PolarX Limited announced very high-grade copper assays from infill drilling at its Caribou Dome Copper Project in Alaska. The results are important because they underpin the strength of the Resource and demonstrate the strong potential to develop Caribou Dam in conjunction with PolarX's nearby Zackly deposits. The drilling program, subsequent metallurgical test work and Scoping Study form part of PolarX's well advanced earn-in for an 80% joint venture interest in the Caribou Dome Project.

Massive Sulphide intersections in 2021 drilling PolarX drilled four holes at Caribou Dome in August/September 2021 to provide samples of copper mineralisation for metallurgical test work. The holes were drilled into predicted zones of copper mineralisation hosted in massive to semi-massive sulphides as predicted by the resource block model used for resource estimation in April 2017. Key Observations are as follows: CD21-001.

Drill hole CD21-001 intersected 3 distinct zones within a 39m down-hole thickness of calcareous and locally graphitic, fine grained argillaceous sediments. The sulphides are extremely fine grained and form thin laminations with very fine-grained calcareous argillite. Soft sediment deformation textures including slumping and fluid escape textures are present, along with locally well-preserved graded bedding.

All three zones drilled contain very high grades of copper, locally up to 15% Cu. CD21-002. This hole intersected two zones of semi-massive to blebby sulphides measuring 5.9m and 9.0m true thickness within a broad zone of calcareous argillite and fine-grained limestone.

Sulphide mineralisation is extremely fine grained, making visual distinction between pyrite and chalcopyrite challenging. The lower-grade of these two intersections show that pyrite dominates over chalcopyrite in this particular part of the lode. Other parts of this lode (off-section) contain a higher ratio of copper to iron sulphides and are commensurately higher grade.

CD21-003. This hole intersected 10.7m down-hole thickness of very fine-grained, laminated, massive to semi-massive sulphides within a 11.5m down-hole thickness of fine-grained calcareous sediments. CD21-004.

This hole was terminated after 50m of drilling into heavily faulted andesitic volcanic rocks and was not drilled to target. Assays are still pending for the four additional exploration holes which were drilled at Caribou Dome in September 2021 (CD21-005 to CD21-008) and which intersected finely disseminated and vein hosted native copper spanning a length of 1.1km.