Why the Polarx (ASX:PXX) share price rocketed 20% today

The Polarx share price rocketed over 20% higher today. Let’s review the latest news for clues about the jump.

| More on:
asx share price surge represented by hand holding rocket taking off

Image source: Getty Images

The Polarx Ltd (ASX: PXX) share price closed over 20% higher today at 4.7 cents a share.

Polarx is a mineral exploration and development company with current interests in copper and gold projects in Alaska and Nevada, USA. The company’s shares entered a trading halt today, which came at the same time that Polarx announced progress pertaining to its Zackly gold-copper-silver project.

Polarx plans scoping study following latest drilling results

The scoping study, based on the company’s Zackly Main, Zackly East and Caribou Dome projects, is being planned to determine key project economics following Polarx’s latest Alaska drilling results.

Polarx announced that its latest assays confirm mineralisation occurs over at least 2.5km of strike length, with a further 2.5km of highly prospective structures to be drilled.

Additional drilling over another 1.5km of strike-length has intersected mineralisation in most holes, but drill density is not yet sufficient for resource modelling.

The Zackly Main site comprises a JORC inferred resource of 213,000oz of gold, 41,000 tonnes of copper and 1.5 million oz silver over a 1km strike length.

The Caribou Dome site of the Zackly Project hosts a JORC resource of 86,000 tonnes of copper at an average grade of 3.1%.

Humboldt Range Project delivers high grade gold and silver results

The Polarx share price gaining ground also comes after positive results were reported from the company’s Humboldt Range Project.

Polarx reported that assay results from its due-diligence sampling at the Humboldt Range Gold-Silver Project in Nevada, USA, have verified the presence of high grades of gold and silver at several sites.

The company stated that it intends to immediately commence an evaluation to determine whether high-grade mineable widths and tonnages are present.

Polarx will also evaluate whether the altered rock between the veins contains economically viable grades of gold and silver amenable to bulk mining.

The company has a current market capitalisation of $21.1 million. The Polarx share price has risen around 51.6% over the past month.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More on Share Market News