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- Alderan Resources (AL8) enters a trading halt ahead of an upcoming capital raise
- It isn’t yet clear how much it will raise or what it will use the money for, but the company is planning on commencing a drilling program in September
- Alderan recently announced positive results which outlined copper and molybdenum mineralisation at its Detroit Project in Utah
- The materials stock will remain in the trading halt until Monday, August 2, at the latest
- Company shares last traded at 4.7 cents on Wednesday, July 28
Alderan Resources (AL8) has entered a trading halt ahead of an upcoming capital raise.
It isn’t yet clear how much it will raise or where the funding will be allocated to, but the market will need to wait no later than Monday, August 2, to find out.
The materials stock recently received results from petrographic examinations on 11 samples taken from a drill hole DD20M-003 at the Detroit Project in Utah.
The Detroit Project is one of four projects Alderan owns. It lies within the Detroit Mining District and contains multiple historical copper, gold and manganese mines.
The results showed copper and molybdenum mineralised potassic altered porphyry within the core samples.
DD20M-003 was drilled last year before a ground magnetic survey defined the Basin Main anomaly. The petrographic results confirmed the Basin Main anomaly as a high priority porphyry copper-molybdenum prospect.
The company is planning to conduct drilling at the Detroit Project in September.
Alderan Resources’ shares last traded at 4.7 cents on Wednesday, July 28.
