Huge jump in copper resource puts Alaskan project on development track

PolarX (PXX) has today unveiled a whopping 160 per cent jump in the resource at its Caribou Dome copper-silver project in Alaska.

The stunning result means Caribou Dome now has a resource of 224,375t of contained copper and 1.5Moz silver. The resource retains its high grade at 3.1% copper and 6.5g/t silver.

And PolarX says there is plenty of room for more growth, with the mineralisation open in all directions and highly prospective extension targets waiting to be drilled.

When Caribou Dome is combined with PolarX’s nearby Zackly project, the total Alaska Range resource stands at 269,000t of copper, 213,000oz gold and 3.13Moz silver.

The vastly increased inventory reflect PolarX’s better structural understanding, highly successful drilling campaign and the fact that the silver resource has been estimated for the first time.

In light of this exceptional result, PolarX is now undertaking a revised scoping study. This will assess the merit of processing mineralisation from both projects at a central facility.

Watching the scoping study will be ASX gold giant Northern Star Resources (NST), which has a 10 per cent stake in PolarX as well as mining gold at its Pogo Operation in Alaska.

Caribou Dome is located 250km north-east of Anchorage in Alaska, USA. It is readily accessible by road – the Denali Highway passes within 20km of the project – and from there a purpose-built road provides direct access to the historic underground development at the Project.

PolarX Managing Director Dr Jason Berton said: “The new Mineral Resource estimate at Caribou Dome is a very exciting milestone for PolarX as the company progresses its Alaskan assets from exploration to mine development.

“This is a game-changing advance which again shows Alaska Range has project scale with huge scope to keep growing the resource inventory.

“This increased resource will underpin a revised scoping study to assess the bigger opportunity we now have”.

PolarX says the new resource is projected to a vertical depth of just 300m and its geologists consider further drilling success below this level is likely, particularly considering the steep dipping nature of the mineralised rocks.

Multiple high-priority targets based on surface geochemical soil sampling and IP survey remain undrilled.

With more than 18km of the stratigraphic horizon that hosts the mineralisation evident within PolarX’s project area, there is considerable potential to discover additional high-grade mineralisation and to continue to expand the resource base at the project.

This article was developed in collaboration with PolarX, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.