- Alchemy Resources (ALY) has entered a trading halt prior to completing a capital raise
- The company is yet to disclose how much it will raise and how it will spend the money but details are expected to be released by October 11
- ALY recently began four magnetic surveys at its Karonie project in WA to better define existing and new targets ahead of follow up drilling
- Whether the capital raise will support future exploration isn’t yet known
- ALY’s shares last traded at 1.3 cents on Wednesday, October 6
Alchemy Resources (ALY) has entered a trading halt prior to completing a capital raise.
The company is yet to disclose how much it will raise and how it will spend the money.
Earlier this week, Alchemy announced it had commenced four high resolution magnetic surveys at the Karonie project in Western Australia.
The surveys aim to better define existing and new targets along strike from existing resources and at new regional targets at Western Brown and Gilmore.
They’re also planned to better understand the high priority target areas and to help interpret basement geology and mineralisation trends.
Alchemy expects to receive results from this work in late October and will use them to plan follow-up phase three drilling.
Whether or not the upcoming capital raise will support planned exploration at Karonie isn’t yet clear.
The company expects to come out of the trading halt by October 11.
ALY’s shares last traded at 1.3 cents on Wednesday, October 6.