Nov 13, 2024

PolarX Reports 20.5m @ 1.7% Cu at Caribou Dome, Alaska

Introduction:

PolarX Limited (ASX: PXX) (Market Cap: $17M | Last Close: $0.008 | Cash: $2.3M) has reported high-grade copper assays from its Caribou Dome project in Alaska, highlighted by 20.5m @ 1.7% Cu + 2.5 g/t Ag from 212.8m.

Drill Results:

20.5m @ 1.7% Cu + 2.5 g/t Ag from 212.8m (including 3.4m @ 3.4% Cu + 4.6g/t Ag and 1.3m @ 5.9%Cu + 10.4 g/t Ag) (CD24-004)
11.6m @ 1.8% Cu + 2.1 g/t Ag from 256.0m (including 6.1m @ 3.2% Cu + 3.5g/t Ag and 2.4m @ 6.7% Cu + 7.4 g/t Ag from 263.7m) (CD24-005)
8.7m @ 4.3% Cu + 10.5 g/t Ag (including 3.4m @ 7.6% Cu + 20.7 g/t Ag) (CD24-002)
15.5m @ 7.4% Cu + 21.4 g/t Ag (including 8.1m @ 11.4% Cu + 35.8 g/t Ag) (CD24-003)

Project Overview:

The Caribou Dome project is located approximately 250km northeast of Anchorage in Alaska, USA. It is readily accessible by road, with the Denali Highway passing within 20km of the project. The property contains nine deformed lenses of volcanic sediment-hosted massive sulphide copper mineralization delineated over approximately 700m of strike length.

Caribou Dome is part of PolarX's larger Alaska Range Project, which also includes the Zackly Cu-Au skarn deposit. The current mineral resource estimate for Caribou Dome stands at 7.2Mt @ 3.1% Cu and 6.5 g/t Ag. The project represents a copper development prospect in a Tier 1 mining jurisdiction.

Program Details:

The latest results come from the final two holes of PolarX's 2024 drill program at Caribou Dome. Drilling has extended the known high-grade copper mineralization to depths of more than 300m from surface. The program successfully intersected thick zones of copper-bearing massive sulphides, with mineralization remaining open at depth. Detailed structural logging of oriented diamond core has been instrumental in identifying down-dip offsets and extensions of the mineralized zones.

Understanding These Results:

The reported intersections represent significant extensions to the known high-grade copper mineralization at Caribou Dome. The grades intersected in the latest holes are notably higher than the average mineral resource grade of 3.1% copper, indicating potential for resource expansion and grade improvement.

The continuity of thick, high-grade zones from surface to depths exceeding 300m vertical is particularly encouraging for future underground mining scenarios. The open nature of the mineralization at depth suggests further potential for resource growth with additional drilling.

Management Commentary:

No direct management quotes were provided in the announcement.

Next Steps & Catalysts:

PolarX will potentially use the results from this drilling campaign to update the mineral resource estimate for Caribou Dome. The company has indicated that the new data will assist with future underground mine planning.

Further exploration work is anticipated to target the multiple high-priority targets identified through surface geochemical soil sampling and IP surveys that remain undrilled. With over 18km of prospective stratigraphic horizon within the project area, there is potential to discover additional high-grade mineralization and expand the resource base.

Commodity Outlook:

Copper continues to be a critical metal for the global energy transition, with demand expected to grow significantly in the coming decades. The Caribou Dome project's high-grade nature and location in the mining-friendly jurisdiction of Alaska position it favourably.

Conclusion:

The latest drill results from Caribou Dome demonstrate the project's potential to host a growing high-grade copper deposit. With mineralization open at depth and multiple untested targets, PolarX is well-positioned to continue expanding the resource base. The project's potential is further enhanced by its location in Alaska and the growing global demand for copper.

Sources:

PXX Drill Results Announcement

Additional Figures:

Australia

ASX

PGE

Nov 1, 2024