PolarX completes $3.76 million placement, prepares to begin Zackly East drilling

PolarX Ltd (ASX:PXX) has completed the placement of 98,982,894 ordinary shares at an issue price of 3.8 cents per share to raise $3.76 million. The company is now funded for a 3,000-metre drilling program at the Zackly East gold-copper skarn within its Alaska Range Project. Preparations are being made and drilling is expected to commence in four weeks using two drill rigs with the program of 15-20 holes expected to take around six to eight weeks. “Mobilisation of people and drill rigs” Managing director Frazer Tabeart said: “We received strong support for the raising, particularly from existing institutional shareholders, who have increased their holdings.  “These funds allow us to immediately commence the mobilisation of people and drill rigs for the planned 3,000-metre 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.” Zackly East program 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. The company is confident that the resource inventory could be increased through the planned 3,000 metres of drilling comprising 15‐20  shallow drill holes and step out cross‐sections on 50-metre and 100-metre centres.