- Mount Burgess Mining (MTB) has frozen its shares as it gets ready to announce a capital raise
- The trading halt will remain in place until Monday, September 21, unless an announcement is made earlier
- Shareholders will have to wait until then to find out the details of the capital raise
- More recently, Mount Burgess has been focused on its Kihabe deposit where it intersected potentially commercial copper grades
- Shares in MTB last traded for one cent on September 17
Exploration company Mount Burgess Mining (MTB) has frozen its shares in a trading halt as it gets ready to announce a capital raise.
The trading halt will remain in place until Monday, September 21, unless an announcement is made earlier. Shareholders will have to wait until then to find out the full details of the capital raise.
More recently though, Mount Burgess has been focused on its Kihabe deposit in Botswana where it intersected potentially commercial copper grades.
The company said the copper was intersected in 15 drill holes in the northeast of the deposit. Thirteen of the drill holes had been previously reported as containing copper, but two others hadn’t.
While none of the copper grades were included in Kihabe’s resource estimate, which amounts to 14.4 million tonnes at a zinc-lead-silver zinc equivalent grade of 2.84 per cent, applying a 1.5 per cent zinc equivalent low-cut grade.
The company said further drilling is needed to test the copper mineralisation, to see if its significant enough to be added to the resource estimate.
Before today’s trading halt, shares in Mount Burgess Mining were trading for one cent on Thursday, September 17.