PolarX Ltd (ASX:PXX) has been granted back-to-back trading halts for the purpose of considering, planning and executing a capital raising.
The trading halts will remain in place until the start of regular ASX trading on Wednesday, June 17, or when an announcement is released to the market, whichever occurs earliest.
The companies shares last traded at 4 cents and are up from 1.5 cents at close on May 12.
Follow-up drilling
PolarX intends to start a substantial drilling program in July to follow-up previous high‐grade gold and copper intersections at Zackly East prospect within its Alaska Range Project.
A small, initial drilling program returned hits grading up to 3.1 g/t gold and 0.6% copper.
PolarX managing director Frazer Tabeart said there was immense potential to grow the overall Zackly resource.
A program of 15‐20 shallow drill holes to an average depth of 150 metres each for around 3,000 metres total is planned to test the 600-metre-long Zackly East target.