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- CZR Resources (CZR) has entered a trading halt while it plans a capital raise
- At this stage, it isn’t certain how much will be raised but, in its most recent quarterly update, CZR flagged some exploration plans for the current quarter
- These include fieldwork at the Robe Mesa iron ore deposit in WA and a 5000-metre drilling program at the Buddadoo Gold Project which began at the end of last month
- The company expects to remain in the trading halt until Monday, June 7, at the latest — by which time the market will know full details of the raise and where exactly the funding will go
- Company shares last traded at 1.4 cents on June 2
CZR Resources (CZR) has entered a trading halt ahead of a capital raise.
The company expects to remain in the trading halt until Monday, June 7, at the latest, by which time it will have released the details of the funding.
At this stage, it isn’t certain how much will be raised however in its most recent quarterly update, CZR flagged some exploration plans for the current quarter.
CZR Resources has a wide portfolio of gold and iron ore projects in WA’s Pilbara and Yilgarn regions.
The company will undertake environmental fieldwork and submit a program of works to drill the Robe Mesa iron ore deposit which is part of the Yarraloola Project in the Pilbara.
After exploration and drilling across the Yarrie, Croydon and Shepherds Well projects, CZR hinted at follow-up drilling but didn’t set a time frame for when these programs will occur.
Lastly, a soil sampling program at the Buddadoo Gold Project returned significant gold and pathfinder element anomalies which indicated lode-style gold mineralisation.
On May 25, the miner officially began a 5000-metre reverse circulation drilling program at Buddadoo which is focussed on several targets generated through mapping and sampling.
At the end of the March quarter, CZR had about $2.3 million in cash and expected to have over seven quarters of funding left based on spending levels in that period.
Company shares last traded at 1.4 cents on June 2.
