- Great Southern Mining (GSN) begins the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until August 11 or when a further announcement is released, whichever occurs first
- On August 2, Great Southern received initial results from the Southern Star prospect in Western Australia
- Drilling was undertaken to determine and define mineralisation along strike with grades so far peaking at 6.3g/t gold
- Shares in Great Southern last traded at 5.9 cents on August 6
Great Southern Mining (GSN) has begun the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until August 11 or when a further announcement is released, whichever occurs first.
Great Southern is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 2, Great Southern received initial results from the Southern Star prospect at its Duketon Gold Project in Western Australia.
A total of 3421 metres of reverse circulation drilling has been completed so far with aims to determine and define mineralisation along strike.
Best results include five metres at 2.7 grams of gold per tonne (g/t) including two metres at 6.3g/t gold from 127 metres; and 59 metres at 2.1g/t gold including nine metres at 4.5g/t gold.
Results are pending for a further 12 holes and are expected to be reported on in due course.
In its June quarterly, Great Southern revealed it had burnt through $389,000 with the majority going towards administration and corporate costs.
The company also invested $412,000 in exploration and evaluation, and $1000 in property, plant and equipment.
As of June 30, Great Southern had nearly $1.39 million in total available funding, representing 1.72 quarters of use.
The company stated it is considering a number of ways to raise capital to continue to fund exploration.
Shares in Great Southern last traded at 5.9 cents on August 6. The company has a $26.84 million market cap.