- Greenstone Resources (GSR) begins the week in a trading halt pending an upcoming capital raising announcement
- The company will remain in the halt until February 16 or when the announcement is released, whichever occurs first
- On February 7, Greenstone resumed drilling at its Burbanks Gold Project in the Coolgardie Goldfields of Western Australia
- Around 6500 metres of drilling will be undertaken to test extensions to the known high-grade structures where there has been mininal exploration completed below 250 metres
- Shares in Greenstone last traded at 3.7 cents on February 8
Greenstone Resources (GSR) has begun the week in a trading halt pending an upcoming capital raising announcement.
The company will remain in the halt until February 16 or when the announcement is released, whichever occurs first.
Greenstone is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 7, Greenstone resumed drilling at its Burbanks Gold Project in the Coolgardie Goldfields of Western Australia.
A rig has arrived on site to undertake 6500 metres of diamond and reverse circulation drilling across the Burbanks North and Main Lode.
The initial focus will be on the Main Lode to test extensions to the known high-grade structures where there has been minimal exploration completed below 250 metres.
The rig will then move to Burbanks North where re-interpretation of shallow historical drilling identified thee high-grade plunges near surface.
In its December quarterly, Greenstone revealed it had burnt through $338,000 with the majority going towards administration and corporate costs. The company also invested $675,000 in exploration and evaluation.
As of December 31, Greenstone had nearly $1.5 million in total available funding, representing 1.43 quarters if use if spending levels remain the same.
This didn’t faze Greenstone, however, as the company said it experienced a higher spend than usual during the quarter due to a 4000-metre reverse circulation and diamond drilling program.
The company went on to add its remains capable of undertaking a capital raising to fund its projects.
Shares in Greenstone last traded at 3.7 cents on February 8. The company has a $29.86 million market cap.