ASX-listed PolarX has expansion plans for its high-grade copper Caribou Dome deposit in Alaska. It sees potential for increasing both the average grade and tonnage of its existing resource already holding 2.8 million tonnes of ore grading a respectable 3.1 per cent copper.
The company says recently reported and exceptional results have prompted a full review of the resource model and a new drilling campaign to extend mineralisation at depth and along strike.
The recently tabled results flagged multi-metre thick zones of massive sulphide mineralisation of up to 14.8 per cent copper with silver credits. The high-grade hits come from four holes drilled in the third quarter of 2021 that were purposed to provide samples for metallurgical test work.
Interestingly, an assessment of the assays revealed the copper grades were higher than predicted by the block model used for the existing mineral resource estimate. Importantly, it was also confirmed the deposit is open at depth and along strike from these high-grade zones.
The multi-element explorer is currently designing a new drilling program to expand the zones of known high-grade copper mineralisation in multiple areas.
PolarX Executive Chair, Mark Bojanjac said: “These results show there is scope for significant growth in the Caribou Dome Resource. The high grades and the density of the mineralisation exceed our resource model and it remains open along strike and at depth.”
The Caribou Dome project is located approximately 250 kilometres northeast of Anchorage in the North American state of Alaska. Copper was first discovered at the project in 1963 and the period up to 1970 saw 95 diamond drill holes plunged into the system to delineate the mineralisation.
In early 2015, PolarX secured the option for an 80 per cent interest in the project through meeting expenditure obligations and annual cash payments. Notably, very limited exploration had been undertaken since the initial barrage of diamond holes, leaving plenty on the table for PolarX to go after.
In satisfying its expenditure obligations, PolarX was able to rapidly validate the previous work and publish its maiden resource in 2017, that it now intends to grow.
The company notes the project contains multiple high-priority targets lit up by induced polarisation survey and surface geochemical soil sampling that remain undrilled. Additionally, it is highlighted that more than 18km of the stratigraphic horizon hosting the mineralisation is evident within PolarX’s ground, offering considerable potential for discoveries and resource growth.
The company is also studying the viability of trucking high-grade mineralisation from Caribou Dome to a potential processing plant at its wholly-owned Zackly copper-gold deposit.
The Zackly resource holds 3.4Mt of ore grading 1.2 per cent copper and 2 g/t gold.
With an already high-grade resource on its hands, PolarX might turn a few heads if it can fatten up its prized project with the upcoming drill program.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
