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PolarX concludes $2.52 million raise for Alaska Range copper‐gold project

Preparations for the 2018 field program are now well advanced with drilling scheduled to commence in a few weeks.
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Well funded for exploration

PolarX Ltd (ASX:PXX) has completed a share placement to raise about $2.52 million from existing major shareholders and new investors via the issue of shares at 10.5 cents each.

The funds will be used for exploration and development activities at the Alaska Range copper‐gold project in Alaska, US, initially for resource extension drilling at the Zackly deposit. 

Preparations for the 2018 field program are now well advanced with drilling scheduled to commence in a few weeks.

In March 2018, PolarX revealed a maiden JORC inferred resource of 3.4 million tonnes at 1.2% copper, 2 g/t gold and 14 g/t silver for the Zackly deposit.

READ: PolarX Ltd releases maiden JORC inferred resource at Zackly, validating historical data

The resource included 41,200 tonnes of copper and 213,000 ounces of gold, validating the historical non-JORC resource estimates previously defined at Zackly.

Importantly, Zackly remains open for extension along strike and at depth.

Well accessible project in a pro‐mining jurisdiction

PolarX’s high‐grade copper‐gold asset is in the mining friendly jurisdiction of Alaska with easy road/rail access to the all year port at Seward.

The company’s management has proven technical expertise and experience in permitting and successful mine development in the US.

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