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PolarX completes $1.26 million placement for Alaska Range Project

The company has made significant progress on its Alaska Range Project this year.
dollars
Strong support from existing shareholders

PolarX Ltd (ASX:PXX) has raised $1.26 million by completing the placement of 21.1 million shares at an issue price of 6 cents each for its Alaska Range Project in Alaska, US.

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.

PolarX has made significant progress on its Alaska Range Project this year, considerably enhancing the prospectivity of the project to host major porphyry copper-gold systems.

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.

PolarX’s 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.

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