Source: Golden Mile Resources
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Golden Mile Resources (G88) enters a trading halt while it plans an upcoming capital raise
  • The company recently revealed its plans to conduct phase two testwork at its Quicksilver project as well as drilling at the Yarrambee project in October
  • Prior to drilling, G88 plans to conduct ground electromagnetic work to refine the 48 targets identified during previous survey work
  • The materials stock hasn’t disclosed any details on the capital raise but expects to come out of the trading halt on September 9
  • Company shares last traded at 6.1 cents on September 6

Golden Mile Resources (G88) has entered a trading halt while it plans an upcoming capital raise.

The materials stock hasn’t disclosed how much it’s planning to raise or where the money will be put towards.

Most recently, G88 announced its plans to undertake a second phase of metallurgical testing at its Quicksilver nickel-cobalt project in Western Australia’s Wheatbelt region.

This commitment was prompted by previous test work which recognised the potential to beneficiate mineralisation and produce a lower-cost nickel-cobalt concentrate.

The phase two testwork will get underway around the same time as Golden Mile begins drilling at the Yarrambee Project which is slated for October.

G88 revealed its plans to drill the WA-based project in its August investor presentation and said the drilling was sparked by an electromagnetic (EM) survey which identified 48 high-priority drill targets.

Prior to drilling, the company plans to conduct ground EM work to refine the targets.

Additionally, Golden Mile’s Yuinmery Project has generated targets from soil sampling which may be followed up with drilling and further sampling. However, no definite plans have been revealed yet.

Whether or not the capital raise will support upcoming exploration work isn’t yet known for sure but G88 expects to come out of the trading halt on September 9.

Company shares last traded at 6.1 cents on September 6.

G88 by the numbers
More From The Market Herald
Dacian Gold (ASX:DCN) - Non Executive Chair, Mick Wilkes

" Dacian Gold (ASX:DCN) halts trade for cap raise & material transaction

Dacian Gold (ASX:DCN) has placed its shares in a trading halt pending a capital raising and…
Galileo Mining (ASX:GAL) - Chairman & Managing Director, Brad Underwood

" Galileo Mining (ASX:GAL) begins week in trading halt

Galileo Mining (ASX:GAL) has begun the week in a trading halt pending the release of a…

" Genesis Minerals (ASX:GMD) awaits capital raise

Genesis Minerals (ASX:GMD) has entered a trading halt ahead of an announcement in regards to a…