- Critical Resources (CRR) enters a trading halt pending an announcement regarding a capital raising
- The company will remain in the halt until February 17 or when the announcement is released, whichever occurs first
- On February 11, CRR announced it had received approval to undertake further drilling at its Gibsons Prospect following the identification of visible chalcopyrite intervals
- An additional 1200 metres of drilling will be carried out to test the depth and extent of the geophysical anomalies and the visual chalcopyrite
- Shares in Critical Resources last traded at 10 cents on February 11
Critical Resources (CRR) has entered a trading halt pending an announcement regarding a capital raising.
The company will remain in the halt until February 17 or when the announcement is released, whichever occurs first.
Critical Resources is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 11, Critical Resources announced it had received approval to undertake further drilling at its Gibsons Prospect following the identification of visible chalcopyrite intervals.
An additional 1200 metres of drilling will be carried out to test the depth and extent of the geophysical anomalies and the visual chalcopyrite.
The current drilling program has already intersected up to 26.29 per cent zinc, 12.49 per cent lead, 1.28 per cent copper, 331.63 grams of silver per tonne (g/t) and 1.50g/t gold.
“Extension of the drilling campaign at Gibsons is confirmation that we see huge potential in the Halls Peak project as a whole,” Managing Director Alex Biggs said at the time.
Once the extra drilling has been completed, the rig will mobilise to Sunnyside where a further 17000 metres of drilling will be carried out.
“These additional holes will allow us to further delineate the chalcopyrite mineralisation we intersected in Hole 11A and test geophysical anomalies at depth,” Mr Biggs said.
Shares in Critical Resources last traded at 10 cents on February 11. The company has a $132.7 million market cap.