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- Petroleum explorer Enegex (ENX) has entered a trading halt ahead of a capital raise announcement
- The company recently applied for a further 1200 square kilometre tenement package in the South West Terrane of WA
- This is considered an emerging nickel-copper-cobalt-platinum group elements (PGE) province
- If approved, this brings Enegex’s South West Terrane tenement package to roughly 3550 square kilometres
- Whether or not the capital raise will assist with the exploration and development of this area is not yet known
- Company shares last traded for 2.9 cents on Friday, August 14
Petroleum explorer Enegex (ENX) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the commencement of trading on August 19, unless details of the capital raise are announced earlier.
Thee company recently applied for further ground in the South West Terrane, Western Australia, which is considered an emerging nickel-copper-cobalt-platinum group elements (PGE) province.
The South West Terrane is a complex mix of Archean high-grade metamorphic gneisses and highly radioactive granites, with widespread areas of greenstone and layered mafic and ultramafic intrusions.
Enegex believes the new Greenhills Project licence applications contain nickel-PGE mafic and ultramafic igneous intrusions — similar to Challice Gold Mines’ high-grade Julimar discovery.
The application comprises six new tenements that cover around 1200 square kilometres. If approved, this brings Enegex’s South West Terrane tenement package to roughly 3550 square kilometres.
The tenements have been subject to limited exploration, which provides significant discovery opportunities for Enegex.
Whether or not the capital raise will assist with the exploration and development of this area is not yet known.
Company shares last traded for 2.9 cents each on Friday, August 14.
