- Mandrake Resources (MAN) enters a trading halt regarding an upcoming capital raising
- The company will remain in the halt until June 11 or when an announcement is made to the market, whichever occurs first
- Just yesterday, Mandrake announced it had identified two highly prospective nickel-rich ultramafic prospects at its Jimperding Project in WA
- Both are coincident with electromagnetic anomalies and further work is required to better characterise the geochemistry
- Shares in Mandrake last traded at 24 cents on June 8
Mandrake Resources (MAN) has entered a trading halt regarding an upcoming capital raising.
The company will remain in the halt until June 11 or when an announcement is made to the market, whichever occurs first.
Mandrake is yet to disclose how much it intends to raise or what it will use the funds for once received.
Just yesterday, Mandrake announced it had identified two highly prospective nickel-rich ultramafic prospects at its Jimperding Project in Western Australia.
These bodies were discovered via a recently completed geological mapping and sampling program which collected 174 rock and soil samples.
The two prospects, Tolarno North and South, have been subject to now previous work.
Field inspection at Tolarno North identified a 900-metre-by-200-metre-wide soil-covered zone with outcropping, sub-cropping and ultramafic rock.
Rock chips were submitted for analysis and they returned up to 0.13 per cent nickel, 369 parts per million (ppm) copper and 30 parts per billion (ppb) platinum.
Further work is required at Tolarno North before an aircore program can begin to better characterise the geochemistry and identify drill targets.
At Tolarno South, Mandrake identified a 700-metre-by-200-metre area of ultramafic and amphibolite float.
A sample of the float was sent for analysis and it returned up to 0.12 per cent nickel and 10ppb platinum.
Further work will also be undertaken here to better characterise the geochemistry.
Shares in Mandrake last traded at 24 cents on June 8. The company has a $91.05 million market cap.