PolarX (ASX:PXX) shares tumble on low-grade gold at Star Canyon, Nevada

• PolarX (PXX) records extensive low-grade gold mineralisation at its Star Canyon claim in the US state of Nevada
• The company reported majority of the eleven drill holes completed back in December encountered low-grade gold in rhyolite and andesite volcanic units of the Rochester Rhyolite Formation
• However, PXX says the results, along with detailed re-logging of chip trays, enabled its geologists to establish the displacement between footwall and hanging wall units
• Drilling of the northern portion remains to be undertaken and PXX has amended its forward program to drill into the hanging wall targets
• PXX shares are down 30 per cent trading at 1.4 cents at 3:00 pm AEDT

PolarX’s (PXX) share price has taken a hit today after the company revealed extensive low-grade gold mineralisation at its Star Canyon claim in the US state of Nevada.

Star Canyon is one the claims that makes up the company’s Humboldt Range project which is situated between two large-scale active mines: the Florida Canyon gold mine and the Rochester silver-gold mine.

The completed completed 11 reverse circulation drill holes in the southern portion of the project back in December, which returned gold mineralisation in rhyolite and andesite volcanic units of the Rochester Rhyolite formation.

All drill holes were collared into the footwall, with all but one drilled entirely into the footwall. The company determined the targeted bonanza-grade veins lie above the fault hanging wall.

PolarX said detailed geological logging identified a concealed fault structure that offsets the depth continuity of the bonanza gold and silver vein previously identified at Star Canyon, which intersected 9.1 metres at 124.4 grams per tonne (g/t) gold and 48.6 g/t
silver.

All up, the company said the fresh results, along with detailed re-logging of chip trays from reverse circulation drilling completed in May last year, have enabled its geologists to establish the displacement between footwall and hanging wall units.

The northern portion of Star Canyon is yet to be tested and PolarX said it has amended its forward program to drill into hanging wall targets.

Induced polarisation and airborne magnetic surveys have also been planned across the company’s Black Canyon and Fourth of July claims to deliver additional bulk tonnage drill targets within the Rochester Rhyolite Formation.

PXX shares were down 30 per cent trading at 1.4 cents at 3:00 pm AEDT.