- Benz Mining Corp (BNZ) enters a trading halt while it plans for an upcoming capital raise
- The company hasn’t given an indication as to what it will be using the money for or how much it hopes to raise
- However it’s currently progressing a 50,000-metre drilling program at the Eastmain Project in the Upper Eastmain greenstone belt in Canada
- Benz will remain in the trading halt until September 1 by which time the details of the raise will likely have been released
- Company shares last traded at 79 cents on August 27
Benz Mining Corp (BNZ) has entered a trading halt while it plans for an upcoming capital raise.
The company hasn’t given an indication as to what it will be using the money for or how much it hopes to raise.
In terms of recent activities, BNZ confirmed the presence of multiple mineral occurrences across the Canada-based Upper Eastmain greenstone belt, of which Benz owns 8000 hectares, or 30 per cent.
Benz is conducting a 50,000-metre diamond drilling program at the Eastmain Project to test electromagnetic conductors which has led to the confirmation of potential of copper-gold mineralisation, as well as lithium and zinc.
At the start of August, BNZ received the first batch of assays from its 2021 program which returned three metres at 16.6 grams of gold per tonne (g/t) including 1.5 metres at 32.8g/t gold, and 7.8 metres at 8.7g/t gold including one metre at 32.6g/t gold.
Last week, the company said a third drill rig was due at the site to accelerate the second half of the drilling program and assays were expected from 15,000 metres of drilling.
Benz will remain in the trading halt until September 1, at the latest, by which time the details of the raise will likely have been released.
Company shares last traded at 79 cents on August 27.