Join our daily newsletter At The Bell to receive exclusive market insights
- Mineral exploration company PolarX (PXX) enters a trading halt ahead of a proposed capital raise
- There isn’t any information yet on how much money will be raised or how PolarX plans to spend it
- Recently, the company launched a full review of the Caribou Dome copper project’s resource model after receiving “exceptional” drill results
- The review will also include a drilling program to test for potential extensions to high-grade copper mineralisation at the Alaskan project
- PolarX expects to come out of the halt on March 31 and shares last traded at 2.5 cents on March 28
PolarX (PXX) has requested an immediate trading halt regarding a proposed capital raise.
The company hasn’t indicated how much it plans to raise nor how it will spend the money but these details are expected to be received once it comes out of the trading halt.
In terms of recent activities, PolarX announced on March 15 that it was beginning a full review of the resource model for its Caribou Dome copper project in Alaska.
The decision followed “exceptional” drill results that included grades of mineralisation higher than those predicted by the resource block model used for the copper project’s current mineral resource estimate (MRE).
PolarX also said it would undertake a follow-up drilling program to test for potential extensions to the known high-grade copper mineralisation and potentially grow the copper inventory at Caribou Dome.
It isn’t clear if the upcoming capital raise will support exploration at the Alaskan project but the details should be revealed by Thursday, March 31.
PolarX last traded at 2.5 cents on March 28.
