Worth reading for those who are new to this story.PXX - Polarx...

Worth reading for those who are new to this story.

PXX - Polarx Limited today closed up 18% to finish at 1.3c on $100k stock traded. There was no news out today but last week they released its quarterly which highlighted a recent updated scoping study for its Alaska Range Copper Gold Project.

The scoping study evaluates sequential mining and processing options for the high-grade Caribou Dome VMS Copper deposit and the nearby Zackly Copper-Gold-Silver skarn deposit.

The study has delivered an increase in economics with a pre-tax net present value (NPV) of $625m (previously $310m) and a pre-tax internal rate of return (IRR) of 73.9% (previously 38.6%).

Ongoing metallurgical test-work is intended to further enhance copper recovery at Caribou Dome and gold recovery at Zackly.

PXX had also conducted a series of metallurgical tests designed to improve copper recovered via conventional flotation of mineralised material from Caribou-Dome.

Optimised test results showed a substantial improvement in both recovered copper (to 87.9%) and the grade of concentrate produced (to 21.7%),

Some highlights from last week's quarterly are listed below:

DECEMBER 2023 QUARTERLY ACTIVITIES REPORT

ALASKA RANGE PROJECT, ALASKA

• Conventional cleaner flotation test work improved Caribou Dome results with 89.7% copper recovered to a marketable concentrate grading 21.7%
• Updated scoping study undertaken on the basis of the improvements in metals recovery and concentrate grades, which delivered boosted projected economic returns: o
• Pre-Tax NPV7 doubled from A$310M to A$625M
• Pre-Tax IRR increased from 38.6% to 73.9% o Mine Life EBITDA increased from A$882M to A$1,269M
• Average annual free cashflow over 9.5 years mining increased from A$82m to A$120M
• Other outcomes from the testwork and 2024 Scoping Study included:
• 83% of the material proposed to be mined falls in the Measured and Indicated resource categories
• Comminution testing indicates that the mineralisation at Caribou Dome is moderately soft, and the flotation recoveries were achieved at a coarser primary grind sizes requiring less energy than in previous test-work
• Ongoing metallurgical test-work is intended to further enhance copper recovery at Caribou Dome and gold recovery at Zackly
• Ongoing oxidative leaching and solvent extraction test work also shows potential to further boost copper recovery, minimise freight costs and eliminate refinery charges
• Mineralisation is known to continue 150m below the current resource at Caribou Dome and a future underground mine could again extend the modelled mine-life

In January 2024, PolarX Limited announced the results of an updated scoping study (2024 Scoping Study) for its Alaska Range Project.

The 2024 Scoping Study was based on the results of copper concentrate flotation test-work undertaken by Ausenco Engineering Canada Inc. (Ausenco) during the December quarter.

Ausenco conducted a series of metallurgical tests designed to improve copper recovered via conventional flotation of mineralised material from Caribou-Dome.

Optimised test results showed a substantial improvement in both recovered copper (to 87.9%) and the grade of concentrate produced (to 21.7%), across a 12-hole domain-weighted composite sample representative of the mineralisation within Caribou Dome.

The 2024 Scoping Study addressed and quantified the significance of these two key improvements, without changing any other key inputs.