- Manuka Resources (MKR) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until December 10 or when an announcement is made, whichever occurs first
- On December 4, Manuka revealed it had discovered more high-grade gold beneath the Mt Boppy gold mine in NSW
- Up to 7.14g/t gold was intersected via a reverse circulation drilling program that aimed to gain a better understanding of the mineralisation
- A few days later Manuka revealed that a severe weather event at its Wonawinta Site caused what is believed to be $1 million in damages
- The company expects the plant will be down for four to five days while repairs are completed
- Shares in Manuka last traded at 46 cents on December 7
Manuka Resources (MKR) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until December 10 or when an announcement is made, whichever occurs first.
On December 4, Manuka revealed it had discovered more high-grade gold beneath the Mt Boppy gold mine in NSW.
Reverse circulation (RC) was recently undertaken to gain a better understanding of the mineralisation and potentially extend it.
Best results include six metres at 7.14g/t gold from 62 metres, 24 metres at 6.36g/t gold from 48 metres, and 11 metres at 5.27g/t gold from 19 metres.
Pleasingly, these intercepts lie between 10 to 35 metres below the current planned pit floor and have confirmed the existence of high-grade mineralisation outside the pit shell.
Once all results have been received, Manuka will undertake economic analysis of the gold potential.
A few days later Manuka revealed that a severe weather event at its Wonawinta Site caused what is believed to be $1 million in damages.
The company expects the plant will be down for four to five days while repairs are completed.
Fortunately, no injuries occurred.
Manuka is yet to disclose how much it is aiming to raise or what it will be using the funds for once received.
Shares in Manuka last traded at 46 cents on December 7.