PolarX Ltd (ASX: PXX) (OTCMKTS: PXXXF) has delivered what may be its most significant exploration result to date, with first-pass drilling at its Ridgeline prospect in Nevada returning multiple wide, high-grade gold intercepts, including 1.5 metres at 37.29 grams per tonne gold.
The company also reported that 2.8 kilometres of the same anomaly remain undrilled, setting up an aggressive follow-up campaign.
The initial 13-hole reverse circulation program totalled just over 2,000 metres. It tested only 800 metres of a 3.6-kilometre-long anomaly at the Humboldt Range project. Despite that limited coverage, the drill bit intercepted gold mineralisation in 10 of 13 holes. Consequently, management believes the program confirms multiple parallel mineralised trends from surface.
The standout hole, SP25-005, delivered three separate mineralised zones. It returned 16.8 metres at 0.55 grams per tonne gold from 18 metres depth. Additionally, it cut 9.1 metres at 6.38 grams per tonne gold from around 90 metres, including 1.5 metres at 37.29 grams per tonne. The same hole also intersected 22.9 metres at 1.16 grams per tonne gold from 131 metres.
That combination of width and grade suggests both bulk-tonnage and bonanza-style potential. Furthermore, the mineralisation begins at surface and remains open at depth.
Other holes also returned encouraging widths and grades. SP25-011 hit 30.5 metres at 0.51 grams per tonne gold from just under 20 metres. In addition, SP25-010 delivered 25.9 metres at 0.78 grams per tonne gold. SP25-009 also returned 9.1 metres at 1.24 grams per tonne gold.
Silver assays from the same holes remain pending. Meanwhile, management believes those results could add further value to the emerging system.
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Ridgeline prospect is a well-known mining district
Managing director Dr. Jason Berton said the first-pass results confirm the potential for a meaningful discovery. He stated that the grades compare favourably with nearby operating mines. He also noted that the company has drilled only a fraction of the broader target area.
Berton said the team encountered substantial widths and strong grades early in the program. He added that the company tested just 800 metres of a 3.6-kilometre anomaly. Consequently, he believes the system could extend significantly along strike and at depth. He also pointed out that silver assays remain outstanding.
The Ridgeline prospect sits in a well-known mining district in Nevada. It lies less than three kilometres from the Florida Canyon mine operated by Integra Resources Corp. (CVE: ITR) (NYSE American: ITRG). Additionally, it sits about 15 kilometres north of the Rochester silver-gold mine run by Coeur Mining Inc. (NYSE: CDE). The Spring Valley gold project, owned by Solidus Resources LLC, lies roughly nine kilometres away.
Those neighbouring operations run large-tonnage, bulk-scale open-pit mines using heap-leach processing. Florida Canyon, for example, carries a reserve grade of about 0.35 grams per tonne gold. However, it applies a cut-off grade of just 0.13 grams per tonne gold.
By comparison, several of PolarX’s intercepts exceed that cut-off by a wide margin. Furthermore, the company has so far tested depths of only around 100 metres in most holes. Geophysical surveys, including induced polarisation and magnetic data, suggest the system continues below the current drilling.
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Larger reserve circulation program starts in April
The broader Ridgeline anomaly extends 3.6 kilometres in strike length. It also spans up to 1.3 kilometres in width. Soil sampling has identified coincident gold and silver anomalies across that footprint. In addition, field crews have mapped extensive quartz veining at surface.
Only 800 metres of that anomaly have been drilled to date. Consequently, about 2.8 kilometres remain untested by drilling.
Earlier rock chip samples returned grades as high as 43.8 grams per tonne gold. Additionally, some samples graded up to 86.1 grams per tonne silver. Those surface results foreshadowed the drilling now confirmed at depth.
Ridgeline represents only one part of the company’s broader land position. PolarX controls 364 lode mining claims across two claim groups in the Humboldt Range. Meanwhile, the Rochester Rhyolite host rock extends across the entire project area.
Management plans to return to Ridgeline in mid-April for a larger reverse circulation program, weather permitting. The next phase will target extensions of the known mineralisation along strike and at depth. In addition, the company aims to step out into the remaining 2.8 kilometres of untested ground.
At the same time, PolarX is applying for drill permits in the nearby Black Canyon valley. The company plans to test historically mined high-grade veins, including the Lois, Indian Ike, JC and Midas veins. Some of those veins reportedly returned surface grades in the hundreds of grams per tonne gold in past sampling.
Laboratory delays in Reno slowed the release of the current results. However, the company said it has ended its relationship with the laboratory involved. Consequently, management expects a smoother process for pending silver assays and additional results from its Alaska Range project.
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Nevada is one of the strongest territories globally
Nevada ranks as one of the world’s top gold jurisdictions. The state offers stable mining laws, clear permitting pathways, and established infrastructure. Additionally, it hosts prolific geology within the Carlin and Battle Mountain trends. Producers benefit from paved roads, skilled labour, and access to power and water. Consequently, companies can move projects from discovery to production with relative certainty compared with many global peers.
Major gold producers have long called Nevada home. Barrick Mining Corp (TSE: ABX) (NYSE: B) (ETR: ABR0) operates the Nevada Gold Mines joint venture. Additionally, Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM) runs several large-scale operations across the state. Kinross Gold Corporation‘s (TSE: K) (NYSE: KGC) and SSR Mining Inc (NASDAQ: SSRM) also maintain producing assets there. These companies mine large-tonnage deposits, often using open-pit and heap-leach methods. Furthermore, Nevada’s predictable regulatory regime supports long mine lives and steady capital investment.
However, Nevada is not solely a gold story. The state hosts significant silver, copper and lithium resources. In northern Nevada, Lithium Americas Corp (TSE: LAC) (NYSE: LAC) (FRA: WUC) is advancing the Thacker Pass lithium project. The deposit ranks among the largest known lithium resources in North America. Additionally, it positions Nevada as a key supplier for electric vehicle batteries.
Antimony also features in the state’s evolving metals mix. NevGold Corp‘s (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is advancing its Limousine Butte project. The company targets both gold and antimony mineralisation. Consequently, Nevada continues to serve as a multi-metal platform for producers seeking exposure to critical minerals as well as precious metals.
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