PolarX Limited advised that it has initiated a full review of the resource model and will undertake a new drilling program to grow the high-grade copper inventory at its Caribou Dome project in Alaska. The strategy stems from the exceptional infill drilling results announced on February 23, 2022, which contained grades of mineralisation which exceed those predicted by the resource block model. 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 zones of copper mineralisation hosted in massive to semi-massive sulphides with locations exactly as predicted by the resource block model used for resource estimation in April 2017. Initial evaluation of the results also found that the very high-grade mineralisation has not been closed off at depth or along strike. The potential for down-dip extensions of known mineralisation is shown in the cross-section in Figure 5, where the mineralisation remains open below two lenses of copper sulphides which assayed 19.1m @ 7.0% Cu + 11.2g/t Ag, and 5.7m @ 7.3% Cu + 7.5g/t Ag.

These intersections also remain open along strike to the east (Figure 4). A new program of drilling is being designed to test these and other extensions to the known high-grade copper mineralisation. Locally disseminated to blebby native copper mineralisation in mafic lava flows was reported from drill holes CD21-005 to CD21-008 inclusive, drilled less than 1km away from the massive sulphide resource.

Assays for these four holes confirm the presence of native copper but grades are not significant enough to justify further exploration for this style of mineralisation. PolarX sees better commercial value in drilling to expand the existing massive sulphide deposit. The Caribou Dome Project is located approximately 250km northeast of Anchorage in Alaska, USA.

It is readily accessible by road ­ the Denali Highway passes within 20km of the Project and from there a purpose-built road provides direct access to the historic underground development at the Project. Copper mineralisation was discovered at the Caribou Dome Project in 1963. From 1963-1970 nine lenses of volcanic sediment-hosted copper mineralisation were delineated over approximately 700m of the strike.

Ninety-five diamond core holes were drilled during this period, from surface and underground. The mineralisation occurs in a series of deformed lenses of fine-grained massive sulphides comprising pyrite and chalcopyrite. The mineralisation has been deformed by two-phases of folding and then subsequently faulted.

The mineralisation extends from surface to depths of over 300m.