- Strickland Metals (STK) places its shares in a trading halt pending the release of a capital raising announcement
- The company’s shares will remain in the halt until the earlier of Thursday, August 11, or when the announcement is released to the market
- Yesterday, Strickland announced it had identified a new prospect within the Earaheedy project in Western Australia
- The prospect – Malecite – will be drilled once native title heritage clearance is received
- Shares in Strickland last traded at 5.7 cents on August 8
Strickland Metals (STK) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company’s shares will remain in the halt until the earlier of Thursday, August 11, or when the announcement is released to the market.
Strickland is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, Strickland announced it had identified a new prospect within the Earaheedy project in Western Australia.
Earlier in the year, the company received “encouraging” results from soil sampling with geological mapping identifying outcropping base metal gossan – now known as the Malecite prospect.
Assays from this gossan returned up to 7.3 per cent lead, 0.5 per cent copper, 0.4 per cent zinc, 25 per cent manganese and 4.8g/t silver.
Further, an induced polarisation survey across Malecite highlighted a 400-metre wide chargeability and gravity anomaly that is yet to be drilled.
Strickland will begin drilling once native title heritage clearance is received.
Shares in Strickland last traded at 5.7 cents on August 8. The company has a $73.02 million market cap.