PolarX Ltd. May 15 announced that it has raised AU$2.5 million for exploration and development activities on the Alaska Range copper project in Alaska.

The financing involved the issuance of roughly 24 million shares at a price of AU10.5 cents per share.

Initial exploration at Alaska Range will focus on expanding the Zackly copper-gold-silver skarn deposit.

In March, PolarX announced a maiden Australian Joint Ore Reserves Committee- (JORC) compliant resource for Zackly of 3.4 million metric tons grading 1.2 percent (90.8 million pounds) copper, 2 grams per metric ton (213,000 ounces) gold and 14 g/t (1.5 million oz) silver.

The company said the 1,050-meter-long resource area at Zackly remains open along strike and at depth, which will be the initial target of drilling slated to begin in June.

Zackly is just one of several deposits and prospects at the Alaska Range project, an extensive land package that blankets roughly 22 miles (35 kilometers) of copper and gold mineralization.

Last year, PolarX published the first modern resource for Caribou Dome, another Alaska Range deposit about 12.5 miles (20 kilometers) southwest of Stellar.

The total JORC-compliant resource (measured, indicated and inferred) for Caribou Dome includes 1.6 million metric tons of near-surface material averaging 3 percent (107.8 million lb) copper; and 1.2 million metric tons of underground mineable resource averaging 3.2 percent (82.3 million lbs.) copper.

Kyle Negri, Courtesy of Millrock Resources Inc.

PolarX has found evidence of buried porphyry mineralization along a structural corridor that runs 6,000 meters west from the Zackly skarn deposit on the Alaska Range property.

PolarX has also identified similar geology at several other large prospects within the project area, with high-grade outcropping copper and gold in rock samples at established and yet to be drilled porphyry targets.

The Australia-based exploration company said there is ample evidence that a mineralized structural corridor that runs 6,000 meters west from Zackly to the Mars prospect may host several buried porphyry copper-gold deposits, including underneath Mars and Zackly.

PolarX said this prospective corridor is a high priority exploration target within the Alaska Range project.

–SHANE LASLEY