$2m Northern Star loan to fund PolarX’s Alaska exploration season
ASX-listed PolarX has secured a $2-million loan from major shareholder Northern Star Resources to fund a resource expansion campaign at its Alaska Range copper/gold project.
The loan, which is unsecured and interest-free for the first three months, will allow PolarX to immediately mobilise exploration teams and equipment for the 2025 field season, with drilling expected to start in early July.
“This funding enables us to rapidly advance our high-grade Caribou Dome copper project and unlock further resource growth across the Alaska Range,” PolarX stated on Friday.
Northern Star, which holds a 16% stake in PolarX, owns the Pogo gold mine, located 150 km from the project.
The 12-month loan carries an interest rate of 7% a year after the initial interest-free period. It will be fully drawn on inception.
PolarX will kick off its 2025 exploration programme with an airborne geophysics campaign, acquiring magnetic and LIDAR data at 50 m line spacing across the tenure between Caribou Dome and Senator. The work is designed to match the high-resolution data the company previously collected at its adjacent Stellar property.
Once access roads are cleared and the field camp is established, drill rigs will be mobilised to site for a drilling campaign that will run through to the end of the field season in September. Widespread geological mapping is also planned throughout the broader Alaska Range project area.
The 2024 programme at Caribou Dome demonstrated that high-grade copper mineralisation outcrops at surface and extends to depths greater than 300 m, remaining open along strike and at depth. PolarX said detailed structural logging of oriented diamond core last year had successfully identified down-dip offsets and continuity beyond those structures.
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