PolarX gains Lundin Mining backing for Alaska project
Canadian base metals miner Lundin Mining has thrown its weight behind the Stellar copper/gold project in Alaska, with a A$4.3-million investment in PolarX, affording the company a 14.3% shareholding in the ASX-listed junior.
The share subscription will make Lundin PolarX’s largest shareholder and secures it an exclusive option to enter into a joint venture (JV) on porphyry copper/gold targets in the Stellar claims.
The Zackly copper/gold skarn claims are excluded from the earn-in area, PolarX said on Tuesday.
PolarX reported it would use the proceeds of the share subscription to fund an exploration programme, which would be determined by a five-person committee, including three Lundin members and two PolarX members.
The exploration should be completed by December, at which stage Lundin would decide on an option to enter into a three-year earn-in period for a JV. The earn-in would require staged spending of $24-million on exploration and stage payments to PolarX of $20-million.
Meanwhile, PolarX announced that it would also raise up to an additional A$4.25-million through a one for seven nonrenounceable entitlement offer to shareholders priced at A$0.08 a share.
The funds raised through the offer would be used for exploration on the excluded Zackly claims and the Caribou Dome project.
Conclusion of the share placement and the entitlement offer means that PolarX is now fully funded for the 2019 exploration programme.
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