PolarX Limited (ASX: PXX) has secured an option to acquire a Mining Lease Agreement over the highly prospective Humboldt Range Gold-Silver Project in Nevada, USA, which comprises 177 lode mining claims.
The option gives PolarX a 120-day exclusive period to finalise technical and legal due diligence on the project.
Humboldt Range is situated between two large-scale active mines: the Florida Canyon gold mine, and the Rochester silver-gold mine and contains geology consistent with bonanza-style epithermal gold-silver mineralisation which is well known in Nevada. The claims have been owned by the same family since the 1950’s and very limited exploration has been reported. Access to the project is straightforward via access roads off the I-80 Interstate, which lies less than 15km to the west.
Widespread narrow vein mineralisation with visible gold occurs in the claims and was historically mined via numerous adits and underground workings between 1865 and the 1927. Mineralisation occurs in epithermal quartz veins of varying thickness (reported from 1cm to 3m), either as isolated veins or as zones of sheeted/anastomosing veins within zones of intensely altered host rocks.
Managing Director, Frazer Tabeart, said PolarX intends to immediately commence an evaluation of the length and continuity of the vein sets and a determination of whether the altered rock between the veins contains economically viable grades of gold and silver amenable to bulk mining.
He said the Humboldt Range project will complement PolarX’s Alaska Range Project, providing a longer field season for the company via access to another high-quality project in a Tier-1 jurisdiction which can be serviced by the Company’s existing consultants.
Mr Tabeart added that the Humboldt Range would enable the company to leverage its existing management team at its Alaska Range Project and give it near year-round news flow:
Surface grades from rock-chip sampling and mine dumps at Humboldt Range are exceptionally high, with multiple samples exceeding 100g/t gold along with high-grade silver, lead and zinc. It’s surrounded by large producing mines which shows the geology is conducive to significant modern- scale operations,” Mr Tabeart said.
“Seasons in Nevada will allow us to work from April to December each year, enabling us to generate strong news flow virtually all year round and leverage our current team, most of whom live in relative proximity and are familiar with the region.”