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- Hillgrove Resources (HGO) has entered a two-day trading halt to plan for what will be its first capital raise of 2020
- The company will remain in the halt until December 17 or when an announcement is made, whichever occurs first
- In early December, Hillgrove revealed that new mineral resource estimates had been calculated for the Nugent and West Kavanagh mineralised zones in South Australia
- Drilling has been planned for 2021 to convert the inferred resources to indicated and drill down-dip extensions of the known mineral deposits
- Shares in Hillgrove last traded at 3.6 cents on December 14
Hillgrove Resources (HGO) has entered a two-day trading halt to plan for what will be its first capital raise of 2020.
The company will remain in the halt until December 17 or when an announcement is made, whichever occurs first.
In early December, Hillgrove revealed that new mineral resource estimates (MRE) had been calculated for the Nugent and West Kavanagh mineralised zones at the Kanmantoo Copper Mine in South Australia.
The MRE for Nugent reads 659,000 tonnes at 1.32 per cent copper, 0.61g/t gold and 2.8g/t silver, and 406,000 tonnes at 1.18 per cent copper, 0.06g/t gold and 2g/t silver at West Kavanagh.
Drilling has been planned for 2021 to convert the inferred resources to indicated and drill down-dip extensions of the known mineral deposits.
Prior to this, Hillgrove expanded the copper-gold footprint at Kanmantoo.
14 holes were drilled at Nugent and Kavanagh with aims to increase the geological confidence in the grade and continuity of the mineralisation.
Results peaked at 2.07 per cent copper, 0.67g/t gold, and 7.0g/t silver, demonstrating the continuity of the copper-gold zones.
Shares in Hillgrove last traded at 3.6 cents on December 14.
