Join our daily newsletter At The Bell to receive exclusive market insights
- DevEx Resources (DEV) has entered a trading halt in regards to an upcoming capital raising
- The mineral explorer’s shares will remain paused until Wednesday, November 25 or when the announcement is made
- Earlier this month, DevEx received first results from drilling at two of its projects in NSW
- Drilling was undertaken to test its Basin Creek Gold Project and Junee Copper-Gold Projects
- Additionally, DevEx also tapped investors for cash in mid-July, carrying out a $5.5 million placement
- At the time the company stated it would use the funds to underpin exploration at its NSW and WA projects
- Shares in DevEx last traded for 28.5 cents on November 20
DevEx Resources (DEV) has entered a trading halt in regards to an upcoming capital raising.
The mineral explorer’s shares will remain paused until Wednesday, November 25 or when the announcement is made.
At this point, DevEx is yet to announce how much it is aiming to raise or what it will be using the funds for.
Earlier this month, DevEx received first results from drilling at its Basin Creek Gold Project and Junee Copper-Gold Project, both of which are in NSW.
14 reverse circulation (RC) holes were drilled at Basin Creek to test for primary controls to the gold mineralisation beneath the 3.5 kilometre gold system.
Best results include one metre at 6.2g/t gold from 12 metres, and four metres at 2.1g/t gold from 174 metres.
Drilling at the Junee Project has primarily focused on the Nangus Road and Riversdale North prospects to target porphyry copper-gold style mineralisation.
DevEx has indicated that 2-kilometre-long magnetic anomaly at Nangus Road is associated with porphyry copper-gold style alteration.
Detailed sampling is now underway, and once completed, DevEx will plan the best method to map the broader alteration zone and potential copper-gold mineralisation.
Meantime, this is the second time in recent months that DevEx has tapped investors for cash.
It carried out a capital raise in mid-July, raising $5.5 million through a placement.
At the time, DevEx stated it would use the funds to underpin exploration at its NSW and WA projects.
Shares in DevEx last traded for 28.5 cents on November 20.
