Tapping skarn, seeking porphyry at Zackly
Last updated 9/7/2018 at 5:44am
PolarX Ltd. reported additional high-grade gold-copper mineralization well outside the resource boundary at the Zackly skarn deposit on the Australian explorer's Alaska Range Project.
The Zackly deposit hosts 3.4 million metric tons of inferred resource grading 1.2 percent (90.4 million pounds) copper, 2 grams per metric ton (213,000 oz) gold and 14 g/t (1.5 million oz) silver, according to a resource calculation completed early this year.
With the goal of expanding this deposit to the size that would support a feasibility study for a financially viable mine, PolarX is focusing its 2018 drilling on expanding Zackly to depth and along strike.
Toward this goal, hole ZX-18023 cut 9.3 meters averaging 3.3 percent copper, 2.3 g/t gold and 19.7 g/t silver about 350 meters east of the resource boundary.
This helps fill the gap between the Zackly deposit and hole ZX-18020, which was cut 55 meters of 2.8g/t gold and 0.6 percent copper about 500 meters further east.
Two holes, ZX-18025 and ZX-18027, have cut skarn mineralization below ZX-18023.
ZX-18025 intersected magnetite skarn about 40 meters deeper than the ZX-18023 intercept. ZX-18027 cut less intense magnetite skarn but with more prominent quartz and carbonate veining about another 55 meters further down-dip.
Assay results from these holes are expected in September.
In addition to tapping strong gold-copper mineralization east of the currently defined Zackly deposit, hole ZX‐18018 has encountered the skarn about 100 meters below the resource.
Reported by PolarX on Aug. 21, ZX‐18018 cut three mineralized zones – 25.5 meters averaging 0.6 percent copper, 1.5 g/t gold and 5.5 g/t silver from 261.6 meters; 13.9 meters of 0.6 percent copper, 1.1 g/t gold and 4.7 g/t silver from 300.8 meters; and 4.7 meters of 1.3 percent copper, 2.1 g/t gold and 10.6 g/t silver from 326.1 meters.
PolarX is also exploring the potential for a deeper and much larger buried porphyry source of mineralization at Zackly.
Geophysics carried out across the Stellar property show that the Zackly skarn lies just east of the mid-point of a 6,000-meter long corridor that is prospective for deeper porphyry mineralization.
Zackly SE, a prominent magnetic anomaly about 2,000 meters southeast of the current resource is one area PolarX believes could host one of these much larger porphyry deposits.
The thick zone of gold and copper mineralization encountered in hole ZX-18020, drilled nearly mid-point between Zackly and Zackly SE, appear to be associated with alteration proximal to a porphyry system.
The Mars prospect, which brackets the northwest end of the corridor that is prospective for deeper porphyry mineralization, hosts another prominent magnetic anomaly PolarX would like to investigate further.
Broadly spaced sampling at Mars has outlined copper, gold, molybdenum and silver mineralization over a 2,000- by 1,500-meter area. Rock-chip samples collected here have returned up to 7.4 percent copper and 1.8 g/t gold.
To further narrow targets, more detailed soil sampling and geological mapping has been recently completed at Mars.
Given the close association of magnetite with mineralization and geological structures at the Zackly skarn, coupled with the magnetic signatures of the nearby porphyry targets, PolarX has commissioned a detailed helicopter-borne magnetic survey over the northern section of Alaska Range where these deposit and prospects are found.
The company has also begun detailed mapping and rock-chip sampling at Moonwalk, a "Tintina-style" gold prospect at the northeast end of the Alaska Range property.