- Magmatic Resources (MAG) has entered its first trading halt of the year while it inks out the details of an upcoming capital raising
- The company will remain in the halt until March 4 or when an announcement is made, whichever occurs first
- Last week, Magmatic began an aircore and hammer drilling program at its Wellington North Project in NSW
- Drilling will be undertaken across the Boda South, Rockleigh and Lady Ilse target areas to test anomalies and outline targets for follow-up drilling programs
- Once work wraps up at these targets, Magmatic will undertake diamond drilling at Rose Hill to test beneath existing intercepts and extend the mineralisation
- Shares in Magmatic last traded at 14.5 cents on March 1
Magmatic Resources (MAG) has entered its first trading halt of the year while it inks out the details of an upcoming capital raising.
The company will remain in the halt until March 4 or when an announcement is made, whichever occurs first.
Magmatic is yet to disclose how much it intends to raise or what it will do with the funds once received.
Last week, Magmatic began an aircore and hammer drilling program at its Wellington North Project in NSW.
The 177-square-kilometre project comprises three exploration licences and is considered highly prospective for gold-copper porphyry, gold epithermal and lode-style gold mineralisation.
Drilling will take place across the Boda South, Rockleigh and Lady Ilse target areas to test anomalies and outline targets for follow-up drilling programs.
Once work wraps up at these targets, Magmatic will undertake diamond drilling at Rose Hill to test beneath existing intercepts and extend the mineralisation.
Magmatic last entered a trading halt in February 2020 ahead of a $5 million placement.
More than 16.6 million shares were issued to institutional and sophisticated investors at 30 cents each.
Once received, Magmatic used the money to progress exploration activities at its exploration assets in the East Lachlan province in NSW.
Shares in Magmatic last traded at 14.5 cents on March 1. The company has a $25.43 million market cap.