- Resources and Energy Group (REZ) has entered a trading halt ahead of a capital raising
- Resources and Energy Group is a gold exploration and development company with two wholly-owned projects – East Menzies and Mount Mackenzie
- REZ recently discovered a high-grade, 66-metre thick zone of gold mineralisation at its Gigante Grande Prospect which lies within East Menzies
- The high-grade zone returned a peak assay of one metre at 76.4g/t gold
- At this stage, how much the company will raise and what the funds will be used for remains unclear
- Company shares last traded for 8.8 cents on Thursday, October 22
Resources and Energy Group (REZ) has entered a trading halt ahead of a capital raising.
The company will remain in a trading halt until the earlier commencement of trading on Tuesday, October 27, unless details of the raise are announced earlier.
Resources and Energy Group is a gold exploration and development company with two wholly-owned projects – East Menzies and Mount Mackenzie.
REZ recently discovered a new high-grade zone of gold mineralisation at its Gigante Grande Prospect which is part of its East Menzies Gold Field Project in Western Australia.
The high-grade zone is 66 metres thick and returned a peak assay of one metre at 76.4g/t gold.
The discovery was made following an initial reverse circulation (RC) drilling program designed to test multiple gold anomalies and to drill deeper into the fresh bedrock to test for higher-grade mineralised systems.
REZ will design a second stage drilling program that is planned to be completed before the end of the year.
At this stage, how much the company will raise and what the funds will be used for remains unclear.
Resources and Energy Group’s shares last traded for 8.8 cents on Thursday, October 22.