PolarX Ltd (ASX:PXX) has highlighted the strong outlook for its Caribou Dome Copper Project in Alaska, US, with assay results from infill drilling returning up to 15% copper.
The drill holes intersected shallow, thick zones of massive sulphides, which PolarX says demonstrates the ‘outstanding quality of the mineral resource and therefore the development potential’ of the project.
Highlight assays in hole CD21-001 include:
- 9.77 metres at 6.8% copper and 7.8 ppm silver from 25.28 metres; and
- 19.09 metres at 7% copper and 11.2 ppm silver from 45.16 metres, including 8.94 metres at 10% copper and 16 ppm silver from 45.16 metres and 3.98 metres at 14.8% copper and 24 ppm silver from 50.12 metres; and
- 5.85 metres at 6.8% copper and 10.9 ppm silver from 58.4 metres.
Hole CD21-002 returned 8.66 metres at 0.3% copper and 1.1 ppm silver from 12.07 metres and 9.01 metres at 0.4% copper and 0.5 ppm silver while hole CD21-003 produced 10.71 metres at 7.4% copper and 15.4 ppm silver from 26 metres.
“Impressive by any measure”
“These are exceptional near-surface copper grades over substantial widths,” PolarX executive chair Mark Bojanjac said.
“Intercepts like 19 metres at 7% copper and 11 ppm silver are impressive by any measure. They help underpin the development potential for the project, which also has immense scope for expansion both along strike and at depth.”
Shares have been as much as 25.8% higher this morning to A$0.044.
The samples from infill drilling holes will be used for metallurgical tests to support the scoping study on mining and processing options for Caribou Dome and nearby Zackly deposits.
Caribou Dome hosts a resource of 2.8 million tonnes at 3.1% copper, while the Zackly resource holds 3.4 million tonnes at 1.2% copper, 2.0 g/t gold and 14 g/t silver.
Metallurgic test-work to evaluate processing options for the Zackly copper-gold-silver mineralisation is also ongoing in Perth, Western Australia.
About PolarX
PolarX is an Australian exploration and development company with a project portfolio exclusively in the United States.
The primary interest is exploration and development of the Alaska Range Project, which contains the Caribou Dome Project and the Stellar Project.
PolarX also has an interest in the high-grade Humboldt Range Gold-Silver Project in northwest Nevada, which comprises 177 lode mining claims and complements the Alaskan project, providing year-round exploration.