- Australian gold explorer Great Southern Mining (GSN) has entered a trading halt ahead of a capital raise
- At this stage, it is unclear how much will be raised or what the funding will be used for
- However, GSN recently inked its plans to drill the Cox’s Find and Mon Ami project areas in WA’s Laverton region
- Drilling will begin early next month and will follow up on high-grade gold at Cox’s Find and evaluate the potential for an open-pit mining operation at Mon Ami
- Nevertheless, shareholders will only have to wait until Friday, November 20 to find out the details of the capital raise
- Company shares last traded for 8.5 cents on Tuesday, November 17
Great Southern Mining (GSN) has entered a trading halt ahead of a capital raise.
The company will remain in the trading halt until the earlier commencement of trading on Friday, November 20, unless details of the raise are announced earlier.
Great Southern Mining is an Australian gold explorer focused on WA’s Laverton region and Mt Carlton in north Queensland.
At this stage, it is unclear how much will be raised or what the funding will be used for.
In saying that, GSN recently inked some upcoming exploration plans in the world-renowned Laverton district.
Reverse circulation drilling will begin in the first week of December to test targets within the Mon Ami and Cox’s Find deposits.
Developing the Mon Ami deposit offers a potential source of cashflow for ongoing funding of GSN’s exploration plans across its gold portfolio.
The gold miner recently conducted an in-house preliminary economic review which identified a low-cost opportunity for an open-pit mining operation at Mon Ami.
“The planned drilling program seeks to expand on this opportunity and test for higher grade extensions to the deposit at depth,” CEO Sean Gregory said.
Further, 4000 metres of drilling will be conducted across three targets at Cox’s Find to follow up on high-grade gold mineralisation. Previous results have included: five metres at 80g/t gold from 160 metres, including one metre at 404g/t gold.
Company shares last traded for 8.5 cents on Tuesday, November 17.