Polarx Share Price Soars on Bonanza Grade Finds (ASX:PXX)
The share price of US-focused mineral explorer Polarx Ltd [ASX:PXX] has rocketed today on the back of some impressive gold and silver grades found at its Humboldt Range Project in Nevada.
Shares in the junior explorer have shot up 56.25% or 1.8 cents at time of writing to trade at 5 cents per share.
The PXX share price experienced a strong rally in the middle of last year spurred on by the dramatic rise in the price of gold.
While shares have since given back most of those gains, today’s results could provide a platform for a new run.
Polarx sits above a five million-ounce mine
Just below PXX’s tenements in Nevada sits the Florida Canyon mine.
An operation that boasts more than five million ounces of gold.
When it comes to gold exploration your neighbours can really count — of course it matters that you do actually find gold too.
Today, PXX announced that recent sampling returned high grades of up to 37 grams per tonne (g/t) gold and 1,590g/t silver at the Humboldt Range Project.
While the company claims the area is under explored, sampling conducted between 2006 and 2007 have returned results of up to 3,384g/t gold, 2,837g/t silver, 22.9% lead and 3.1% zinc.
The recent sampling was undertaken by PXX as part of its current option to acquire a Mining Lease Agreement over the project.
PXX paid US$35,000 to secure the option over the project; it can exercise the option by paying a further US$175,000 and issuing five million shares to the vendor as well as some royalties.
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So, is it worth it?
A total of 227 samples were collected on PXX’s claims.
Of the 227 samples previously collected on the Humboldt Range claims, 44 returned assays of more than 1g/t gold, of which 19 were above 10g/t gold.
Very high silver and lead grades were also recorded.
Meaning there could be numerous decent targets to go after.
Is Humboldt Range a goer?
PXX said they intend to immediately commence an evaluation of the length and continuity of the identified vein sets to determine whether they contain economically viable grades of gold and silver for mining.
Which may not sound overly positive given the grading we’ve seen.
However, PXX also mentioned they commenced staking ~100 additional lode claims around their claim to consolidate the land holdings.
Not a task you would conduct if you weren’t optimistic, at least in my opinion.
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