Join our daily newsletter At The Bell to receive exclusive market insights
- PolarX (PXX) has significantly increased its landholding at its Humboldt Range gold and silver project in Nevada
- The company has successfully staked and registered 96 new federal lode claims in the project’s Fourth of July area
- Once due diligence on PolarX’s 177 other lode claims is completed, the company may exercise its option to acquire the mining rights
- After the mine lease agreement is acquired, the company will evaluate the vein sets and the altered rock between them
- PolarX is up 2.94 per cent and trading at 3.5 cents per share
PolarX (PXX) has significantly increased its landholding at its Humboldt Range gold and silver project in Nevada.
The company announced its plans to acquire the Humboldt Project in January and is preparing to complete legal due diligence on the acquisition this month. Despite not having even acquired Humboldt Range yet, PolarX has secured a large increase in landholding at one of the project’s main claim areas.
The company has successfully staked and registered 96 new federal lode mining claims in the project’s Fourth of July claim group. This has more than tripled the size of the land under tenure within the Fourth of July area.
Between Humboldt Range’s Black Canyon and Fourth of July claim groups, PolarX already had 177 existing lode mining claims. These additional 96 claims bring the total to 273.
Once due diligence on the existing 177 lode claims is completed, the company may exercise its option to acquire the mining rights. The due diligence is expected to be completed this month, allowing the company to commence fieldwork in April.
The 96 new lode claims at Fourth of July will be subject to the same mine lease agreement as the 177 existing claims. After the mine lease agreement is acquired, PolarX will immediately begin evaluating the length and continuity of the vein sets, to determine whether high-grade mineable widths and tonnages are present.
PolarX will also evaluate whether the altered rock between the vein sets contain economically viable grades of gold silver that are amenable to bulk mining.
PolarX is up 2.94 per cent, trading at 3.5 cents per share at 2:03 pm AEDT.
