Join our daily newsletter At The Bell to receive exclusive market insights
- Carnavale Resources (CAV) has entered a trading halt ahead of a capital raising and project acquisition
- The company will remain in the halt until the earlier of March 11 or when an announcement is made
- On March 3, the company began the second phase of aircore drilling at the Kookynie Gold Project in Western Australia
- The Bostech Drilling crew will drill 116 aircore holes to follow up on positive results received from phase one drilling in December
- Drilling is expected to take three weeks to complete with first results expected in April
- Shares in Carnavale last traded at 0.8 cents on March 5
Carnavale Resources (CAV) has entered a trading halt ahead of a capital raising and project acquisition.
The company will remain in the halt until March 11 or when an announcement is made.
Carnavale is yet to disclose how much it intends to raise or what project it is set to acquire.
On March 3, the company began the second phase of aircore drilling at the Kookynie Gold Project in Western Australia.
The Bostech Drilling crew will drill 116 aircore holes, for 5800 metres, to follow up on positive results received from phase one drilling in December.
Work will also test the extents and potential of the gold anomalies and structural features that were identified via this work.
“The first round of aircore drilling produced some strong gold anomalies within our prospective tenement package that we are delighted to be following up with extensional and infill aircore drilling,” Chairman Ron Gajewski said at the time.
Drilling is expected to take three weeks to complete and first results are expected in April.
Shares in Carnavale last traded at 0.8 cents on March 5. The company has a $16.33 million market cap.
