PolarX Finds More High-Grade Copper at Caribou Dome

Caribou Dome Delivers Exceptional Copper Grades

PolarX Limited (ASX:PXX) has ended its 2026 Alaska field season with drilling results that could materially reshape the geological picture at Caribou Dome. Hole CD26-007 returned 24.8 metres at 9.8% copper and 14.5 grams per tonne silver from just 2.4 metres, including 4.9 metres at 13.6% copper. A second hole, CD26-004, delivered 22.6 metres at 8.1% copper and 13.5 grams per tonne silver.

The results are notable partly because CD26-004 and CD26-007 were twin or scissor holes drilled beside historical holes included in the existing mineral resource estimate. PolarX said modern assaying returned materially higher grades across extended widths than the adjacent 1964-1970 results, raising the possibility that historical assays produced a conservative view of the deposit’s grade. The company plans to re-assay available sample pulps before incorporating the information into a future resource update.

The high-grade intercepts build on the earlier Caribou Dome western extension, which reported 58.5 metres at 2.0% copper and extended mineralisation 60 metres beyond the existing resource boundary. In the latest report, PolarX said CD26-009 contained several higher-grade zones within that broader interval, including 2.1 metres at 9.7% copper and 19.5 grams per tonne silver.

Western Trend Points Beyond the Current Resource

Magnetic imaging suggests the key structure continues for at least another 500 metres west of CD26-009. Geological observations from the drill core also point towards a possible major feeder zone, although that interpretation remains an exploration target rather than a defined resource. PolarX expects to undertake further work in 2027 to test the western trend and assess its significance.

Deeper drilling has added another layer of interest. CD26-003 intersected 0.3 metres at 3.5% copper approximately 170 metres vertically below the previously known deepest mineralisation, suggesting a potential depth of roughly 500 metres from surface. CD26-008 also intersected 0.3 metres at 2.1% copper in a previously unrecognised zone. Both intervals are narrow, and the company says further drilling is needed to establish whether more substantial mineralisation exists at depth.

Assays remain pending for 13 holes from the 22-hole, 6,687-metre 2026 Caribou Dome program. That pending batch, together with the planned re-assaying and eventual resource work, will determine whether the latest results represent isolated high-grade intersections or a meaningful expansion in the deposit’s scale and grade.

Cash Position Creates a Separate Funding Question

PolarX spent A$5.17 million on exploration and evaluation during the September quarter, taking cash and cash equivalents from A$9.96 million to A$4.04 million. On the Appendix 5B calculation, that represented 0.71 quarters of available funding, with no unused finance facilities. The company expects substantially lower cash outflows from December to April because Alaska’s field activity is seasonal.

Northern Star Resources has contributed US$11 million under the Alaska Range joint venture and holds a 30% interest after its April contribution. A further contribution of up to US$8 million may be made by 31 March 2027, but the report describes that payment as optional. PolarX also says it expects to fund other activities through further equity financings, leaving the timing and terms of future funding as an important counterweight to the exploration results.