PolarX Reports Exceptional Copper-Gold Assays and Secures Full 2026 Exploration Funding
PolarX Limited has reported standout high-grade copper and gold assay results from its Alaska Range Project, with Northern Star increasing its joint venture stake and fully funding a major 10,000m drilling campaign scheduled for 2026.
- Final 2025 diamond drilling assays confirm hyper-grade copper at Caribou Dome
- Northern Star’s joint venture interest rises to 30% after US$6 million earn-in
- 2026 exploration program includes 10,000m drilling and Mobile Magneto-telluric survey
- Stellar Project’s 3.5km magnetic anomaly linked to high-grade copper-gold surface samples
- Humboldt Range gold-silver project advances with field mapping ahead of December drilling
Caribou Dome Drilling Extends High-Grade Copper Mineralisation
PolarX Limited (ASX:PXX) has unveiled the final assay results from its 2025 diamond drilling program at the Caribou Dome deposit within the Alaska Range Copper-Gold Project, confirming multiple intervals of exceptional copper grades. The standout intercept came from hole CD25-008, which returned 3.0 metres at 11.23% copper and 12.63 grams per tonne silver from 65.3 metres depth. This followed a series of hyper-grade assays from eight of nine holes drilled last year, including intervals exceeding 13% copper and significant silver credits.
The drilling campaign, totalling 2,133 metres, has successfully extended known mineralisation both at depth and along strike, with mineralisation remaining open for further expansion. Structural mapping revealed minor fault offsets, which are being targeted for follow-up drilling in the current program. The new 2026 campaign, commencing in June, plans at least 10,000 metres of diamond drilling funded entirely by joint venture partner Northern Star Resources Limited.
Northern Star Boosts Stake, Fully Funds 2026 Exploration
Northern Star has increased its interest in the Alaska Range Joint Venture to 30% following a US$6 million earn-in contribution paid in April 2026, doubling its initial 15% stake acquired in December 2025. This capital injection ensures the 2026 exploration program is fully funded, allowing PolarX to pursue an aggressive drilling schedule and geophysical surveys without immediate capital raising concerns.
The 2026 budget, approved at approximately US$6.9 million, supports drilling to test down-dip and strike extensions at Caribou Dome alongside several induced polarisation (IP) geophysical targets. Additionally, a Mobile Magneto-telluric (MT) airborne survey is underway over the Jupiter-Gemini corridor, aiming to refine drill targets within the broader Stellar Project area.
Stellar Project Magnetic Anomaly and Surface Sampling Highlight District Potential
New 3D magnetic inversion modelling has identified a substantial 3.5-kilometre diameter magnetic body extending northwards from the Zackly skarn deposit through the Jupiter and Gemini prospects. This geophysical feature coincides with high-grade surface rock chip samples, including copper grades up to 27.3% and gold grades reaching 18.9 grams per tonne at Jupiter.
The association of high-grade copper-gold mineralisation with extensive hydrothermal alteration and a large-scale intrusive magnetic system underscores the potential for a significant intrusion-related copper-gold district. Surface mapping at Gemini has also delineated typical magmatic-hydrothermal alteration zones surrounding a probable phreato-magmatic breccia, further supporting the prospectivity of the area.
Humboldt Range Gold-Silver Project Advances Towards Drilling
In Nevada, PolarX progressed field mapping at its Humboldt Range Gold-Silver Project, which hosts extensive epithermal-style gold and silver mineralisation. The project is strategically located between two major operating mines and features a 3.6-kilometre-long Ridgeline anomaly with rock chip samples grading up to 43.8 grams per tonne gold and 86.1 grams per tonne silver. The company plans to commence drilling in the December quarter to test these targets.
Financial Position and Outlook
PolarX capitalised A$2.3 million in exploration and evaluation expenditure during the quarter, primarily related to drilling and mapping activities at Caribou Dome and Stellar projects. The company ended the quarter with nearly A$10 million in cash, bolstered by Northern Star’s earn-in contributions, providing a solid financial base for ongoing exploration.
The Alaska Range Project remains the company's flagship, with a 2024 scoping study projecting a pre-tax net present value of A$625 million and an internal rate of return of 73.9%, based on conservative commodity price assumptions. With the 2026 drilling program now underway and geophysical surveys refining targets, PolarX is poised to advance its resource definition and potentially unlock significant value in this emerging copper-gold district.
Bottom Line?
PolarX’s combination of exceptional drilling results and full joint venture funding sets the stage for a pivotal year of exploration that could materially reshape the Alaska Range Project’s resource profile.
Questions in the middle?
- Will the ongoing 2026 drilling confirm extensions that significantly increase the Caribou Dome resource?
- How will the Mobile Magneto-telluric survey refine drill targets across the Jupiter-Gemini corridor?
- What impact will Northern Star’s increased stake have on PolarX’s future funding and ownership structure?
