Multi-mineral explorer, PolarX is set to extend its Alaska Range Project with recently completed diamond drilling at the Caribou Dome Copper deposit hitting finely disseminated native copper in four drill holes. The vein-hosted mineralisation currently extends 1.1 kilometres and the discovery has potential to grow the existing resource at Alaska Range which comprises both the Caribou Dome and the Zackly deposit.
The Alaska Range’s Caribou Dome mineral resource currently stands at 2.8 million tonnes of copper at 3.1 per cent copper whilst The Zackly resource, bordering to the north-east of Caribou stands at 3.4 million tonnes copper at 1.2 per cent and 2 grams per tonne gold.
PolarX says the native copper intersected at Caribou exists as very fine to medium sized blebs in vesicle infills in specific flow units hosted in a thick andesitic basalt lava flows. The mineralisation also occurs as fine disseminations in an equigranular to porphyritic matrix and cross cutting quartz veins.
The recent discovery shares geological parallels with renowned native copper deposits on the Keweenaw Peninsula in Michigan, USA. Interestingly, these deposits were the principal source of US copper production until porphyry copper-derived production gained prominence in the late 1950’s.
Previous drilling last month intersected thick andesitic, basalt lava flows between 1 metre to 30m in all four holes. Repeating the results from previous drilling, native copper was present in some flows as very fine to coarse grained blebs in vesicle infills, groundmass of porphyritic flows and cross-cutting quartz veins.
PolarX Managing Director, Dr Frazer Tabeart said: “This discovery is a potential game-changer for PolarX because the same volcanic host rocks, along with multiple IP and geochemical targets, are widespread at Caribou Dome, meaning the exploration upside here is immense. With copper being such an important metal for the green energy transition, we’re increasingly well placed to play a role in this market.”
According to the Mineral Council of Australia, the green energy transition and industries’ shift towards a net zero economy will support steady global growth in copper demand, rising from 23.5 million tonnes in 2019 to 31.1 million tonnes by 2030.
Demand for copper is being fuelled by the expectation of an electric vehicle, or “EV” revolution with copper a key component in EV production. The mineral is used in the batteries themselves, electric motors, inverters, charging stations and wiring.
With electric vehicles using almost 3 times as much copper as traditional internal combustion vehicles and Tesla’s latest production figures pointing to over 230,000 quarterly units, Polars’ discovery will likely be keenly watched.
Sitting on a grab bag full of potential targets, with assay results pending and the potential to increase its resource base across two deposits Polar X could be about to unravel the value of its Alaskan treasure trove.
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