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- Gateway Mining (GML) enters a trading halt pending an announcement regarding an upcoming capital raising
- The company will remain in the halt until November 1 or when the announcement is released, whichever occurs first
- On October 21, Gateway identified a new gold zone at the Julias target within the Gidgee Gold Project in Western Australia
- The new gold zone spans a strike of around 1.2 kilometres, intersected up to 8.6g/t gold and it extends towards the Flametree target zone to the south
- Shares in Gateway last traded at 1.8 cents on October 20
Gateway Mining (GML) has entered a trading halt pending an announcement regarding an upcoming capital raising.
The company will remain in the halt until November 1 or when the announcement is released, whichever occurs first.
Gateway is yet to disclose how much it intends to raise or what it will use the funds for once received.
On October 21, Gateway identified a new gold zone at the Julias target within the Gidgee Gold Project in Western Australia.
Results from this high-grade zone include one metre at 8.6 grams per tonne (g/t) of gold, three metres at 7.2g/t gold, and 13 metres at 4g/t gold.
Mineralisation spans a strike of around 1.2 kilometres and extends towards the Flametree target zone, which lies roughly 500 metres to the south.
The new results have confirmed Julias is a significant oxide gold target and Gateway plans to undertake further drilling to test the potential of the Julias-Flametree target zone.
Gateway last tapped investors for cash in July 2020 when it undertook a $7 million share placement.
The funds were raised through the issuance of 437.5 million shares to institutional, sophisticated and professional investors at 1.6 cents each.
Gateway said it would use that money to fund the next phase of exploration at Gidgee with aims to expand on its maiden mineral resource estimates.
Shares in Gateway Mining last traded at 1.8 cents on October 20. The company has a $34.26 million market cap.
