Ann: Assays up to 15% copper at Caribou Dome Project, page-2

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.
From To
Down-Hole
Interval (m)
Est. True
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 and 11g/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
From To
Down-Hole
Interval (m)
Est. True
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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Figure 7 Drill cross-section showing multiple lower grade zones of copper mineralisation in limey argillite in CD21-
002
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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.
Table 2: Geological Summary of 2021 Caribou Dome massive sulphide drilling
From
(m)
To
(m)
Width
(m)
Estimated
True
Width (m)
Lithology Comments
CD21-001
0.00 23.10 23.10 Andesite Andesitic fragmental rock, local epidote veining increasing downhole
23.10 25.28 2.18 Fault Zone Crushed andesitic volcanic rocks and clay gouge
25.28 35.05 9.77 6.45 Massive
Sulphides
Laminated very fine-grained sulphides - pyrite plus chalcopyrite in fine
grained calcareous argillite. Minor recrystallisation of chalcopyrite.
35.05 45.16 10.11 Andesite Phaneritic andesitic volcanic rocks with fine- to medium-grain size, minor
calcite veining.
45.16 54.08 8.92 5.89 Massive
Sulphides
Laminated massive sulphides with gradual decrease in sulphide content
down-hole. Chalcopyrite more prevalent in up-hole portion. Contact with
andesitic volcanic rocks marked by very narrow carbonate vein. Interval
contains bedding parallel and bedding orthogonal calcite veins.
54.08 56.40 2.32 Limestone Calcareous limey argillite with pronounced coarsening of grain size downhole. Minor disseminated sulphides present, mainly pyrite, but traces
chalcopyrite.
56.40 64.25 7.85 5.18 Massive
Sulphides
Finely laminated massive to semi-massive sulphides, pyrite plus
chalcopyrite. Chalcopyrite content higher up hole, decreasing down-hole,
but abundance of small, recrystallised chalcopyrite grains increasing downhole. Fine grained limey argillite with graphite as host.
64.25 82.30 18.05 Andesite Medium to coarse grained hbl-plag phyric andesitic flow with 2-10mm
plagioclase laths and 2-5mm hornblende phenocrysts. Becoming less
porphyritic down-hole.
CD21-002
0.00 12.07 12.07 Andesite Gossanous basaltic andesite flow. Black and orange/red iron oxide colour
near surface. Decomposed masses of clay are dark green. Due to the dark
colour of the gossan and the abundance of green chlorite.
12.07 23.47 12.3 Limestone Black and grey coloured argillite with abundant calcite veining and flooding.
23.47 27.33 3.86 Andesite Andesitic Tuff. Very finely crystalline plagioclase rich andesite conformable
brecciated contact with argillite. Some areas have phenocrysts too small to
see. Has abundant very fine micro veining of calcite and dark quartz. This
unit is thought to be an ash fall.
27.33 45.85 18.52 Limestone Very fine grained, black, calcareous argillite with interbedded light grey
medium grained limestone.
45.85 48.16 2.31 1.57 Semi-Massive
Sulphides
Lamellae of green-black very fine semi-massive sulphide - no metallic lustre
present, except in select areas.
48.16 51.21 3.05 Limestone 0.5mm sized grains present, distinct from argillite by the lighter colour and
visible grains.
51.21 56.85 5.64 3.84 Semi-Massive
Sulphides
Green-black semi massive sulphides interbedded with limestone. Very hard
to identify - no metallic lustre.
56.85 120.40 63.55 Andesite Variable textured andesitic volcanic units interpreted as lava flows.
CD21-003
0.00 26.00 26.00 Andesite Dark green andesite with fine (1mm) equigranular phenocrysts. Phenocryst
size gradationally vary to 1.5-2mm.
26.00 36.71 10.71 7.50 Massive
sulphides
Thinly laminated and fine-grained massive sulphide with deformed calcite
veining. Commonly contains brecciated rip up clasts of limestone and
possibly argillite (or silicified limestone). Irregular calcite veining is frequent
and cross cutting breccia fragments and bedding. Has a fault contact with
the andesite unit above.
36.71 70.71 34.00 Andesite
interlayered
with
Limestone
Metre to ~15m alternating layers of limestone, limey argillite and andesitic
volcanic rocks
CD21-004
0.00 49.99 49.99 Andesite Variably textured andesitic volcanic rocks with considerable broken ground
indicating proximity to fault zone.
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ABOUT THE CARIBOU DOME PROJECT
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.
On 25 February 2015, PolarX secured the right to acquire an 80% interest in the Caribou Dome Project
by meeting certain expenditure obligations and annual cash payments. Very limited exploration had
been undertaken since 1970, until PolarX secured the rights to explore and develop the project in
February 2015. It compiled all historic technical information, prioritised targets arising, completed a
ground geophysics (induced polarisation) survey, geochemical soil sampling and two programs of
diamond core drilling. This drilling rapidly validated previous work and the Company was able to publish
a maiden resource in April 2017 (see Table 3 below).
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.
Multiple high-priority targets based on surface geochemical soil sampling and IP survey remain
undrilled. With >18km of the stratigraphic horizon that hosts the mineralisation evident within the
Company’s project area, there is considerable potential to discover additional high-grade mineralisation
and to continue to expand the resource base at the Project.
The Company continues to evaluate the economic viability of trucking copper mineralisation from
Caribou Dome to potential processing plant sites at its wholly owned Zackly copper-gold deposit.
Table 3. Alaska Range Project Resource Estimates (JORC 2012), 0.5% Cu cut-off grade
Category Million
Tonnes
Cu % Au g/t Ag g/t Contained
Cu (t)
Contained
Cu (M lb)
Contained
Au (oz)
Contained
Ag (oz)
ZACKLY Inferred 3.4 1.2 2.0 14.0 41,200 91 213,000 1,500,000
CARIBOU Measured 0.6 3.6 - 20,500 45 - -
DOME Indicated 0.6 2.2 - 13,000 29 - -
Inferred 1.6 3.2 - 52,300 115 - -
TOTAL 127,000 280 213,000 1,500,000
Authorised for release by Dr. Frazer Tabeart, Managing Director.
For further information