PolarX Ltd (ASX:PXX) (FRA:PX0) has been granted a trading halt by the ASX with an announcement pending in relation to the proposed acquisition of an additional exploration project.
The halt will remain in place until the beginning of ASX trading on Tuesday, January 12, 2021, or when an announcement is released to the market, whichever occurs earlier.
Securities last traded at 4.3 cents, up from 2.7 cents at the market close on December 31.
Zackly East mineralisation extended
The company last month received more high-grade gold and copper assays which extend mineralisation by a further 200 metres at the Zackly East prospect within its Alaska Range project in Alaska.
The company has completed the 2020 drilling program of 23 holes for 3,130 metres with assays for the first 15 holes received and assays from a further seven holes are pending.
Follow-up drilling
The mineralisation at the Zackly Main Skarn deposit is spatially associated with a structure running along a strong magnetic gradient.
Further drilling to test the eastwards extension of this structure is warranted, along with testing of a similar structure a further 100 metres to the north.
In addition, recently acquired ultra-high-resolution magnetic data has highlighted a potential porphyry target to the north and east of current drilling, in addition to the known Alaska Range porphyry targets at Mars, Jupiter, Saturn and Gemini.