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- Carnavale Resources (CAV) placed its shares in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until February 10 or when further details are released, whichever occurs first
- On January 31, the company announced it had received all results from the initial reverse circualtion drilling program at the McTavish East Prospect in Western Australia
- Grades peaked at 23.67g/t gold and the drilling extended the mineralisation to 250 metres in strike and up to 150 metres in depth
- Shares in Carnavale last traded at 1.2 cents on February 7
Carnavale Resources (CAV) has placed its shares in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until February 10 or when further details are released, whichever occurs first.
Carnavale is yet to disclose how much it intends to raise or what it will use the funds for once received.
On January 31, the company announced it had received all results from the initial reverse circulation (RC) drilling program at the McTavish East Prospect in Western Australia.
A total of 21 RC holes were drilled as part of this initial program which aimed to expand the high-grade gold mineralisation identified in previous drilling programs.
Grades peaked at 23.67 grams of gold per tonne (g/t) and the drilling extended the mineralisation to 250 metres in strike and up to 150 metres in depth.
On the same day, Carnavale released its December quarterly report, revealing it had burnt through $179,000 in the quarter, with the majority going towards administration and corporate costs. The company also invested $553,000 in exploration and evaluation.
As of December 31, Carnavale had more than $2.06 million in total available funding, representing 2.82 quarters of use if spending levels remain the same.
Shares in Carnavale last traded at 1.2 cents on February 7. The company has a $29.74 million market cap.
