PolarX Limited reported outstanding assays which confirm bonanza gold and silver grades in mineralised veins associated with Carlin style mineralization at the Star Canyon prospect within its Humboldt Range Project in Nevada, USA. The coincidence of the two mineralisation styles within the one project demonstrates the potential for high grade veins to significantly increase the metal inventory of a large tonnage Carlin style resource that may be present and that could be amenable to a bulk mining operation. The maiden RC drill program at Star Canyon consisted of 10 Reverse Circulation (RC) percussion holes to test the strong gold and silver anomaly identified from PolarX's soil sampling program.

Drill holes were largely set to west dipping inclinations due to the angle of the terrain to test the bulk tonnage potential of the anomaly. The RC drilling program has only tested an area of 600m x 400m within the soil anomaly which measures 2,500m x 1,000m. The Star Canyon prospect lies with the Black Canyon claims at the northern end of Humboldt Range and is less than 3km from the currently operating Florida Canyon Mine, which hosts 5Moz gold and the Rochester Mine is about 20km south of the Fourth of July claims. Drilling has confirmed that mineralisation is hosted within strongly silicified limestone with extensive quartz veining in a Carlin-style setting.

An east dipping hole (BC22-005) was drilled to test for west-dipping vein structures observed at the nearby historic Champion Mine workings, and intercepted a bonanza grade vein consistent with historical vein samples encountered elsewhere in the Black Canyon tenure. Hole BC22-005 is situated 100m south of the artisanal Champion Mine workings and the veins discovered in the drilling are not exposed at surface. The bonanza grade vein was intercepted between 27.4 and 36.6m down-hole depth and averages 124.36 g/t Au & 48.6 g/t Ag.

Two individual 1.52m samples assayed 352.79 g/t Au & 134 g/t Ag and 389.27 g/t Au & 153 g/t Ag from 27.4 to 30.5m downhole depth, immediately followed with 73.15m at 0.28 g/t Au from 36.6m to end of hole at 109.73m. This hole was terminated in mineralisation grading 0.29g/t Au and 4.3g/t Ag due to technical issues. Quartz veins identified in the historical Champion Mine workings strike NNE and dip steeply (about 80o) to the west and can be traced for about 450m along an intense zone of quartz veining and silica flooding.

This zone remains untested outside hole BC22-005 due to the west dipping inclinations of all other drill holes in the program being unable to intercept the steep west dipping vein structures from their drill pads. Access to the mine is limited but only minor surface disturbance indicates mining activities at Champion were not extensive. BC22-005 was drilled 100m to the south of these historical workings to avoid any potential voids.

Follow-up diamond drilling is planned to confirm vein continuity, grades and true thicknesses and will also attempt to drill beneath the historical workings. Hole BC22-004 intercepted 61m @ 0.19 g/t Au and was drilled dipping away from the bonanza vein yet still encountered strong Carlin-style mineralisation. Hole BC22-010 drilled in the projected hanging-wall of the bonanza vein into the Carlin system but away from the vein system and BC22-007 drilled into the Carlin system but into the vein footwall with a hole depth too short to intercept the vein.

PolarX is highly encouraged by these assay results and is prioritising follow-up drilling at Star Canyon and the nearby Ridgeline Target. Ridgeline has good road access and can be drilled from the roadside to test for high-grade veins within Carlin style mineralisation similar to Star Canyon. The Humboldt Range Project comprises 333 lode mining claims in Nevada in two claim groups: Black Canyon and Fourth of July and is situated between two large-scale active mines: the Florida Canyon gold mine and the Rochester silver-gold mine.

Access to the project is straightforward via roads off the I-80 Interstate Highway, which lies less than 15km to the west of the claims. Widespread narrow vein mineralisation with visible gold occurs within the claims and was historically mined via numerous adits and underground workings between 1865 and the 1927. Mineralisation occurs in swarms of high-grade epithermal quartz veins of varying thickness (reported from 1cm to 3m), either as isolated veins or as broad zones of sheeted/anastomosing veins within zones of intensely altered and mineralised host rocks.