- Matsa Resources (MAT) enters a mid-week trading halt while it finalises the details of a proposed capital raising
- The company will remain in the halt until July 16 or when more details are released, whichever occurs first
- Yesterday Matsa received results from a reverse circulation drilling program completed at its Lake Carey Gold Project in Western Australia
- A total of 42 holes were drilled across three targets to define and test mineralisation extensions
- Shares in Matsa last traded at 8.9 cents on July 13
Matsa Resources (MAT) has entered a mid-week trading halt while it finalises the details of a proposed capital raising.
The company will remain in the halt until July 16 or when more details are released, whichever occurs first.
Matsa is yet to disclose how much it intends to raise or what it will use the funds for once received.
Just yesterday, Matsa received results from its Lake Cary Gold Project in Western Australia.
A 42-hole reverse circulation (RC) drilling program was recently completed across the Devon Pit, Hill East and LIN targets to define and test mineralisation extensions.
Grades peaked at 7.2 grams of gold per tonne (g/t) from Devon Pit, 16.8g/t gold from Hill East and 6.91g/t gold from LIN, prompting Chairman Paul Poli to say the results were “very encouraging”.
Matsa will now review these results to determine whether using sub-audio magnetic geophysical techniques are suitable for future targeting.
Shares in Matsa last traded at 8.9 cents on July 13. The company has a $28.12 million market cap.