- Junior miner Australian Silica Quartz (ASQ) has entered a trading halt until the end of the week as it raises some fresh funds
- The company’s shares will be back up for trade on Friday morning after it reveals how much it raised
- While it’s not yet known what the new funds will go towards, the company released an exploration update today in tandem with the trading halt
- ASQ said it has applied for four exploration licenses in Albany, WA, and signed an exploration and mining access for a property on an exploration license already owned by the company
- At the end of the 2020 financial year, ASQ had just under $3.3 million worth of cash in the bank
- Shares in ASQ last traded for 8.5 cents each yesterday afternoon
Junior miner Australian Silica Quartz (ASQ) has entered a trading halt until the end of the week as it raises some fresh funds.
The company’s shares will be on pause until Friday morning, at which point ASQ will reveal how much it raised and for what the new funds will be used.
Looking at the company’s latest financial figures, ASQ had just under $3.3 million in the bank at the end of the 2020 financial year.
Of course, with a total loss for the year of $840,000, this means the company has enough to cash to keep moving forward for quite some time at current spending levels.
Nevertheless, while it’s not yet certain where the new funds will go, the company shared some of its near-future plans with shareholders this morning in an exploration update.
In the update, ASQ said it has applied for exploration licenses over four tenements in Albany covering an area of roughly 1600 square kilometres.
The company said it considers the area has potential for nickel-copper magmatic sulphide mineralisation. ASQ is busy reviewing historical exploration data from the area so it knows where to focus its own exploration work once the tenements have been granted.
At this stage, the company said it will take on close-spaced aircore drilling in the area as soon as it gains ground access.
Meanwhile, ASQ has also signed an exploration and mining access deal on a 189-hectare property near Albany. Importantly, the property is on an exploration license already owned by the company.
The company plans to start an initial drilling program in the area to figure out what’s under the ground soon. This program is expected to be finished before the end of the year.
ASQ shares last traded for 8.5 cents each yesterday afternoon. The company has an $18.23 million market cap.