- Vital Metals (VML) enters a trading halt while awaiting the release of a capital raising announcement
- The company will remain in the halt until the earlier of Monday August 1 or when the announcement is released to the market
- On July 22, Vital announced it had intersected further broad zones of rare earth oxides at the Tardiff Zone 1 within its Nechalacho project in Canada
- Up to 3.91 per cent total rare earth oxide was intersected, with the results to be used for a resource model to allow for follow-up mining and metallurgical studies
- Shares in Vital last traded at 4.3 cents on July 27
Vital Metals (VML) has entered a trading halt while pending the release of a capital raising announcement.
The company will remain in the halt until the earlier of Monday August 1, or when the announcement is released to the market.
Vital is yet to disclose how much it intends to raise, nor what the funds will go towards.
On July 22, Vital announced it had intersected further broad zones of rare earth oxides at the Tardiff Zone 1 within its Nechalacho project in Canada.
Vital drilled 37 holes to extend the closed-spaced drilling and upgrade the resources from inferred to measured and indicated for upcoming mining studies.
Best results from the program included 13.7 metres at 3.91 per cent total rare earth oxide (TREO) from 10.3 metres, and 22.95 metres at 2.21 per cent TREO from 28.45 metres.
This work has given Vital enough data to create a resource model for Tardiff Zone 1 to allow for follow-up mining and metallurgical studies.
Further drilling may be carried out to expand the measured and indicated resources.
Shares in Vital last traded at 4.3 cents on July 27. The company has a $179.3 million market cap.