PolarX Ltd (ASX:PXX) is in trading halt ahead of planning and executing a capital raising.
The halt will remain in place until Monday February 8 or when an announcement is made to market, whichever occurs earliest.
Zackly Gold-Copper-Silver Project scoping study
PolarX is in the process of planning a scoping study on its Zackly gold-copper-silver project in Alaska to assess the key economics, including costs, tonnages and recoveries and consider Zackly Main, Zackly East and Caribou Dome.
The decision follows the receipt of final drilling results from Zackly East, which further confirms the conclusions reported in December that 4 kilometres of strongly magnetic structures are a high priority for further drilling as they are either known to be strongly mineralised or have the same structure as that which hosts the known mineralisation.
Zackly East sits immediately adjacent to the Zackly Main skarn deposit, where the JORC inferred resource currently stands at 213,000 ounces of gold, 41,000 tonnes of copper and 1.5 million ounces silver.