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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.
PolarX enters trading halt ahead of capital raising
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.

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