- Cyprium Metals (CYM) has entered back-to-back trading halts to prepare for a capital raising and share purchase plan
- At this stage, it’s not yet known how much the company plans to raise or what the funds will be used for
- However, shareholders will find out by Wednesday, October 28, unless details of the raise are released before
- Cyprium has been undertaking exploration work at the Nanadie Well Copper-Gold Project in WA
- The company plans to continue geophysical work over the Nanadie Well tenements to increase the size of mineralisation
- Shares in Cyprium Metals last traded for 16.5 cents on Tuesday, October 20
Cyprium Metals (CYM) has entered back-to-back trading halts in preparation of a capital raising and share purchase plan.
Cyprium will remain in the trading halt until Wednesday, October 28, unless details of the raise are released before.
At this stage, it’s not yet known how much the company plans to raise or what the funds will be used for. However, Cyprium has recently had a considerable amount of news flow regarding drilling and exploration activities within the Nanadie Well Copper-Gold Project.
Last week, the miner announced pleasing sulphide intersections from the Stark Copper-Nickel Prospect. Results include 5.4 metres at 1.25 per cent copper, 0.26 per cent nickel, 0.08g/t gold, 2.51g/t silver from 257 metres and two metres at 1.04 per cent copper 0.18 per cent nickel, 0.06g/t gold, 1.85g/t silver from 152 metres.
“There is excellent potential to rapidly expand the resource base which provides an opportunity to advance the Murchison Copper-Gold projects into a feasibility study,” Executive Director Barry Cahill said at the time.
The company plans to continue geophysical work and drilling over the Nanadie Well tenements to increase the size of mineralisation. These findings will be included into a Murchison Copper feasibility study.
Drilling material will also support metallurgical test work which, along with the other programs, is expected to be underway by next year.
Company shares last traded for 16.5 cents on Tuesday, October 20.