Join our daily newsletter At The Bell to receive exclusive market insights
- Magnetic Resources (MAU) has requested back-to-back trading halts ahead of a capital raise
- High priority projects for the company include Hawks Nest 9 and Lady Julie within the Laverton region and the Homeward Bound South Project closer to Leonora
- Overall, Magnetic aims to unlock the next multi-million-ounce deposit in the Laverton district and is targeting a maiden resource for November this year
- It is also conducting extensive drilling across its tenements
- As of August 7, Magnetic had $3.4 million in cash, so raising further capital could support the company’s future plans
- Company shares last traded for $1.67 on Thursday, August. 27
Magnetic Resources (MAU) has requested back-to-back trading halts ahead of a capital raise.
The company will remain in a trading halt until the earlier commencement of trading on Thursday, September 3.
Magnetic Resources holds 252 square kilometres of prospective exploration tenements in the Laverton region and 206 square kilometres in the Leonora region.
Its high priority projects include the Hawks Nest 9, Lady Julie and Homeward Bound South projects.
Over the past two years, reverse circulation drilling at Hawks Nest 9 has focused on a three kilometre-long gold mineralised zone with many intersections greater than two grams per tonne gold.
The company is conducting further soil geochemical programs to investigate the NE linkup with the Lady Julie Project. It will also conduct a 53-hole, 4365-metre infill and extension drilling program.
At Lady Julie, Magnetic has completed a 120-hole drilling program totalling 5943 metres. This is being followed up by a 13-hole, for 1185 metres, program.
Magnetic will also follow up the Federation shear zone at Homeward Bound South with deep drilling to outline the size of the gold-rich shear zone.
Overall, Magnetic’s strategy is to unlock the next multi-million-ounce deposit in the Laverton district and is targeting a maiden resource in November this year.
As of August 7, the company had $3.4 million in cash, so raising further capital could support the company’s upcoming plans.
Company shares last traded for $1.67 on Thursday, August. 27.
