- Astro Resources (ARO) has entered a trading halt while it plans to raise some new capital
- At this stage, there aren’t any details on how much money will be raised nor how Astro will spend the funds once received
- Earlier this month, the company recommenced drilling at the Needles project in Nevada after taking a pause during the holiday period
- Astro expects to remain in the trading halt until Wednesday, January 19
- Company shares last traded at 0.5 cents on January 14
Astro Resources (ARO) has entered a trading halt while it plans to raise some new capital.
The trading halt will allow the company to finalise the capital raise and is expected to last until Wednesday, January 19.
At this stage, there aren’t any details on how much money will be raised nor how Astro will spend the funds once received.
Astro Resources is focused on discovering and advancing high-quality mineral resource assets and its current portfolio includes the Governor Broome and Kimberley projects in Western Australia and the Needles project in Nevada, US.
The company recently recommenced drilling at the Needles project after taking a pause over the holiday period. Prior to the Christmas and New Year break, Astro began drilling a second hole at Needles and it reached a depth of 424 metres of its planned 610 metres.
According to Astro, both holes drilled intersected strong pyrite content which is reportedly consistent with a strong chargeability anomaly. However, the company will need to receive assays before it can know whether or not there is gold mineralisation within the target zone.
Initial assays are expected next month.
Company shares last traded at 0.5 cents on January 14.