- Tennant Minerals (TMS) places its shares in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until April 4 or when the announcement is released, which ever occurs first
- On March 24, Tennant revealed it had fast-tracked exploration at the Bluebird copper-gold discovery in the Northern Territory after finalising a new drilling contract with Titeline Drilling
- A minimum of six diamond holes will be drilled to follow up on thick, high-grade drilling intersections which include up to 5.01 per cent copper and 1.01 g/t gold
- Shares in Tennant last traded at 5.8 cents on March 30
Tennant Minerals (TMS) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until April 4 or when the announcement is released, which ever occurs first.
Tennant is yet to disclose how much it intends to raise or what it will use the money for once received.
On March 24, Tennant revealed it had fast-tracked exploration at the Bluebird copper-gold discovery at Tennant Creek in the Northern Territory after finalising a new drilling contract with Titeline Drilling.
A minimum of six diamond holes, for 1500 metres, have been planned to follow up on thick, high-grade drilling intersections.
The initial holes will target the central part of the shallow westerly-plunging copper-gold shoot above previous intersections of 50m at 2.70 per cent copper and 0.52 g/t gold from 158m including 24 metres at 5.01 per cent copper and 1.01 g/t gold from 159m.
Tennant last raised funds in December when it received firm commitments from Westar Capital for a $1 million placement.
A total of 50 million fully paid ordinary shares were issued at 2 cents as well as one free attaching option for every two shares subscribed for.
Tennant used the money to advance exploration of the Barkly copper-gold project where drilling was undertaken to intersect a new zone of copper-gold mineralisation.
Shares in Tennant last traded at 5.8 cents on March 30. The company has a $29.96 million market cap.