First RC Drilling at Star Canyon hits 9.1m at 124g/t Au from 27m

PolarX Limited (ASX: PXX, “PolarX” or ‘the Company”) is pleased to report outstanding assays which confirm bonanza gold and silver grades in mineralised veins associated with Carlin style mineralisation at the Star Canyon prospect within its Humboldt Range Project in Nevada, USA.

HIGHLIGHTS

• Maiden Reverse Circulation percussion (RC) drilling at Star Canyon in the Humboldt Range Project has returned exceptional results.
• The results highlight potential for Star Canyon to host high-grade gold and silver veins within a potentially bulk mineable Carlin-style system in Nevada, a world-class precious metals province
• The results include:
  • 9.1m @ 124.36 g/t Au & 48.6 g/t Ag from 27.4m to 36.6m depth in hole BC22- 005, including 3m @ 371g/t Au & 143.5g/t Ag.
  • 73.2m @ 0.28 g/t Au from 36.6m to end of hole in Carlin-style mineralisation immediately down hole from the bonanza intersection in BC22-005.
  • 42.7m @ 0.32 g/t Au, including 25.9m @ 0.48 g/t Au from 19.8m (BC22-007). This is also spatially associated with a broad zone of silver mineralisation over 59.4m @ 3.5g/t Ag from 3m depth.
  • 61m @ 0.19 g/t Au from 39.2m (BC22-004).
• Broad Carlin-style gold and silver mineralisation occurs throughout the tested part of the soil anomaly and the central mineralised limestone corridor.
• The mineralisation remains open and largely untested for the extension of bonanza grade veins.
• The Star Canyon prospect is part of a much larger anomalous gold & silver zone known to contain many other mineralised veins with bonanza grade potential.
• In light of these strong results, PolarX is prioritising follow-up drilling at Star Canyon and the associated Ridgeline Target.

Program Details

The maiden RC drill program at Star Canyon consisted of 10 Reverse Circulation (RC) percussion holes to test the strong gold and silver anomaly identified from PolarX’s soil sampling program (Figure 2, Tables 1 and 2 and see ASX announcement 16 February 2022). Drill holes were largely set to west dipping inclinations due to the angle of the terrain to test the bulk tonnage potential of the anomaly. The RC drilling program has only tested an area of 600m x 400m within the soil anomaly which measures 2,500m x 1,000m.

The Star Canyon prospect lies with the Black Canyon claims at the northern end of Humboldt Range and is less than 3km from the currently operating Florida Canyon Mine, which hosts 5Moz gold (see Figure 6) and the Rochester Mine is about 20km south of the Fourth of July claims.

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