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- PolarX (PXX) kicks off diamond drilling at the Caribou Dome Copper Project in Alaska
- The program is designed to test three “highly prospective” targets and provide fresh high-grade copper sulphide samples for metallurgical testing
- The results will inform a scoping study to evaluate mining and processing options for Caribou Dome and PXX’s nearby Zackly copper-gold project
- The study has been brought forward by several months to begin in August and will form part of PolarX’s 80 per cent earn-in for Caribou Dome
- Shares are up by 3.33 per cent to 3.1 cents each at 12pm AEST
PolarX (PXX) has kicked off diamond drilling at the Caribou Dome Copper Project in Alaska.
Comprising 1500 metres of core drilling, the program is designed to test three “highly prospective” targets defined by soil sampling and geophysics.
According to PolarX, the targets’ prospectivity is supported by key geological characteristics shared with the deposits that host Caribou Dome’s existing copper resources.
Namely, each new target has shown anomalous copper in surface soil sampling and an associated 3D induced polarisation anomaly, which are the same features seen within the defined resource.
Additionally, the drill program will aim to provide fresh high-grade copper sulphide samples for metallurgical testing, which is already underway in Perth, Western Australia.
The results will feed into a joint scoping study to evaluate mining and processing options for Caribou Dome and PolarX’s neighbouring Zackly copper-gold project.
In light of the targets’ strong outlook, PXX has brought forward this study by three months to commence ahead of schedule in August, with perameters to be realeased once finalised.
Altogether the drilling program, subsequent metallurgical test work and scoping study will form part of PolarX’s earn-in for 80 per cent of Caribou Dome under revised terms agreed to in November last year.
Shares were up by 3.33 per cent to 3.1 cents each at 12pm AEST.
