- PolarX (PXX) begins a full review of the resource model for its Caribou Dome copper project in Alaska
- The decision to conduct a review follows recent “exceptional” infill drilling results, which returned grades exceeding those predicted by the resource block model used for the project’s mineral resource estimate (MRE)
- Caribou Dome’s measured, indicated and inferred MRE currently stands at 2.8 million tonnes at 3.1 per cent copper for 127,000 tonnes of contained copper
- PolarX says an initial evaluation of the infill results also indicates the high-grade mineralisation remains open at depth and along strike
- The company plans to undertake a follow-up drilling program to test for extensions to the high-grade copper mineralisation
- PXX shares down 15.6 per cent to 2.7 cents
PolarX (PXX) has begun a full review of the resource model for its Caribou Dome copper project in Alaska.
The company said the review was initiated on the back of recent “exceptional” infill drilling results that included grades of mineralisation exceeding those predicted by the resource block model used for the project’s existing mineral resource estimate (MRE).
Caribou Dome’s measured, indicated and inferred MRE currently stands at 2.8 million tonnes at 3.1 per cent copper for 127,000 tonnes of contained copper.
The company said the infill drill hits, announced at the end of February, outlined thick zones of massive sulphide mineralisation grading up to 14.8 per cent copper with significant silver credits.
Stand-out assays included 19.09 metres at seven per cent copper and 11.2 grams per tonne silver and 5.7 metres at 7.3 per cent copper and 7.5 g/t silver.
PolarX said an initial evaluation of the infill results also indicated the high-grade mineralisation has not been closed off at depth or along strike, potentially opening the door to extensions to mineralisation.
“These results show there is scope for significant growth in the Caribou Dome resource,” Executive Chairman Mark Bojanjac said.
“The high grades and the density of the mineralisation exceed our resource model and it remains open along strike and at depth.”
As part of the full review, PolarX will conduct a follow-up drilling program to test for potential extensions to the known high-grade copper mineralisation and grow the high-grade copper inventory at Caribou Dome.
PXX shares were down 15.6 per cent to 2.7 cents at 11:59 am AEDT.