PolarX : Assays up to 15% copper at Caribou Dome Project

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23 February 2022

Assays up to 15% copper in multiple thick zones highlight strong outlook for Caribou Dome, Alaska

Results will feed into Scoping Study on potential to treat Caribou and nearby

Zackly deposits at a joint processing hub

Highlights

• Infill drilling returns extremely high-grade assays in multiple thick zones of massive sulphides, demonstrating the outstanding quality of the Mineral Resource and therefore the development potential.

			Down-Hole	Est. True
	From	To	Interval (m)	Thickness (m)	Cu %	Ag ppm
CD21-001 25.28 35.05	9.77	6.45	6.8	7.8
and	45.16	64.25	19.09	12.60	7.0	11.2
including	45.16	54.1	8.94	5.90	10.0	16.0
including	50.12	54.1	3.98	2.63	14.8	24.0
and	58.4	64.25	5.85	3.86	6.8	10.9
CD21-002	12.07	20.73	8.66	5.89	0.3	1.1
and	43.6	56.85	13.25	9.01	0.4	0.5
CD21-003	26	36.71	10.71	7.50	7.4	15.4

Figure 1 Finely laminated massive sulphides with 11.4% Cu and 23.4g/t Ag at 28.2m, CD21-003. Scale bar = 5cm.

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• Caribou Dome Resource is 2.8Mt at 3.1% copper; The Zackly Resource is 3.4Mt at 1.2% copper, 2g/t gold and 14g/t silver.
• Samples from these holes will be used for metallurgical tests to support the scoping study on mining and processing options for Caribou Dome and nearby Zackly deposits.
• Metallurgical test work to evaluate processing options for the Zackly Cu-Au-Ag mineralisation is also ongoing in Perth, Western Australia.

PolarX Limited (ASX: PXX) is pleased to announce very high-grade copper assays from infill drilling at its Caribou Dome Copper Project in Alaska (for location refer to Figure 2).

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.

PolarX Executive Chair Mark Bojanjac said: "These are exceptional near-surface copper grades over substantial widths. Intercepts like 19m at 7% copper and11g/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".

Figure 2 Location Map showing Caribou Dome in the Alaska Range Project

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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 (see Figures 3 to 7 and refer to Tables 1 to 4 for details). 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.

Figure 3 Plan view showing recent assays and location of drill holes into the mineral resource estimate block model at Caribou Dome.

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 (Figure 5).
• The sulphides are extremely fine grained and form thin laminations with very fine-grained calcareous argillite (Figures 6). 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 (refer Table 1 and see Figures 1 and 6), locally up to 15% Cu.

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Table 1 Drill intersections and assay results for Caribou Dome massive sulphides

			Down-Hole	Est. True
	From	To	Interval (m)	Thickness (m)	Cu %	Ag ppm
CD21-001 25.28 35.05	9.77	6.45	6.8	7.8
and	45.16	64.25	19.09	12.60	7.0	11.2
including	45.16	54.1	8.94	5.90	10.0	16.0
including	50.12	54.1	3.98	2.63	14.8	24.0
and	58.4	64.25	5.85	3.86	6.8	10.9
CD21-002	12.07	20.73	8.66	5.89	0.3	1.1
and	43.6	56.85	13.25	9.01	0.4	0.5
CD21-003	26	36.71	10.71	7.50	7.39	15.4

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 (Figure 7).
• 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.

Figure 4 View looking NW towards the mineralised area at Caribou Dome with the field camp in the foreground

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.

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CD21-004

• This hole was terminated after 50m of drilling into heavily faulted andesitic volcanic rocks and was not drilled to target.

Figure 5 Drill cross section showing multiple high-grade copper intersections in CD21-001

Figure 6 CD21-001 at down-hole depth of 47.5m. Very fine-grained massive pyrite and chalcopyrite with soft sediment folding and slumping. This interval assayed 9.3% Cu and 15.2g/t Ag. Scale bar approx. 5cm.

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