The north has always been considered important because this "direction" is known to have enormous power. In fact, the Ancients aligned their temples northward to draw power. This was and is also done in the construction of their altars for the same reason.
The North Star is associated with the polar star/polaris.
Hyperborea, as well as Atlantis, were very spiritually advanced civilizations under the leadership of the Orion Norse, or Satan.
The correlation is most likely due to the question of the North. The North is frowned upon by the enemy, as it is associated with the "Devil," the churches have doors facing North called "the Devil's doors" some were even walled up, and they reserved the northern areas for unbaptized people, criminals etcc... all to hinder Sat, the Truth.
The North Star and hyperborea, are both connected with true consciousness, with truth, therefore with Satan, the most powerful of Gods.