PolarX Ltd (ASX:PXX) has completed its share purchase plan (SPP) to raise $1 million, advancing drilling at the Zackly East gold-copper skarn within its Alaska Range Project in the Valdez Creek mining district in Central Alaska.
More than 26.315 million shares have been issued at 3.8 cents per share.
Managing director Frazer Tabeart participated in the SPP through the acquisition of 263,157 shares.
Zackly East drilling
A 3,000-metre drilling program at Zackly East is commencing shortly using two drill rigs.
The program of 15-20 holes will take around six to eight weeks to complete and the company is confident the drilling could increase the resource inventory at the prospect.
The Zackly East Skarn is 800 metres from the Zackly Main Skarn deposit where PolarX has outlined an inferred resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver from surface.