- Golden Deeps (GED) has entered a trading halt ahead of a capital raise announcement
- In May, the company acquired Extract Minerals, which owns the Tuckers Hill and Havilah projects in the Lachlan Fold Belt within New South Wales
- During the acquisition process, Golden Deeps raised a $541,217 placement to fund exploration, project development and general working capital
- Last week, the gold and base metals explorer identified drilling targets at Tuckers Hill
- Whether or not the upcoming capital raise will provide further support to exploration is not yet known
- Company shares last traded for 1.5 cents each on Friday, August 7
Golden Deeps (GED) has entered a trading halt ahead of a capital raise announcement.
The gold and base metals explorer will remain in a trading halt until the earlier commencement of trading on August 12, unless the capital raise is announced beforehand.
In May this year, the company acquired Extract Minerals, which owns the Tuckers Hill and Havilah projects in the Lachlan Fold Belt within New South Wales.
The East Lachlan Fold Belt contains a number of major gold, copper-gold and silver deposits.
Particularly, the Tuckers Hill Project has previously returned assays up to 705g/t gold with an average grade of 68.45g/t gold.
The Havilah Project is known to host several gold and copper prospects which have returned anomalous copper and gold values.
During the acquisition process, Golden Deeps raised $541,217 through a placement which would fund exploration, project development and general working capital requirements.
Last week, Golden Deeps identified priority gold mineralised trends at the Tuckers Hill Project.
Golden Deeps ended the June quarter with around $669,000 in the bank, which is a significant increase from the $367,000 it started the quarter with.
The company now plans to conduct detailed structural mapping and sampling of the quartz veins that returned values of up to 705g/t gold at Tuckers Hill. Drilling will then be conducted to target interpreted stacked saddle reef at the fold axis at Tuckers Hill.
Whether or not the upcoming capital raise will provide further support to exploration is not yet known.
Company shares last traded for 1.5 cents each on Friday, August 7.