PolarX has received firm commitments from investors to raise around $3.76m, which will be largely used for drilling at its exciting Zackly East gold-copper target at the Alaska Range project in the US where previous results included a whopping 55m hit grading 2.8 grams per tonne gold with 0.6 per cent copper thrown in for good measure.
The company said it will plough around 3,000 metres of drilling into the project to follow up on the extraordinary previously announced drill numbers.
The Perth based company said it also intends to raise up to another $1m in a share purchase plan.
Management said it is also planning on some development and metallurgical test work at the Zackly Main deposit where a resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5m ounces of silver, is already in place from surface.
Zackly East also features another wide mineralised intercept of 47m grading 3.1g/t gold and 0.6 per cent copper and the prospect has currently been identified over a potential 600m length. Recent channel sampling identified two anomalous zones with 16m grading 509 parts per million copper and 20m grading 566ppm copper in one trench. Another trench contained 14m grading 1265ppm copper.
With the Zackly East prospect looking to be on the verge of becoming a fully fledged deposit in its own right, PolarX’s drill out will no doubt be highly anticipated by the market.
Within a heightened gold environment at present, there are a few explorers that are managing to turn out some incredible results that would sit comfortably alongside PolarX’s numbers.
One such example is De Grey Mining, who recently hit on a virgin discovery at its now revered Hemi prospect at the Mallina project just south of Port Hedland. Early numbers at Hemi were 44m grading 5.1g/t gold from 40m down hole and 46m going 6.6g/t gold from 92m. Those numbers and a number of other similar looking results saw the company’s share price surge from around 3.9c cents to a recent high of 68.5 cents. De Grey has a market cap of $667.64m today.
Musgrave Minerals is another small company reaping the rewards of a successful gold exploration program with bonanza results rolling off the drill bit at its Cue gold project in WA.
Best numbers for Musgrave include an incredible 42m going 77 g/t gold and from 30m and 61m grading 12.7g/t gold.
Musgrave’s market cap has now breached the $200m milestone with its shares jumping from around 10 cents up to nearly 47 cents off the back of its new discovery.
If PolarX can even come close to replicating its original 47m and 55m high grade intersections, it will be off to the races for this $15m market capped company.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
By Matt Birney
