Ann: Fresh assays from 2017 drilling reveal higher gold grades, page-15

7 February 2018
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PolarX Limited (ASX: PXX)
Fresh assays from 2017 drilling reveal significantly higher Gold grades than initially reported

Specific assays for coarse, nuggety gold measured an average grade of 2.70 g/t Au in 35 samples, up from 1.97 g/t Au in initial assays
HIGHLIGHTS:

• 35 core samples from maiden drilling campaign at the Zackly prospect within its Alaska Range Project have been re-assayed to determine if they contained significant coarse gold.
• The revised assays used a screen fire assay technique designed to provide more representative assays where coarse, nuggety gold and/or native copper is present.
• These results reveal that the average gold grade for the 35 samples using fire screen assay was 2.7g/t compared to 1.97g/t in the initial conventional fire assays.
• The results show that in almost all cases the grade of gold in coarse fractions is higher than in finer fractions.
• Revised assays for native copper are expected shortly.
• This may allow for significant gold and copper recovery through gravity separation – this will be evaluated as part of the Company’s metallurgical test program
• The remaining ~100 mineralised core samples have now been submitted for screen fire assaying for both copper and gold.
• These results will be used to calculate the maiden JORC Resource Estimate for Zackly, which is on track for completion in this quarter

PolarX Limited (ASX: PXX) advises that revised assays from the Zackly prospect at its Alaska Range Project have returned gold grades which are significantly higher than those reported in initial assays on the same samples.

Historical reports and PolarX observations indicate that substantial amounts of coarse gold may be present at Zackly. PolarX therefore re-submitted 35 drill core samples samples for assay using a more appropriate screen fire assay technique which is generally accepted as more accurate in the circumstances.

The screen fire assays returned an average grade of 2.7gpt (refer to Figures 1 and 2, and Table A). The highest composite assay was 26.6gpt gold over 1.02m.

In comparison the initial assays on the same 35 drill core samples, (which were reported in ASX releases dated November 23, 2017 and December 6, 2017), contained an average grade of 1.97gpt and were derived using a conventional fire assay technique. Screen fire assays for copper are expected soon.

Details of the sample preparation and analysis for screen fire assay are provided in Appendix 1. Results for gold are tabulated in Table A below.

The results show there is a high degree of grade variability between the original fire assay results and the screen fire assay results. In almost all cases, the grade of gold in the coarser fractions is significantly higher than the average grade of the sample, reflecting the nuggety nature of gold in the samples.

All remaining ~100 core samples have now been submitted for screen fire assay and all future drill samples from Zackly will be assayed using this method. Final assay results for all 2017 drill holes will be reported once the new data has been received.

For and on behalf of the Board

Click here to download a full copy of this announcement including diagrams and tables.
For further information, please contact the Company directly on +61 8 6465 5500
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