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- Carawine Resources (CWX) has entered a trading halt while it considers, plans and executes a capital raise
- The company’s shares will remain locked up until Tuesday, September 29 at the latest
- Over the course of this month, Carawine has hit a number of milestones
- These include discovering nine new nickel, copper and gold targets at the Big Bang tenement and completing the 90 per cent acquisition of two exploration licences from Thunderstruck Investments
- Carawine will now conduct aircore drilling and exploration work across the targets as well as form a joint venture with Thunderstruck ahead of an exploration program
- The company also announced adding the Elder tenement to its joint venture with Fortescue Metals’ subsidiary, FMG Resources — however, Fortescue is funding the exploration
- Company shares last traded for 23.5 cents on Tuesday, September 22
Carawine Resources (CWX) has entered a trading halt while it considers, plans and executes a capital raise.
The company’s shares will remain locked up until Tuesday, September 29 at the latest.
Carawine Resources has recently had significant news flow. In this month alone, it has added the Elder tenement to its joint venture agreement with Fortescue Metals’ subsidiary, FMG Resources, announced the discovery of nine new nickel and gold targets at its Big Bang tenement and completed the Thunderstruck acquisition.
The newly discovered targets are prospective for nickel-copper, gold and iron oxide copper-gold. They were discovered at Big Bang which is located within the highly prospective Central Fraser Zone that borders recent gold and nickel-copper discoveries.
The gold and base metals explorer plans to conduct aircore drilling and ground geophysical surveys across the targets to better understand them.
In relation to the addition of the Elder tenement under its joint venture with FMG Resources, Carawine stated a first stage exploration program will begin shortly. However, Fortescue will be funding exploration to earn a 51 per cent interest in the expanded tenements.
On September 3, Carawine entered agreements to acquire a 90 per cent interest in two exploration licences from Thunderstruck Investments and a 100 per cent interest in four exploration licence applications in the Tropicana region through the acquisition of Phantom Resources.
Just yesterday, Carawine completed the acquisition of its 90 per cent interest in the Don King and Neale exploration licences. Carawine issued one million shares and made a cash payment of $10,000 when binding terms were being negotiated.
This means it Carawine can now form a joint venture with Thunderstruck to explore the tenements.
“Completion of this strategic acquisition now allows the company to hit the ground running, with an initial focus on the more advanced, high-grade gold targets,” Carawine Managing Director David Boyd said.
Exploration has commenced and drilling is expected to start from late next month.
The upcoming capital raise funds may support exploration at the Big Bang targets and on exploration under its new joint venture — however, this isn’t yet certain.
Company shares last traded for 23.5 cents on Tuesday, September 22.
