PolarX Ltd (ASX:PXX) has received commitments to raise about $2.5 million from existing major shareholders and new investors via the issue of shares at 10.5 cents each.
The funds will be used for exploration and development activities at the Alaska Range Project in Alaska, US, including resource extension drilling at the Zackly deposit.
In March 2018, PolarX revealed a maiden JORC inferred resource of 3.4 million tonnes at 1.2% copper, 2 g/t gold and 14 g/t silver for the Zackly deposit.
READ: PolarX Ltd releases maiden JORC inferred resource at Zackly, validating historical data
The resource included 41,200 tonnes of copper and 213,000 ounces of gold, validating the historical non-JORC resource estimates previously defined at Zackly.
Importantly, Zackly remains open for extension along strike and at depth.
Extensional drilling scheduled to commence in June 2018
Additional diamond drilling has been planned to define potential extensions to the mineralisation below the known inferred resource, and along strike to the southeast.
Preparations are now well advanced with drilling scheduled to commence in June 2018.
In addition to increasing the size of the resource at Zackly, PolarX aims to provide vectors towards the source porphyry intrusive centre which provided the mineralised fluids which formed the Zackly copper‐gold‐silver mineralisation.
Well accessible project in a pro‐mining jurisdiction
PolarX’s high‐grade copper‐gold asset is in the mining friendly jurisdiction of Alaska with easy road/rail access to the all year port at Seward.
The company’s management has proven technical expertise and experience in permitting and successful mine development in the US.