BMG Resources (ASX:BMG) - Chairman, Greg Hancock
Chairman, Greg Hancock
Source: Cobra Resources
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  • BMG Resources (BMG) enters a trading halt pending the release of an upcoming capital raising announcement
  • The company will remain in the halt until Thursday, June 9, or when the announcement is released, whichever occurs first
  • A few days ago, BMG announced it had begun the next phase of drilling at its Abercromby gold project in the north-eastern goldfields of WA
  • Around 11,500 metres of aircore and diamond drilling will be undertaken at the Capital Prospect for resource definition and to test three large gold anomalies
  • Shares in BMG last traded at 4.5 cents on June 6

BMG Resources (BMG) has entered a trading halt pending the release of an upcoming capital raising announcement.

The company will remain in the halt until Thursday, June 9, or when the announcement is released, whichever occurs first.

BMG is yet to disclose how much it intends to raise or what it will use the funds for once received.

A few days ago, BMG announced it had begun the next phase of drilling at its Abercromby gold project in the north-eastern goldfields of WA.

Around 11,500 metres of aircore and diamond drilling will be undertaken over the next 10 weeks at the Capital Prospect.

The diamond drilling will be for resource definition and extension holes while the aircore drilling will target three large gold anomalies identified via recent sub-audio magnetics and aircore drilling.

The aircore drilling will be carried out by Australian Air Core while Boart Longyear has been engaged for the diamond drilling.

The aircore drilling has already begun and is expected to take three weeks while the diamond drilling is scheduled to begin next week and take around 10 weeks.

Shares in BMG last traded at 4.5 cents on June 6.

BMG by the numbers
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