- Great Western Exploration (GTE) has entered a trading halt ahead of a capital raise
- At this stage, it’s unclear how much the WA-based explorer will raise or what it will use the money for
- However, last week, the company identified the Golden Bullock gold target at its Atley North Gold Project
- This discovery prompted GTE to accelerate a drilling program that was originally planned to begin in June
- At the end of the December quarter, the company had $2.12 million in cash and enough funding for another 4.4 quarters
- But additional funding could provide further support for exploration
- Great Western Exploration last traded at 28.5 cents on February 8
Great Western Exploration (GTE) has entered a trading halt ahead of a capital raise.
The company will stay in a trading halt until Thursday, February 11, unless details of the capital raise are released earlier.
At this stage, it’s unclear how much the WA-based explorer will raise or what it will use the money for.
Last week, Great Western Exploration identified a large-scale gold target, dubbed “Golden Bullock”, at its Atley North Gold Project.
Golden Bullock has a strike length that spans over 2.5 kilometres and a width of 1.5 kilometres, with numerous zones of anomalous gold of more than 10 parts per billion.
Following this, the miner said it would fast track a drilling program that was originally wasn’t planned to begin until June this year.
“We will now fast-track a drilling programme for Golden Bullock. We will also continue the preliminary field work to prove up more targets to go on and drill test during what will be a very active 2021 field work program,” Managing Director Tom Ridges said.
GTE had roughly $2.12 million in cash at the end of the December quarter and enough funding for 4.4 quarters. Whether or not the upcoming raise will support drilling efforts is not yet known.
Company shares last traded at 28.5 cents on February 8.