Total
0
Shares
PolarX (ASX:PXX) - Managing Director, Frazer Tabeart (left)
Managing Director, Frazer Tabeart (left)
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PolarX (PXX) is exercising its option to acquire a mine lease agreement for the Humboldt Range Gold-Silver Project in Nevada
  • Through the deal, the mineral explorer will pay approximately $227,000 in stages and issue five million shares to the vendor
  • PolarX will also pay the owner a 2.5 per cent net smelter royalty upon production, with monthly advance royalty payments of roughly $13,000 from September 2022
  • Notably, the project is situated between two large active mines — the Florida Canyon gold mine and the Rochester silver-gold mine — and contains a number of smaller historical mine workings
  • PXX expects to complete the acquisition by April 6 this year
  • PolarX shares have climbed 10 per cent to 3.3 cents each

PolarX (PXX) is set to exercise its option to acquire a mine lease agreement over the highly prospective Humboldt Range Gold-Silver Project in Nevada.

The project area contains geology that is consistent with bonanza-style epithermal gold-silver mineralisation and bulk mineable epithermal gold-silver mineralisation, which are both well known in Nevada.

Through the deal, the mineral explorer will pay US$175,000 (roughly A$227,000) in stages and issue five million shares to the vendor.

PolarX will also pay the owner a 2.5 per cent net smelter royalty upon production, with monthly advance royalty payments of US$10,000 (around A$13,000) from September 2022.

PXX expects to complete the acquisition by April 6 this year.

Following completion, the company is also required to make additional payments to the vendor of US$70,000 (roughly A$90,000) on the first and second anniversaries of the agreement execution date.

The Humboldt Range Project was recently expanded and now comprises 272 lode mining claims located within the Black Canyon and Fourth of July claim groups.

Notably, the project is situated between two large active mines — the Florida Canyon gold mine and the Rochester silver-gold mine — and contains a number of smaller historical mine workings, which have remained dormant since 1927.

The claims, which have been owned by the same family since the 1950s, have been subject to only limited historical exploration.

As such, widespread narrow vein mineralisation with visible gold occurs within the claims, with mining taking place via numerous adits and underground workings between 1865 and 1927.

The mineralisation appears in swarms of high-grade epithermal quartz veins of varying thickness — reported from one centimetre to three centimetres — either as isolated veins or as broad zones of sheeted veins, within zones of intensely altered and mineralised host rocks.

PPX will shortly evaluate the length and continuity of the vein sets to assess potential high-grade widths and tonnages.

At the same time, the explorer will look to evaluate whether altered rock between the veins contains economically viable grades of gold and silver that are amenable to bulk mining.

PolarX shares have climbed 10 per cent to trade at 3.3 cents each at 5:03 pm AEDT.

PXX by the numbers
More From The Market Herald

" PVW Resources (ASX:PVW) confirms xenotime mineralisation

Mineralogy confirms heavy rare earths are contained in xenotime mineralisation at PVW Resources’ (PVW) Tanami project in WA.

" Austral Resources (ASX:AR1) signs mining services contract with Thiess

Austral Resources (AR1) has partnered with mining services contractor, Thiess, to develop and mine copper ore at its Anthill mine in the Mt
Sovereign Metals (SVM)

" Sovereign Metals (ASX:SVM) release metallurgical results for Kasiya in Malawi

Sovereign Metals (SVM) has released positive metallurgical results for its Kasiya Rutile Project in Malawi.

" African Gold (ASX:A1G) intercepts gold at Didievi

African Gold (A1G) has intercepted high grade gold at the Didievi Gold Project in Central Cote d’Ivoire.