- Kingfisher Mining (KFM) ends the week in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Tuesday, September 13, or when the announcement is released to the market, whichever occurs first
- On September 6, Kingfisher confirmed “significant” clay rare earth element (REE) mineralisation at the Mick Well prospect in Western Australia
- Up to 3011 ppm total rare earth oxides were encountered with metallurgical sighter testwork now underway to assess the extraction of the REEs from the clay mineralisation
- Shares in Kingfisher last traded at 45.5 cents on September 8
Kingfisher Mining (KFM) has ended the week in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Tuesday, September 13, or when the announcement is released to the market, whichever occurs first.
Kingfisher is yet to disclose how much it intends to raise or what it will use the funds for once received.
On September 6, Kingfisher confirmed “significant” clay rare earth element (REE) mineralisation at the Mick Well prospect in Western Australia.
The mineralisation was identified in a follow-up reverse circulation drilling program that returned results of 24 metres at 2345 parts per million (ppm) total rare earth oxides (TREO) from surface including eight metres at 3011 ppm TREO from surface.
According to Kingfisher, the mineralisation intersections were thick and high-grade and confirmed the continuity of the mineralisation downhole and along strike.
Metallurgical sighter testwork is now underway to assess the extraction of the REEs from the clay mineralisation.
Shares in Kingfisher last traded at 45.5 cents on September 8. The company has a $19.22 million market cap.