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- Alderan Resources (AL8) has entered back-to-back trading halts ahead of a capital raise
- At this stage, it isn’t certain how much Alderan is looking to raise or what it will put the money towards
- However, the company has inked some drilling plans for the new year which will follow up on a recent drilling program at the Mizpah prospect
- This prospect is part of the Detroit Project in Utah which Alderan is looking to earn up to a 70 per cent interest in
- By the end of last quarter, Alderan had around $1.25 million in the bank after burning through over $340,000
- The company last traded at 9.8 cents on Monday, November 23
Alderan Resources (AL8) has entered back-to-back trading halts ahead of announcing a capital raise.
The company will remain in the trading halts until the earlier commencement of trading on Monday, November 30, unless details of the raise are released earlier.
At this stage, it isn’t certain how much Alderan is looking to raise or what it will use the money for. However, it has inked some drilling plans for the new year.
Last week, the company completed a drilling program at the Mizpah prospect which is part of the wider Detroit Project in Utah.
This project is one of two that Alderan is earning up to a 70 per cent interest in through an agreement with Tamra Mining.
The seven-hole program successfully targeted different styles of gold mineralisation.
In the first week of January 2021, Alderan plans to begin drilling at the Black Rock and White Mountain prospects within the Detroit Project.
By the end of last quarter, Alderan had around $1.25 million in the bank after burning through over $340,000 on exploration and staff and admin costs.
The company last traded at 9.8 cents on Monday, November 23.
