PolarX Limited's June 2024 Quarterly Activities Report

PolarX Limited (ASX: $PXX) has completed a core drilling program at the Caribou Dome Copper Project in Alaska, intersecting high-grade copper-bearing massive sulphides. The program, which comprised three holes totaling 755m, revealed intersections beneath previous drilling and provided valuable fault offset information. The company has also secured commitments to raise $3.2 million through a placement at $0.01 per share, scheduled to complete on 6 August 2024.

Executive Commentary on Alaska Range Project

The oriented diamond core drill program at the Caribou Dome Copper Project has yielded promising results, with the intersection of high-grade copper-bearing massive sulphides. The visual mineralisation observed in the preliminary geological logging is an encouraging sign, although laboratory assay results are awaited to determine the precise widths and grade of the mineralisation. The company is optimistic about the potential of the CD24-002 and CD24-003 holes to contain significant copper grades, building on the success of previous drilling activities.

Summary of Alaska Range Project and Corporate Update

PolarX Limited's completion of the core drilling program at the Caribou Dome Copper Project marks a significant milestone, with the intersection of high-grade copper-bearing massive sulphides. The company's commitment to raise $3.2 million through a placement demonstrates confidence in its ongoing exploration and development activities. The 2024 Scoping Study for the Alaska Range Project has outlined compelling pre-tax NPV7 of A$625M and a pre-tax IRR of 73.9%, reflecting the project's strong potential. With pending assay results and ongoing structural interpretation, PolarX remains focused on advancing its projects and delivering value to its stakeholders.