Polarx Limited (ASX: PXX) operates as a mineral exploration and development company. The Company engages in the identification, acquisition, and development of mining projects which includes gold, silver, and copper mining properties. Polarx offers its services in Australia.
The company, today on 25 March 2019, has come out with an update which states that the 3D modelling has provided more firm evidence that the Saturn prospect at its Alaska Range Project is a large, compelling copper?gold porphyry target. The results of the modelling, combined with the other critical geological features established in earlier exploration, are entirely consistent with the presence of a porphyry system.
PolarX Managing Director Frazer Tabeart said that an induced polarisation survey would now be conducted to locate the presence of disseminated sulphides associated with the intrusive core and in the surrounding alteration halo. This would pave the way for drilling to start in the September quarter of this year. He further added that every piece of exploration work, the company does provide more evidence that Saturn is a compelling copper?gold porphyry target. The combination of the modelling results, the magnetic responses from the surrounding zone and the proximity to the high?grade Zackly Skarn copper?gold deposit means that Saturn is shaping up as a phenomenal example of a porphyry prospect.
As per the inversion modelling results, the Saturn porphyry Copper?Gold target was delineated in high?resolution aeromagnetic data collected in September 2018, comprising a cluster of magnetic anomalies surrounded by a zone of magnetite destruction.
Three?dimensional inversion modelling of the magnetic data has highlighted that the anomaly at Saturn represents a steeply south plunging, upward flaring cylinder. The magnetic body is approximately 2km x 1km in areal extent and extends to depths more than 3km which is the lower extent of the inversion model. It is covered by 10?15m of glacial till and is blind to surface geochemistry. The geometry of the Saturn magnetic body, its geological setting and the halo of magnetite destruction surrounding the body all support the presence of an oxidised (i.e. magnetite bearing) intrusive cluster surrounded by a zone of propylitic alteration. These factors plus the proximity of high? grade Copper?Gold mineralisation at the Zackly Skarn deposit provides substantial evidence that Saturn may be a large?scale porphyry Copper?Gold system.
An induced polarisation survey will be undertaken over the Saturn target next 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 in Q3 2019. The IP contract has been signed, and the IP contractor and supporting logistics team will commence the survey once the seasonal snows have melted.
On the price-performance front, the stock has posted the YTD return of 9.09%. The company also has posted returns of -25.93% over the past six months. At the time of writing (25 March 2019 AEST 02:04 PM), the stock of the company is trading at a price of A$ 0.082, up by 36.667% during the day’s trade with a market capitalisation of ~A$ 19.16 Mn. The stock opened the day at A$ 0.065 reached the intraday high of $ 0.082 and touched an intraday low of $ 0.065, with an average daily volume of more than 1,162,988. It had a 52-week high price of $ 0.155 and a 52 weeks low price of $ 0.052, with an average volume of, 138,832 approximately.
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