Northern Star to earn into PolarX’s Alaska Range project with $39m JV deal
ASX-listed PolarX has struck an agreement with Australia’s largest listed gold miner, Northern Star Resources, paving the way for a staged investment of up to $39-million to advance the Alaska Range copper/gold project in the US.
The deal, subject to shareholder approval, will see Northern Star earn up to a 70% interest in the project through an incorporated joint venture (JV). The arrangement is designed to accelerate exploration, resource expansion and prefeasibility activities across the Caribou Dome and Zackly deposits, as well as assess the broader regional potential of the Alaska Range.
“The incorporated JV has been initiated by PolarX to partner with the corporate strength of Northern Star as a major gold producer and successful Alaskan mine operator and provide funding to potentially enable the company to target expansion of the existing high-grade resource base, whilst also assessing the vast regional potential of the Alaska Range project,” PolarX stated.
Work programmes under the JV are expected to run for up to five years. PolarX will act as manager in the initial phase, supported by Northern Star’s technical team.
As part of the agreement, Northern Star’s existing $2-million loan to PolarX will be set off against its initial $5-million JV contribution. This will leave an upfront $3-million cash payment, payable to PolarX if shareholders approve the transaction.
Meanwhile, PolarX confirmed it would continue to advance its 100%-owned Humboldt Range gold project in Nevada, with a new exploration programme planned for the final quarter of 2025.
Northern Star, which operates three production centres in Australia (Kalgoorlie, Yandal and Pogo) and is advancing the Hemi development project, already has a strong Alaskan presence through its high-grade underground Pogo mine, which employs more than 680 people.
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