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PolarX granted trading halt pending news of a capital raising

The halt will remain in place until the start of normal trading on Friday, July 27, or when the announcement is released.
ASX sign
The company is exploring for copper-gold in Alaska

PolarX Ltd (ASX:PXX) has been granted a trading halt by the ASX as it intends to release details of a capital raising.

The securities will remain in a trading halt until the earlier of the start of normal trading on Friday, July 27, or when the announcement is released to the market.

PolarX last traded at 13 cents, up from Tuesday's close of 12.5 cents.

READ: PolarX drills copper sulphides 350 metres away from JORC resource

Earlier this week the company received more encouraging drill results from its Alaska Range Project in Alaska.

There were 9.6 metres of copper sulphides observed in core from a hole 50 metres east of the JORC-compliant resource at the Zackly copper-gold deposit.

In addition, drilling has hit visible copper oxides 850 metres along strike from the resource, visible gold 300 metres along strike, and visible copper and gold 100 metres below the resource.

Potential resource expansion

The results support a resource expansion for the deposit with Zackly also remaining open at depth and along strike in both directions.

Alaska Range also hosts the Caribou Dome deposit and the project boasts a combined resource of 127,000 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver.

READ: PolarX concludes $2.52 million raise for Alaska Range coppergold project

Earlier this year PolarX completed a share placement to raise about $2.52 million from existing major shareholders and new investors via the issue of shares at 10.5 cents each.

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