North of 60 Mining News - The mining newspaper for Alaska and Canada's North

PolarX Ltd. June 18 said it has secured the funds needed to carry out its 2020 drill program at Zackly East and plans to have drills turning on this high-grade gold-copper skarn in about four weeks.

The Australia-based mineral explorer said sophisticated and professional investors have committed to acquiring roughly 99 million PolarX shares at A3.8 cents each, which will gross the company approximately A$3.76 million (US$2.58 million).

PolarX said the net proceeds from the financing, scheduled to close on July 8, will be used primarily to fund exploration and predevelopment activities at its Alaska Range project, especially the planned drilling at Zackly East.

"We received strong support for the raising, particularly from existing institutional shareholders, who have increased their holdings," said PolarX Managing Director Frazer Tabeart. "These funds allow us to immediately commence the mobilization of people and drill rigs for the planned 3,000-meter core drilling program to test our best target: the near‐surface, high‐grade, gold‐rich Zackly East skarn. The drilling results we achieved in previous seasons at Zackly East were exceptional and give us great confidence in the potential at this exciting prospect."

These exceptional results include:

• 54.6 meters averaging 2.8 g/t gold, 9.4 g/t silver, and 0.6% copper in hole ZX‐18020, including a 0.3-meter (one foot) section averaging 27.3% copper, 2.5 g/t gold, and 82.5 g/t silver.

• 46.7 meters of 3.1 g/t gold, 3.3 g/t silver, and 0.6% copper in ZX‐18024. This thick intercept included a 21.7-meter higher grade zone that averaged 5.2 g/t gold, 4.1 g/t silver and 0.8% copper.

Kyle Negri; Millrock Resources Inc.

Crews encounter high-grade skarn mineralization during the 2018 program at Zackly East. This year's drilling will target the expansion of this mineralization over a 600-meter area.

This high-grade mineralization was encountered about 800 meters east of Zackly Main, a skarn deposit that hosts 3.4 million metric tons of inferred resource averaging 1.2% (90.4 million pounds) copper, 2 grams per metric ton (213,000 oz) gold and 14 g/t (1.5 million oz) silver, according to an Australian Joint Ore Reserves Committee- (JORC) resource calculated in 2017.

PolarX says mineralized drill intersections east of the resource, along with geological mapping and trenching to evaluate the potential 600 meters strike‐length of Zackly East, indicate that this resource may be increased with this year's planned drill program.

PolarX' 2020 drill program is expected to include 15 to 20 holes to an average depth of 150 meters at Zackly East. This drilling will begin near the 2018 holes and systematically step out at 50- to 100-meter intervals as the company traces the high-grade skarn mineralization.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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