PolarX Extends High-Grade Copper Mineralisation to 300m at Caribou Dome

Strong Assay Results Deepen Caribou Dome Resource

PolarX Limited (ASX: PXX) has delivered a compelling update in its December 2024 quarterly report, highlighting the successful extension of high-grade copper mineralisation at its flagship Caribou Dome Copper Project in Alaska. The latest assay results from the final two holes of the 2024 core drilling program reveal significant copper and silver grades at depths exceeding 300 metres from surface, reinforcing the project's robust potential.

Hole CD24-004 intersected 20.5 metres grading 1.7% copper and 2.5 g/t silver starting at 212.8 metres, including higher-grade intervals of 3.4 metres at 3.4% copper and 4.6 g/t silver, and 1.3 metres at 5.9% copper and 10.4 g/t silver. Similarly, hole CD24-005 returned 11.6 metres at 1.8% copper and 2.1 g/t silver from 256 metres, with a standout 6.1-metre section grading 3.2% copper and 3.5 g/t silver, including a 2.4-metre sub-interval at 6.7% copper and 7.4 g/t silver.

Implications for Underground Mine Planning

These results extend the known depth and continuity of the very high-grade massive sulphide lenses at Caribou Dome, which are hosted within andesitic volcanic and volcaniclastic sediments. The mineralisation remains open at depth, providing a strong foundation for future underground mine planning. The 2024 drilling campaign builds on previous high-grade intersections, including a 2021 hole that returned 19.1 metres at 7.0% copper and 11.2 g/t silver.

PolarX’s detailed structural logging of oriented diamond core has successfully identified down-dip offsets and mineralisation extensions beyond these structural breaks, a technique that the company plans to continue leveraging to expand the resource further.

Broader Alaska Range Project and Financial Position

Caribou Dome forms part of the broader Alaska Range Project, which also includes the Zackly copper-gold skarn deposit. The combined project package benefits from excellent infrastructure access, including proximity to the Denali Highway and existing underground workings.

The company’s 2024 Scoping Study projects a pre-tax net present value (NPV) of A$625 million and an internal rate of return (IRR) of 73.9%, based on copper and gold prices of US$8,500/t and US$1,900/oz respectively. This underscores the economic potential of the project as it advances toward development.

On the corporate front, PolarX ended the quarter with $1.385 million in cash and equivalents. Exploration and evaluation expenditure for the quarter was $233,000, primarily related to the drilling program and associated technical activities. The company also reported payments of $181,000 to related parties, including director fees and consulting services.

Outlook and Next Steps

While no significant activity occurred at the Humboldt Range Gold-Silver Project in Nevada during the quarter, PolarX’s focus remains firmly on advancing the Alaska Range Project. The company anticipates reduced operating cash outflows in the coming quarter following the completion of the 2024 field program, with further exploration expected to resume in the second quarter of 2025.

Given the strong assay results and the promising economics outlined in the scoping study, PolarX is well positioned to secure additional financing to support ongoing exploration and development efforts. Investors will be watching closely for updates on resource expansion and project advancement in the months ahead.