- Magmatic Resources (MAG) enters into a trading halt while it finalises the details of a capital raising
- The company will remain in the halt until Wednesday, November 16, or when further details are released, whichever occurs first
- Magmatic is yet to disclose how much it intends to raise or what it will use the money for once received
- Shares in Magmatic halted at 11 cents on November 14
Magmatic Resources (MAG) has entered a trading halt while it finalises the details of a capital raising.
The company will remain in the halt until Wednesday, November 16, or when further details are released, whichever occurs first.
Magmatic is yet to disclose how much it intends to raise or what it will use the money for once received.
In November, the company recorded the best mineralised interval to date at the Corvette prospect within its Myall project in New South Wales.
The company kicked off high-impact diamond drilling at the project in July and has so far completed 3200 metres of drilling.
The latest results, which Magmatic said defined the best intersection at the prospect to date, included 154.6 metres at 0.47 per cent copper, 0.1 g/t gold, one g/t silver and 26 ppm molybdenum from 134.4 metres, including 117 metres at 0.55 per cent copper, 0.12 g/t gold, 1.1 g/t silver and 33 ppm molybdenum from 137 metres.
This result comes from the upper portion of the drill hole, with assay results pending for the remaining 510 metres of drill core.
Shares in Magmatic halted at 11 cents on November 14.