Infill drilling by ASX-listed PolarX at its Caribou Dome copper deposit in Alaska has returned assays hitting an eye-watering 15 per cent copper underscoring the uber high grade potential at the project.
The most notable intercept was 19.09 metres that gave up 7 per cent copper from 45m downhole and contained a high-grade interval of 3.98m going a staggering 14.8 per cent copper. Another significant strike returned 10.71 metres at 7.4 per cent copper from 26m.
The explorer says the high-grade assays come from multiple thick zones of massive sulphides and underpin the outstanding quality of the mineral resource. In addition, PolarX notes the results demonstrate the potential to develop Caribou Dome in conjunction with its nearby Zackly deposits.
The high-grade hits will feed into a scoping study on the potential to treat Caribou and nearby Zackly deposits at a joint processing hub.
The Caribou Dome resource stands at 2.8 million tonnes of ore grading 3.1 per cent copper and boosting its total inventory, the Zackly copper-gold deposit adds a further 3.4Mt of ore running at 1.2 per cent copper and 2 grams per tonne gold.
PolarX says metallurgical test work is ongoing in Perth to evaluate processing options for the Zackly copper-gold-silver mineralisation.
The drilling program, subsequent metallurgical test work and scoping study form part of PolarX’s well-advanced earn-in commitment for an 80 per cent joint venture interest in the Caribou Dome project.
Highly anticipated assays are pending for the four additional exploration holes drilled at Caribou Dome in September 2021 that intersected finely disseminated and vein hosted native copper across a 1.1km strike.
PolarX’s Executive Chairman, Mark Bonjanjac said:
“These are exceptional near-surface copper grades over substantial widths. Intercepts like 19m at 7 per cent copper and 11 g/t silver are impressive by any measure. They help underpin the development potential for the project, which also has immense scope for expansion both along strike and at depth.”
Adding further weight to the prospectivity of copper project, a new report written by the Global Research analysts at Bank of America forecast the copper market to potentially suffer shortages from 2025 onwards as the globe squeezes the current wave of projects out the pipeline.
Whilst global copper output is expected to grow by 7.7 per cent in 2023 it is suggested underperformance of new copper mines and relatively limited exploration in recent years could contribute to a supply shortage in the not-so-distant future.
PolarX appears to be positioning itself nicely to supply the essential metal as the company looks to release the progressing scoping study this quarter.
Having already demonstrated an abundance of copper mineralisation, the multi-mineral explorer PolarX could be off to the races if the assays of its explorative holes deliver the goods.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
