Australian mining company PolarX Limited recently fully funded its exploration programs located about 150 miles north of Anchorage. Those programs include potential exploration for copper and gold in the Alaska Range.
In January 2018, PolarX Limited identified a copper-gold target in its Alaska Range Project. Later that year, regional geophysical data confirmed high-grade mineralization.
PolarX managing director Frazer Tabeart spoke with Australian stockbroking firm Morgans at the Noosa Mining Conference in Australia. He says crews are already conducting more tests.
“We’re going to collect data over six lines, just over 30 kilometers of data -- that’ll take us about four to five weeks to do,” Tabeart said. “And then we’ve got drill rigs arriving onsite in about two weeks. So there’ll be a bit of overlap with the IP crew and the drill rigs.”
PolarX did not respond to requests by email seeking comment by this story’s deadline.
Tabeart says PolarX has enough induced polarization, or IP, data to target the first couple of drill holes, and hopes to be drilling by early August.
The Australian mining company has attracted some outside investment.
Canadian-based mining company Lundin Mining Corporation invested about $2.9 million or $4.2 million Australian dollars as part of a share subscription and exclusive option agreement with PolarX.
Tabeart spoke to Morgans earlier in July about the proposed venture.
“The strategic partnership with Lundin excludes Caribou Dome, it also excludes ... a group of 10 claims which hosts the Zackly skarn," Tabeart said. "Zackly remains 100 percent PolarX, the whole Caribou Dome project remains 100 percent PolarX, but the remainder of the Stellar project is part of the strategic partnership with Lundin.”
The initial investment makes Lundin the largest shareholder of PolarX at more than 12 percent.
PolarX subdivided its Alaska Range property into three projects – Stellar, Zackly Skarn and Caribou Dome. The Lundin money is earmarked for Stellar, which includes property acquired from Millrock Resources Incorporated – particularly the Mars and Saturn projects.
The joint venture plans to drill about 10 holes to a depth of 500 meters, or a little less than a third of a mile.
“I think what they’re looking for is quite substantial,” Tabeart said. “What we believe we have on the project is the potential for a large porphyry copper deposit. We know Lundin are keen on those types of targets.”
Lundin Mining has till the end of the year to decide whether it will enter into an earn-in phase for 51 percent interest in the Stellar project, by spending $24 million and staged cash payments of $20 million to PolarX. That could potentially fund PolarX for the next three years.
Lundin can withdraw from the venture at any time.