- Ardea Resources (ARL) has entered a trading halt ahead of capital raise
- At this stage, it is unclear how much the company is aiming to raise and what the funds will go towards
- Earlier this month, Ardea reported a large reverse circulation (RC) drill rig arrived on-site and has commenced drilling at Aphrodite North gold target, which is an emerging gold discovery
- Aphrodite North is the first of five Bardoc Tectonic Zone (BTZ) gold targets drilled on Ardea’s tenements during a 6000-metre RC drilling program
- The program is expected to run over September and October
- Company shares last traded for 53.5 cents per share on September 15
Ardea Resources (ARL) has entered a trading halt ahead of capital raise.
At this stage, it is unclear how much the company is aiming to raise and what the funds will go towards.
Company shares will be paused until Friday, September 18, or when Ardea releases more details to the market.
Earlier this month, Ardea reported a large reverse circulation (RC) drill rig arrived on-site and has commenced drilling at Aphrodite North gold target, which is an emerging gold discovery.
Aphrodite North is the first of five Bardoc Tectonic Zone (BTZ) gold target areas to be drilled on Ardea’s tenements in a 6000-metre RC drilling program. The program is expected to run over September and October.
Additionally, a second rig is booked for late September and will resume drilling at Lady Charlotte, which is following up on near-surface supergene mineralisation.
“The Ardea Team are pleased to resume drilling on our BTZ Gold targets, to followup on the promising start to gold exploration at Aphrodite North and Grafter and to test other compelling targets,” Managing Director Andrew Penkethman said earlier this month.
“With Ardea, one of a select few ASX listed companies that maintains an Operations
Office in the City of Kalgoorlie-Boulder, we have been able to leverage off our local
presence and strong relationships with service providers to help ensure access to
essential services such as quality drilling contractors and assay services,” he added.
Company shares last traded for 53.5 cents per share on September 15.