- Medallion Metals (MM8) places its shares in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until Monday, August 1, or when further details are released to the market, whichever occurs first
- A few days ago, Medallion received assays from phase two drilling completed at the Meridian prospect in Western Australia
- Under the phase two program, 17 holes and three diamond holes were drilled with up to 44.2g/t gold, 0.81 per cent copper and 32.8g/t silver intersected
- Shares in Medallion last traded at 18.5 cents on July 27
Medallion Metals (MM8) has placed its shares in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until Monday, August 1, or when further details are released to the market, whichever occurs first.
Medallion is yet to disclose how much it intends to raise or what it will use the funds for once received.
A few days ago, Medallion received assays from phase two drilling completed at the Meridian prospect in Western Australia.
Under the phase two program, 17 holes, for 2691 metres, and three diamond holes, for 695 metres, were drilled with mineralisation intersected in all holes.
Overall, this drilling intersected up to 44.2g/t gold, 0.81 per cent copper and 32.8g/t silver.
These results confirm the presence of a mineralised system that extends over 700 metres in strike and remains open in all directions.
Results from phase two compliment the phase one results where up to 26.7g/t gold, 0.18 per cent copper and 2.1g/t silver was intersected.
Aircore drilling has been planned to target extensive regional soil gold and copper anomalies.
Shares in Medallion last traded at 18.5 cents on July 27. The company has a $36.20 million market cap.