PolarX Limited has been encountered in rhyolite and andesite volcanic units of the Rochester Rhyolite Formation throughout most of the holes drilled at Star Canyon, Nevada, USA in the December 2022 reverse circulation (RC) drill program. The low-grade gold mineralisation is hosted in similar geology to the nearby Rochester Mine and neighbouring Spring Valley project which already demonstrate commercial potential for large scale bulk tonnage mining. Detailed geological logging has identified a concealed fault structure that has offset the depth continuity of the bonanza gold and silver vein previously identified at Star Canyon, Nevada, which intersected 9.1m@124.4g/t gold and 48.6g/t silver.

The bonanza vein and other mapped vein sets remain high priority active drill targets with continuity potential along strike in the near-surface hanging wall and at depth in the footwall. A normal fault structure has caused an abrupt discontinuity in the geological units. The fault strikes approximately north-south and dips approximately 60-70o to the east.

Drill pads for the 11-hole program were all collared into the footwall, with 10 holes drilled entirely into the footwall. Detailed relogging of the May 2022 RC program's chip trays that were drilled into the hanging wall, have now assisted the Company's geologists to establish the displacement between footwall and hanging wall units and the confirmation of mineralised Rochester Rhyolite Formation rock units. Drilling during the December 2022 campaign tested only the southern portion of Star Canyon.

Testing the northern portion remains to be undertaken and will also now be amended to drill into the hanging wall targets. PolarX's tenure is a key unexplored holding within a significantly mineralised regional feature. The Black Canyon claims at the northern end of Humboldt Range are less than 3km from the currently operating Florida Canyon Mine, which hosts 5Moz gold.

The 400Moz silver /3Moz gold Rochester Mine is about 15km south and the 4Moz Spring Valley gold project is just 9km south- southeast of PolarX's Fourth of July claims. PolarX will focus on identifying mineralised targets within the regional Rochester Rhyolite Formation which has already demonstrated the commercial potential of very large yet modest grade resources. PolarX considers Induced Polarisation (IP) and airborne magnetic surveys across both Black Canyon and Fourth of July projects to be the best geophysical techniques to assist in generating drill targets for bulk-tonnage mineralisation. The May and December 2022 RC drill programs at Star Canyon identified wide mineralised intercepts that frequently range in Au grade from 0.1 to 0.4 g/t Au which is associated with relatively weak sulphide metal concentration.

IP surveys are intended to identify higher sulphide metal concentrations than drilling has encountered to date at Star Canyon and Fourth of July. This geophysical work will assist prioritsing future drill targeting. The Humboldt Range Project comprises 364 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. Humboldt Range contains geology consistent with bonanza-style epithermal gold-silver mineralisation and bulk mineable epithermal gold-silver mineralisation, both of which are well known in Nevada. 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 either as isolated veins or as broad zones of sheeted/anastomosing veins within zones of intensely altered and mineralised host rocks.