- PolarX (PXX) makes a new copper discovery at the Caribou Dome Copper Project in Alaska
- Recently completed diamond drilling has intersected finely dispersed and vein-hosted native copper mineralisation spanning a length of 1.1 kilometres
- In September, PolarX drilled four exploration holes to test two co-incident geochemical and geophysical anomalies
- Each of these targets is associated with a 3D induced polarisation anomaly associated with known massive sulphide mineralisation and assays are pending
- Shares in PolarX are down 4.76 per cent on the market and are trading at four cents at 11:53 am AEDT
PolarX (PXX) has made a new copper discovery at the Caribou Dome Copper Project in Alaska.
Recently completed diamond drilling has intersected finely dispersed and vein-hosted native copper mineralisation spanning a length of 1.1 kilometres.
In September, PolarX drilled four exploration holes to test two co-incident geochemical and geophysical anomalies.
Each of these targets is associated with a 3D induced polarisation (IP) anomaly associated with known massive sulphide mineralisation.
Assays are pending for these four holes and follow-up drilling is being planned.
This discovery appears to have similar geological similarities with the native copper deposits on the Keweenaw Peninsula in Michigan which were the prime source of copper production until the late 1950s.
Additionally, it has the potential to add further scale to the existing resource of 2.8 million tonnes at 3.1 per cent copper.
Managing Director Frazer Tabeart is excited by the discovery.
“This discovery is a potential game-changer for PolarX because the same volcanic host rocks, along with multiple IP and geochemical targets, are widespread at Caribou Dome, meaning the exploration upside here is immense,” Dr Tabeart said.
“We eagerly await the first assays from these new holes, and we will then plan a follow-up program to start quantifying the scale of this discovery at the first opportunity.”
Shares in PolarX were down 4.76 per cent on the market and were trading at four cents at 11:53 am AEDT.