indicating the presence of clay-rich minerals that are associated with alteration haloes, weathering profiles or perhaps both.
Two diamond drilling rigs are now on-site at Saturn and will complete drilling on an east-west section profile to depths of at least 600 metres, right into the heart of the interpreted intrusive porphyry position.
Drilling will take about two weeks to complete and results will be released when available, said PolarX.
Further deep holes are planned, as agreed with Lundin Mining and the final positions of the holes will be tweaked, pending the geological logging and 3D interpretation of the initial drill holes, particularly in relation to any intersections of mineralisation or characteristic alteration zoning encountered.
Ongoing IP survey work at Saturn is also expected to be completed within the next fortnight.
The exploration and drilling programs are being funded from the proceeds of a recent $4.3m share placement to Lundin Mining, who has an exclusive right to commence an earn-in option for a 51% interest in PolarX’s larger Stellar project, via spending on staged exploration and staged payments to the ASX-listed company.
PolarX’s Alaska Range project sits right at the intersection of two major geological faults in Alaska where the company outlined a 12km long mineralised corridor last year from a detailed aeromagnetic survey that terminates at Saturn.
The company has interpreted Saturn to be a sizeable porphyry copper-gold target with more than just a passing similarity to the revered Grasburg mine in Indonesia.
The present thinking is that the large circular magnetic anomaly at Saturn might well be the source of the mineralised fluids feeding PolarX’s Zackly deposit and other anomalous copper-gold occurrences to the northwest.
Zackly already has an inferred mineral resource of 3.4 million tonnes grading 1.2% copper and 2g/t gold.
The company plans to commence a resource extension drilling programs at Zackly later this season, which will be funded by its own recent $3.5m capital raise via a share rights issue.
PolarX considers Zackly to have a low exploration risk due to the magnetic nature of its mineralisation and can be directly drill targeted using geophysical interpretations.
The initial geophysical survey results from Saturn seem to support the company’s geological model for a substantial porphyry copper-gold system being present and its maiden drilling program will be the first step towards understanding the latent potential of this underexplored, but prospective region of Alaska.
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