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Golden Mile Resources (ASX:G88) - Chairman, Rhod Grivas
Chairman, Rhod Grivas
Source: ResourceStocks
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  • Golden Mile Resources (G88) has entered a trading halt ahead of a proposed acquisition and associated capital raise
  • At this stage, it isn’t clear what the ASX-lister is set to acquire or how much will be raised to support it
  • However, the market will only have to wait until no later than Thursday, March 11 to find out
  • Golden Mile is undertaking a 3000-metre aircore drilling program to test high-grade gold extensions at the Benalla gold trend within its Leonora Gold Project in WA
  • The first batch of results are expected to be received before the end of the month
  • G88 last traded at 5.2 cents on Monday, March 8

Golden Mile Resources (G88) has entered a trading halt ahead of a proposed acquisition and associated capital raise.

At this stage, it isn’t clear what the ASX-lister is set †o acquire or how much will be raised. However, the market will only have to wait until Thursday, March 11, at the latest to find out.

Late last month, Golden Mile began an aircore drilling program at the Benalla gold trend, which is part of the Leonora Gold Project in Western Australia.

The 3000-metre program is testing extensions of broad and shallow high-grade gold at multiple targets which previously returned impressive results. These include 12 metres at 1.03g/t gold from 40 metres, including four metres at 2.52g/t gold and four metres at 3.15g/t gold from 12 metres.

Drilling is expected to take between two and three weeks and the first results will come in this month. Once the program has wrapped up, a follow-up reverse circulation drilling program will begin to test several of the targets at depth.

G88 last traded at 5.2 cents on Monday, March 8.

G88 by the numbers
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