DiscovEx Resources (ASX:DCX) - Non Executive Chairman, Heath Hellewell
Non Executive Chairman, Heath Hellewell
Source: DiscovEx Resources
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  • DiscovEx Resources (DCX) begins the week in a trading halt ahead of an upcoming capital raising
  • The company will remain in the halt until Wednesday, June 22 or when further details are released, whichever occurs first
  • On June 17, DiscovEx and and joint venture partner Carnaby Resources (CNB) announced high-grade results from the Nil Desperandum prospect in Queensland
  • Up to seven per cent copper was intersected with encouraging lateral extensions encountered up-dip to the northwest and down-dip to the southeast
  • Shares in DiscovEx last traded at 0.6 cents on June 17

DiscovEx Resources (DCX) has begun the week in a trading halt ahead of an upcoming capital raising.

The company will remain in the halt until Wednesday, June 22 or when further details are released, whichever occurs first.

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

On June 17, DiscovEx and joint venture partner Carnaby Resources (CNB) announced high-grade results from the Nil Desperandum prospect at the Greater Duchess project in Queensland.

Reverse circulation and diamond drilling was undertaken on the down-plunge and lateral extensions to the high-grade breccia shoot.

Encouraging lateral extensions were encountered both up-dip to the northwest and down-dip to the southeast, suggesting high potential for further lodes and extensions to grow the size of Nil Desperandum.

New results included 19 metres at 2.3 per cent copper from 216 metres including five metres at seven per cent copper from 230 metres.

Further, step-out drilling is continuing and has so far intersected a six-metre wide vein with copper-sulphide mineralisation around 150 metres down plunge from previous drilling.

Shares in DiscovEx last traded at 0.6 cents on June 17. The company has a $15.41 million market cap.

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