PolarX hits more ‘hyper grade’ copper as Northern Star JV drilling begins

The company’s program covered some 2133m of diamond drilling across nine holes, with eight striking exceptionally high-grade copper mineralisation.

PolarX (ASX:PXX) is now heading straight into its 2026 field season, with a 10,000-metre diamond drill program underway at Caribou Dome under its Alaska Range joint venture with Northern Star Resources (ASX:NST).

PolarX’s 2026 diamond drilling program will test induced polarisation targets, along with down-dip and strike extensions of the known resource at Caribou Dome.

The program is fully funded through the Northern Star-PolarX Alaska Range joint venture, with at least 10,000m of drilling planned over the summer field season through to the end of October.

Northern Star can earn up to 70% of the Alaska Range Project over five years by making annual cash contributions of up to US$39 million.

The mining major has already contributed US$5m for the first year and US$6m for the second year of exploration, with current funding covering this season’s drilling and mobile magnetotelluric (MT) survey work.

Caribou Dome hosts a JORC resource of 7.2Mt at 3.1% copper and 6.5g/t silver.

The deposit sits within the broader Alaska Range Project, which also includes the Zackly copper-gold resource and several regional targets.

Alongside its drilling plans, PolarX will also run a mobile MT airborne survey over the Jupiter magnetic anomaly, which extends for about 3.5km from the Zackly magnetite skarn deposit.

The survey will assist in identifying future drill targets across the larger copper-gold system.

PolarX’s 2024 scoping study for the Alaska Range project outlined a projected pre-tax net present value of A$625m and an internal rate of return of 73.9%, based on an assumed copper price of US$8500/t and gold price of US$1900/oz.