- Silver Mines (SVL) has entered a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until February 15 or until the announcement is made, whichever comes first
- Towards the end of January, Silver Mines revealed it had intersected up to 1030g/t silver equivalent from its Bowdens Silver Project in NSW
- Drilling is continuing at the project to test other high-grade targets and test extensions of the mineralisation at depth
- Shares in Silver Mines have been trading at 27.5 cents since February 10
Silver Mines (SVL) has entered a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until February 15 or until the announcement is made, whichever comes first.
Silver Mines is yet to disclose how much it intends to raise or what it will put the funds towards.
Towards the end of January, Silver Mines received high-grade silver intercepts from its Bowdens Silver Project in NSW.
Diamond drilling is being undertaken at the project to test extensions of potential source or feeder structures within and around the northwest high-grade zone.
Best results include 10.1 metres at 460g/t silver equivalent from 245 metres including 1.1 metres at 1030g/t silver equivalent from 254.1 metres.
Drilling is continuing to test other high-grade targets and extensions of the mineralisation at depth.
Moving to its financials, Silver Mines burnt $684,000 in the December quarter with the majority going towards administration, staff and corporate costs.
The company also invested more than $1.6 million with the majority used for exploration and evaluation.
As of December 31, Silver Mines had just over $7.14 million in funding available, representing 3.17 quarters of use if spending levels remain the same.
Shares in Silver Mines have been trading at 27.5 cents since February 10.