PolarX Limited announced strong channel sampling assays have exposed a highly promising gold-silver drill target near the head of Star Canyon in the Black Canyon claims within its Humboldt Range Project in Nevada, USA. In light of these strong assays, PolarX has moved quickly to apply for a drilling permit and finalise a drilling contractor. As a result, drilling is expected to start early next quarter. Black Canyon is at the northern end of Humboldt Range and is less than 3km from the currently operating Florida Canyon Mine, which hosts 5Moz gold. Channel sampling has been completed along eleven traverses at Star Canyon over heavily altered and mineralised volcanic rock outcrops within a large gold in soil geochemical anomaly. Highly anomalous gold and silver assay results have been received for the majority of the first three traverses, so far covering a cumulative length of 245m across the strike of the mineralisation and alteration. The most significant geochemical gold in soil sample anomaly in the Black Canyon project is in the east of the claim block at the head of Star Canyon. The eastern part of Star Canyon contains a large gold in soil anomaly which is situated at the
break in slope and which measures 645m long x 500m wide at >50ppb Au, before being concealed under thin soils to the north and south. Field validation identified extensive outcropping ridges of intensely silicified and oxidised volcanic rocks hosting multiple quartz vein arrays and old gold-silver workings within this gold anomaly. · Follow-up channel sampling to collect 1.5m long samples has been completed in two groups of traverses, covering 275m across the alteration, perpendicular to strike. Assays results for the bulk of the first three channel samples have been received, covering
245m out of the 275m cumulative across-strike sampling length. All three channel samples returned highly anomalous gold and silver levels: Channel 1: 54m @ 0.22g/t Au and 17.3g/t Ag (peak values 2.23g/t Au, 398g/t Ag). Channel 2: 72m @ 0.21g/t Au and 11.7g/t Ag (peak values 2.05g/t Au,79.9g/t Ag). Channel 3: 138m @ 0.14g/t Au and 2.66g/t Ag (peak values 1.70g/t Au, 20.1g/t Ag). Assays for the westernmost section of Channel traverse 3 remain outstanding, as are results for Channel traverses 4 to 11 inclusive. The surface channel sampling results are consistently at or above the cut-off grades at these two large-scale mines, confirming their potential commercial significance prior to drilling. A program of RC drilling will commence next quarter along with drill testing of targets in the nearby Fourth of July claims. Assays are also expected shortly for the remainder of Channel traverse 3, and traverses 4 to 11 inclusive. Permitting for drilling is underway, with permits expected in a matter of weeks, and the Company
expects to finalise a drilling contract imminently.