- Argonaut Resources (ARE) enters a trading halt ahead of a capital raise
- The company is also planning to drill 2800 metres at its Lumwana West Project in Zambia which will commence next month
- Additionally, Argonaut is drilling its Murdie Project in South Australia where it recently hit an iron oxide-copper-gold system
- Argonaut will remain in the trading halt until Tuesday, June 15, at the latest
- Company shares last traded at 0.9 cents on June 9
Argonaut Resources (ARE) has entered a trading halt ahead of a capital raise.
At this stage, it isn't entirely clear how much will be raised or what the miner will use the funds for.
Soon after the trading halt was announced, Argonaut released a presentation outlining its Zambian and Australian assets and its exploration plans for the year.
From next month, the company will be undertaking 2800 metres of diamond drilling at the Lumwana West Project in Zambia. This drilling has been allocated a $2 million budget.
Broken down, five holes will be drilled at the Nyungu copper-cobalt deposit to target extensions to Nyungu Central and Nyungu South. The other 30 holes will be drilled to test near-surface copper oxide mineralisation.
Additionally, Argonaut Resources owns the Murdie Project in South Australia which contains massive anomalies and iron oxide-copper-gold (IOCG) systems.
In March, the company began a five-hole deep drilling program which is testing a large anomaly. Last month, Argonaut confirmed this drilling hit an IOCG system.
Argonaut will remain in the trading halt until Tuesday, June 15, at the latest.
Company shares last traded at 0.9 cents on June 9.