Northern Star advances US$2m to fund resource growth at PolarX’s Alaska Range Copper-Gold Project Highlights •PolarX’s largest shareholder, Northern Star Resources (ASX: NST) has agreed to lend PolarX US$2M (A$3.1M) to fund resource expansion at its Alaska Range Project •The 12-month loan is unsecured and interest free for the first three months
•Key terms of the unsecured loan are: oAmount: US$2m fully drawn on inception oTerm: 1 year oInterest: 0% for 3 months, 7% thereafter
•The funds allow PolarX to immediately mobilise an exploration team and equipment for the upcoming work program at its high-grade Caribou Dome Copper Project within Alaska Range
•This comprises an extensive geophysics program and drilling campaign which will run throughout the coming field season
PolarX Limited (ASX: PXX, PolarX or the Company) is pleased to announce that its largest shareholder, Northern Star Resources has agreed to lend the Company US$2M (~A$3.1M) to accelerate a resource growth drilling program at its Alaska Range Project. Northern Star, which has a 16% stake in PolarX, owns the Pogo gold mine 150km away. The 12-month loan is unsecured and interest free for an initial three-month period. Thereafter the Company will pay Northern Star interest at the rate of 7% per annum until the loan and all accrued interest has been repaid. Key terms of the loan agreement are summarised in the Annexure to this announcement. 2025 Alaska Range Exploration Program
PolarX is engaging its team and contractors to conduct this season’s exploration activities. This will begin with an airborne geophysical program to acquire magnetic data and LIDAR data at 50 metre line spacing over the tenure from Caribou Dome to Senator properties, as shown by the Caribou Dome property outlined in Figure 3. The survey will be undertaken to match the high-quality data PolarX already has for the adjacent Stellar property. PolarX’s field crew will first clear the access road and prepare the field camp while drilling equipment is mobilised to site.
In summary, the 2025 field season will include: •Airborne Geophysics – Magnetic and LIDAR surveys at 50 metre line spacing •Drilling from early July to end of the field season in September •Widespread mapping throughout the Alaska Range Project over the entire field season
NST Price at posting:
$20.34 Sentiment: None Disclosure: Not Held
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