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PolarX enters trading halt ahead of capital raising

The company has added substantial size to its Alaska Range copper-gold skarn mineralisation in 2018.

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The Zackly and Caribou Dome tenements are 250 kilometres northeast of Anchorage

PolarX Ltd (ASX:PXX) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of trading on Thursday, December 6, or until an announcement is released to market.

 

READ: PolarX enhances copper-gold potential of Alaska Range Project: Independent Investment Research

The exploration company has made significant progress on its Alaska Range Project during 2018, considerably enhancing the prospectivity of the project to host major porphyry copper-gold systems.

Alaska Range’s copper-gold-silver tenements are within a highly prospective area of Alaska but unlike several of its well-known neighbours are on state mining claims, making them simpler to develop.

This March PolarX defined a maiden, inferred resource for Zackly, sizing the deposit at 3.4 million tonnes grading 1.2% copper and 2 g/t gold and 14 g/t silver.

PolarX’s inferred Zackly resource is estimated to contain 41,200 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver.

Drilling in August turned up 1.4 metres at 3.2% copper, 9.3 g/t gold and 38.2 g/t silver from 285.5 metres and further evidence for a potential resource increase and the existence of nearby porphyry.

It also found copper-gold mineralisation extended 100 metres vertically below the resource.

Quick facts: PolarX Ltd

Price: 0.045 AUD

ASX:PXX
Market: ASX
Market Cap: $24.37 m
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PolarX Ltd's Frazer Tabeart outlines drilling plans for its Zackly East...

PolarX Ltd's (ASX:PXX) managing director Frazer Tabeart caught up with Proactive's Andrew Scott to discuss its plans for drilling at the Zackly East Prospect in Alaska. Zackly East is just 800 metres from existing Zackly Main Resource of 41,000 tonnes of copper, 213,000 ounces of gold and 1.5...

on 28/5/20

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