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- Magnetic Resources (MAU) begins the week in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until Wednesday, September 7, or when an announcement with further details is released, whichever occurs first
- In mid-August, Magnetic Resources announced it had begun drilling at the Lady Julie North 4 deposit in Western Australia
- Drilling will extend the core within the central part of the indicated and inferred resource, and extend the length of the resource to the north and south
- Shares in Magnetic Resources last traded at $1.02 on September 2
Magnetic Resources (MAU) has begun the week in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until Wednesday, September 7, or when an announcement with further details is released, whichever occurs first.
Magnetic Resources is yet to disclose how much it intends to raise or what it will use the funds for once received.
In mid-August, Magnetic Resources announced it had begun drilling at the Lady Julie North 4 deposit in Western Australia.
A total of 14 reverse circulation (RC) holes, for 2040 metres, will be drilled to extend the high-grade core within the central part of the indicated and inferred resource of 2.7 million tonnes at 1.27g/t gold for 109,000 ounces.
Drilling will also aim to extend the length of the resource to the north and south over a one kilometre length as well as down dip.
Additionally, 23 RC holes, for 1016 metres, will be drilled in shallow exploration target areas to convert them into resources.
Shares in Magnetic Resources last traded at $1.02 on September 2. The company has a $229.8 million market cap.
