PolarX Ltd (ASX:PXX) has shored-up future funding for exploration and development programs with firm commitments from sophisticated and professional investors to subscribe for 43.01 million shares in a placement at A$0.032 per share to raise A$1.376 million before costs.
Net proceeds from the placement will primarily be used to fund the initial drilling program at the Humboldt Range Gold-Silver Project in Nevada and finalise initial technical studies at the company’s Alaska Range Project.
PolarX proposes to use A$1 million of placement funds for drilling across the projects, A$50,000 each for metallurgic and scoping studies at the Alaska Range Project, and the remaining A$226,000 for working capital and issue expenses.
Planned exploration
Humboldt Range Project
Drill testing of the best gold and silver targets on the Humboldt Range Project is expected to begin in Q1 2022, following the recent completion of programs aimed at generating drill-ready targets, including:
- Infill soil sampling over the Black Canyon claims to refine the best gold anomalies; and
- Channel sampling of outcropping alteration and mineralisation associated with extensive stockworks of quartz veins in the Star Canyon area, which is within the wider Black Canyon claim area.
Alaska Range Project
The ongoing technical studies on the Alaska Range Project comprise:
- A metallurgical test-work program evaluating processing options for the Zackly gold-copper-silver mineralisation and the potential for co-processing with Caribou Dome copper mineralisation; and
- An initial scoping study which is evaluating combined mining and processing of Caribou Dome and Zackly mineralisation to help determine minimum resource size required for a viable project and whether Caribou Dome can be mined on a campaign basis and processed at Zackly. The study is anticipated to be completed in Q1 2022.
About PolarX
PolarX Ltd (ASX:PXX) is an Australian exploration and development company with a project portfolio exclusively in the United States.
The primary interest is exploration and development of the Alaska Range Project, which contains the Caribou Dome Project and the Stellar Project.
PolarX also has an interest in the high-grade Humboldt Range Gold-Silver Project in northwest Nevada, which comprises 177 lode mining claims and complements the Alaskan project, providing year-round exploration.