- Metals Australia (MLS) places its shares in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until March 7 or when the announcement is released, whichever occurs first
- Yesterday, Metals Australia reported high-grade lithium, rubidium and tantalum assays from its Manindi Lithium Project in the Murchison District of Western Australia
- Overall, up to 2.30 per cent lithium oxide and 0.70 per cent rubidium was encountered with grades averaging 1.29 per cent lithium oxide and 0.51 per cent rubidium
- Shares in Metals Australia last traded at 8.8 cents on March 2
Metals Australia (MLS) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until March 7 or when the announcement is released, whichever occurs first.
Metals Australia is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, Metals Australia reported high-grade lithium, rubidium and tantalum assays from its Manindi Lithium Project in the Murchison District of Western Australia.
The assays come from a rock chip sampling program undertaken over the newly defined Foundation Pegmatite and the nearby Foundation North and Dibbler pegmatites.
Overall, up to 2.30 per cent lithium oxide and 0.70 per cent rubidium was encountered with grades averaging 1.29 per cent lithium oxide and 0.51 per cent rubidium.
Metals Australia is now progressing with its reverse circulation drilling program, which is testing the central high-grade part of the Foundation Pegmatite. Drilling will also be carried out at the Dibble, Quoll and Bandicoot pegmatites.
Samples will be sent to Intertek laboratory in Perth lithium analysis.
Shares in Metals Australia last traded at 8.8 cents on March 2. The company has a $23.04 million market cap.