PolarX (ASX:PXX) has increased the Mineral Resource Estimate (MRE) for its Caribou Dome Project in Alaska by a ‘substantial’ 160%.
The company says with the new estimate, Caribou Dome now contains 7.2 million tonnes (Mt) @ 3.1% copper and 6.5g/t silver, starting at surface and down to only 300m depth.
The company reports the revised MRE for Caribou Dome has a copper metal content of 224,375 tonnes, which is 2.6 times greater than the 2017 MRE of 2.8Mt @ 3.1% copper (Cu) with contained copper metal of 86,000 tonnes.
Additionally, PolarX says the shallower depth projection in the new mineral resource demonstrates the potential for future resource extensions from successful exploration drilling below 300m.
Commenting on the MRE increase, PolarX Managing Director Jason Berton says: “The new Mineral Resource Estimate at Caribou Dome is a very exciting milestone for PolarX as the company progresses its Alaskan assets from exploration to mine development.
“This is a game-changing advance which again shows Alaska Range has project scale with huge scope to keep growing resource inventory”
This is a game-changing advance which again shows Alaska Range has project scale with huge scope to keep growing resource inventory. This increased resource will underpin a revised Scoping Study to assess the bigger opportunity we now have.”
PolarX notes that silver has been estimated for the first time at Caribou Dome, with a contained silver metal content of 1.5Moz within the 0.5 Cu cut-off envelope. This silver content is expected to further enhance the updated Scoping Study.
The 2023 Scoping Study will now consider mining a combined 7.2Mt Caribou Dome mineral resource and 4Mt Zackly mineral resource, which are together estimated to contain about 269,000 tonnes of Cu, 213,000oz of Au, and 3,131,000oz of Ag.
The company reports multiple high-priority targets based on surface geochemical soil and Induced Polarisation survey work remain undrilled at Caribou Dome.
Additionally, with more than 18km of the stratigraphic horizon that hosts the mineralisation evident within PolarX’s project area, there is potential to discover additional ‘high-grade’ mineralisation and to continue to expand the resource base at the project.
PolarX is an ‘advanced’ ASX-listed mineral explorer and developer with ‘high-grade’ copper, gold, and silver projects in the US. The company’s Caribou Dome project is located about 250km northeast of Anchorage in Alaska, US.
Images: Polarx Ltd
