PolarX Ltd (ASX:PXX) has received commitments to raise about $3.9 million via a placement of shares at 11 cents each.
The raising was heavily oversubscribed and was supported by institutional and retail investors in Australia, Asia, North America and Europe.
PolarX will use the funds to accelerate exploration and development activities on the Alaska Range Project in Alaska.
READ: PolarX drills copper sulphides 350 metres away from JORC resource
The funds will be primarily used to undertake a program of airborne and ground geophysical surveying and preliminary drilling.
First assays for the current drilling program at Zackly are expected in early August.
Target zones in the northern part of the Alaska Range Project
PolarX has planned a comprehensive exploration program including:
• Detailed helicopter magnetic survey over the Stellar property;
• Ground geophysical survey (induced polarisation) at the Mars and Zackly SE porphyry copper‐gold targets;
• Initial scout drilling at the Mars and Zackly SE porphyry copper‐gold targets;
• Additional resource extension drilling at the Zackly copper‐gold‐silver skarn deposit.
Location map showing main deposits and prospects at the Alaska Range Project
Last month, PolarX commenced drilling at the Zackly area within the Alaska Range Project as part of its strategy to rapidly grow the existing JORC resource and start feasibility studies.
Zackly already has a resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver from surface over a strike length of 1 kilometre.
The mineralisation remains open at depth and along strike at each end and provides an immediate opportunity to create further substantial value for investors.