Polarx (ASX:PXX) Highlights Changes At Waiting On Remaining Assays After A 22-Hole Drilling Season At Its Caribou Dome Copper Project In

Aditi Sarkar

29 October 2026 03:07 PM AEDT

Polarx (ASX:PXX) Highlights Changes At Waiting On Remaining Assays After A 22-Hole Drilling Season At Its Caribou Dome Copper Project In

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Highlights

The business states the older holes returned consistently lower assays, which may mean the deposit's grade estimate is conservative.
Both twin holes ended early after unexpectedly hitting old underground adits, which PolarX attributes to historical survey inaccuracies.
Hole CD26-009 returned 58.5 metres at 2.0% copper from 138.7 metres in a western extension.
The business states assays extend known strike by about 60 metres beyond the current Mineral Resource Estimate.

PolarX (ASX:PXX) has reported that its 2026 diamond drilling programme at the Caribou Dome Copper Project in Alaska finished during the September 2026 quarter, with 22 holes totalling 6,687 metres. Assays for 13 of those holes are still outstanding. The company also reports a cash balance of A$4.04 million at quarter end and an estimated funding runway well under one quarter, with future funding reliant on a joint venture partner and further equity raising.

Drilling Results

Results released in September and October include 24.8 metres at 9.8% copper from 2.4 metres in hole CD26-007, and 22.6 metres at 8.1% copper from 3.7 metres in CD26-004. Both holes twinned historical holes drilled between 1964 and 1970. The business states the older holes returned consistently lower assays, which may mean the deposit's grade estimate is conservative. Both twin holes ended early after unexpectedly hitting old underground adits, which PolarX attributes to historical survey inaccuracies.

Hole CD26-009 returned 58.5 metres at 2.0% copper from 138.7 metres in a western extension. The business states assays extend known strike by about 60 metres beyond the current Mineral Resource Estimate. Hole CD26-003 intersected mineralisation about 170 metres below the previous deepest intercept, and together with CD26-008 suggests Caribou Dome could extend to roughly 500 metres from surface. The company notes more drilling is needed to confirm that.

Drilling and magnetic data also point to roughly 500 metres of possible western extension, with core observations suggesting a possible feeder zone. These are interpretations, not resource additions.

Resources And Earlier Study

The Caribou Dome Mineral Resource Estimate (JORC 2012, 0.5% copper cut-off) totals 7.2 million tonnes at 3.1% copper, or about 224,375 tonnes of contained copper. Adding Zackly, the Alaska Range total is 11.2 million tonnes with about 269,000 tonnes of contained copper.

A 2024 scoping study estimated a pre-tax net present value of A$625 million at a 7% discount rate, based on assumed prices of US$8,500 per tonne of copper and US$1,900 per ounce of gold. PolarX notes these figures predate the 2026 drilling results. A scoping study is an early-stage assessment, and the figures are not a production decision or forecast.

Other Projects And The Joint Venture

At the Stellar Project, an airborne magneto-telluric survey and mapping over the Gemini-Jupiter magnetic anomaly are complete, with results pending, to refine 2027 drill targeting. The company describes a magnetic body about 3.5 kilometres across that may represent an intrusion-related system. No work was carried out at the Humboldt Range Project in Nevada.

Northern Star holds 30% of Alaska Range Pty Ltd after paying US$5 million in December 2025 and US$6 million on 30 April 2026. It may earn a further interest with total contributions of up to US$39 million, and the next optional contribution of up to US$8 million is due by 31 March 2027. Because it is optional, it is not assured.

Cash And Funding

Cash fell from A$9.96 million to A$4.04 million over the quarter. Operating outflow was A$511,000, exploration and evaluation spending A$5.17 million and tenement payments A$43,000, with no financing proceeds. Related-party payments were A$202,000.

The Appendix 5B estimates funding of 0.71 quarters at current spending. The company expects lower outflows from December 2026 to April 2027 because of seasonality. It says it expects to have sufficient funds to continue operations, but this depends on Northern Star's contributions and further equity financing, neither of which is secured. It had 2.73 billion shares on issue.

Next Steps

The company lists assays for the 13 remaining holes, re-assaying of historical sample pulps for future resource updates, release of the Stellar survey results, western extension work in 2027, and capital raising to support operations.

FAQs

Q: What is the principal development covered in this update?

A: PolarX has reported that its 2026 diamond drilling programme at the Caribou Dome Copper Project in Alaska finished during the September 2026 quarter, with 22 holes totalling 6,687 metres. Assays for 13 of those holes are still outstanding. The company also reports a cash balance of A$4.04 million at quarter end and an estimated funding runway well under one quarter, with future funding reliant on a joint venture partner and further equity raising.

Q: What should readers watch next?

A: The company lists assays for the 13 remaining holes, re-assaying of historical sample pulps for future resource updates, release of the Stellar survey results, western extension work in 2027, and capital raising to support.

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