Funds will be used for work including a metallurgical test program, exploration surveys, and securing key exploration contractors for 2019.
PolarX said the support for the placement from existing holders reflected confidence in the substantial upside at Alaska Range.
READ: PolarX enhances copper-gold potential of Alaska Range Project: Independent Investment Research
PolarX’s managing director Dr Frazer Tabeart said: “We already have a significant gold‐copper resource and the latest drilling results highlight the potential for a high‐grade surface mining operation.
“We also have two outstanding porphyry targets which we will pursue in the coming field season.
“The combination of this immense potential and PolarX’s current market capitalisation of ~$17.9 million offers investors substantial leverage.”
Fund exploration on Zackly copper-gold deposit
The planned metallurgical test work program will evaluate processing options for the Zackly copper-gold skarn mineralisation.
Planned exploration includes a 15-20 line-kilometre induced polarisation (IP) ground geophysical survey over the Zackley SE porphyry target.
The 2019 exploration program will be designed to further explore the 55 metres at 2.8 g/t gold and 0.6% copper intersection recently discovered at Zackly.
It will also explore the Mars porphyry copper-gold target and the large-scale Zackly SE porphyry target.
Funding will also be used to reduce helicopter support requirements for the 2019 field program, intended to significantly reduce future exploration costs.