- Black Cat Syndicate (BC8) has entered a trading halt while it plans a capital raise
- Over the last few months, the materials stock has undertaken extensive drilling at its Kal East Gold Project in WA
- The company plans to continue drilling over the current quarter to expand the project’s mineral resource estimate
- However, as Black Cat ended last quarter with $2.7 million in cash — less than one quarter’s worth of funding — it was looking into a potential capital raise
- Black Cat expects the trading halt will be lifted on Wednesday, May 5, at the latest
- Company shares last traded at 77.5 cents on Friday, April 30
Black Cat Syndicate (BC8) has entered a trading halt while it plans an upcoming capital raise.
The materials stock is currently undertaking a drilling program at its Kal East Gold Project in Western Australia.
This project comprises 756 square kilometres of prospective tenements and has a mineral resource of 11.8 million tonnes at 2.3g/t gold for 884,000 ounces of gold.
Last month, BC8 received multiple significant results from this program which included grades of up to 75.57g/t and 142g/t gold from the Fingals Fortune tenement.
Over the March quarter, Black Cat drilled 96 reverse circulation holes at Fingals Fortune to upgrade the mineral resource.
When outlining its plans for the current quarter, Black Cat said it will carry out 30,000 metres of drilling, begin relocating a milling facility and expand the project’s resource.
At the end of the last quarter, the company had $2.7 million in cash — equivalent to just 0.92 quarters left of estimated funding — Black Cat said it was reviewing capital raising options to support exploration.
The company expects the trading halt will be lifted on Wednesday, May 5, at the latest.
BC8 last traded at 77.5 cents on Friday, April 30.