- Ausgold (AUC) has entered a trading halt ahead of a capital raise announcement
- The WA-based gold explorer spent the June quarter focused on exploration programs at its wholly-owned Katanning Gold Project in WA
- At the end of the quarter, Ausgold had over $1 million in cash and cash equivalents
- Currently, various exploration activities are being conducted across Katanning which may require the upcoming funds
- Company shares last traded for 3.5 cents on July 31
Ausgold (AUC) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Wednesday, August 5.
The WA-based gold explorer spent the June quarter focused on exploration programs at its wholly-owned Katanning Gold Project. Katanning is located 40 kilometres from its namesake town in the southwest of Western Australia.
At the end of the quarter, Ausgold held $1,025,000 in cash and cash equivalents.
The company is currently focused on drilling to continue to extend high-grade gold mineralisation at Jinkas South.
So far, drilling at Jinkas South has returned impressive results including; five metres at 13.67g/t gold from 120 metres, including one metre at 65.8g/t gold; and 39 metres at 1.32g/t gold from 96 metres, including eight metres at 4.10g/t gold and one metre at 22.2g/t gold.
A downhole electromagnetic program is underway to identify new electromagnetic drilling targets and further extend high-grade gold mineralisation.
Additional exploration activities are being conducted which may require the company’s upcoming capital raise.
However, reverse circulation drilling along the Jinkas North orebody has been co-funded by a $150,000 grant under the Western Australian Government’s Exploration Incentive Scheme (EIS).
Company shares last traded for 3.5 cents each on July 31.