- Austin Metals (AYT) places its shares in a trading halt regarding an upcoming capital raising
- The company’s shares will remain halted until the earlier of January 27 or when a capital raising announcement is released
- On January 20, Austin announced a gravity survey was set to begin early next week at the Shadow Prospect to identify gold-bearing structures
- The majority of Shadow is masked by soil cover of varying depths, which means geochemical and geophysical work will become important for a breakthrough discovery
- Shares in Austin last traded at 2.8 cents on January 20
Austin Metals (AYT) has placed its shares in a trading halt regarding an upcoming capital raising.
The company’s shares will remain halted until the earlier of January 27 or when a capital raising announcement is released.
Austin is yet to disclose how much it intends to raise or what it will use the funds for.
On January 20, Austin announced a gravity survey was set to begin early next week at the Shadow Prospect to identify gold-bearing structures.
The majority of Shadow is masked by soil cover of varying depths, which means geochemical and geophysical techniques will become important for a breakthrough discovery.
Gravity surveying has been successful in the area, with Musgrave Minerals (MGV) undertaking a survey at the nearby White Heat and Big Sky structures.
Austin has been active at Shadow recently with results pending for 168 shallow aircore holes and 670 soil samples.
This is the first trading halt Austin has entered since changing its name from Silver City Minerals in December 2021.
Shares in Austin last traded at 2.8 cents on January 20. The company has a $25.40 million market cap.