PolarX Limited (“PolarX” or “the Company”) is set for an active 2019 field season over the Alaska Range Project (“the Project”), and is well cashed up with ~A$8 million in the tin. A$4.28 million of this came from a share subscription by the C$5.3 billion TSX listed Lundin Mining Corporation (“Lundin Mining”, TSX:LUN) as part of an exclusive option agreement to enter into an earn-in over the porphyry targets within the Stellar claim package, and will be used to fund the 2019 exploration over these targets. Planned work includes 5,000 m of core drilling over the high priority Saturn (formerly Zackly SE) and possibly Mars targets. Ongoing data interpretation has confirmed the strong potential of these targets for porphyry-style mineralisation, with Saturn interpreted as being the source of mineralising fluids for the Zackly skarn.
The results of the 2019 field work on the porphyry targets will then be used by Lundin Mining in a decision whether to proceed with the earn-in. Should they elect to do so Lundin Mining will have the right to earn 51% of the claims through the staged expenditure of US$24 million on direct exploration and staged cash payments of US$20 million to PolarX over three years. Lundin Mining will earn no equity with an early withdrawal, however may choose to accelerate the programmes.
