- Great Southern Mining (GSN) enters a trading halt ahead of a proposed capital raise
- Yesterday, the company announced finding bedrock conductors, including a significant anomaly at the Eastern Laverton nickel project in WA
- Great Southern plans to follow the results up with survey work and potential drilling
- Details regarding the raise are expected to be released by December 13
- Company shares last traded at 6.1 cents on December 7
Great Southern Mining (GSN) has entered a trading halt ahead of a proposed capital raise.
The company hasn’t released any details regarding how much it plans to raise or how it will spend the money once received.
Yesterday, Great Southern announced it had identified bedrock conductors thanks to a recent moving loop electromagnetic (MLEM) survey at the Eastern Laverton nickel project in Western Australia.
The largest anomaly was modelled as a large two-kilometre by a one-kilometre conductor of 1000 siemens at a 300-metre depth.
CEO Sean Gregory said that while the company’s primary focus is gold, it identified the project as being highly prospective for nickel sulphide discoveries.
“We are very pleased with the results of this initial survey which justify close spaced EM and drill testing as soon as practical.”
Great Southern said it would follow up the findings with a closer-spaced EM survey to further refine the orientation of the newly identified bedrock conductors ahead of drill testing.
GSN expects to remain in the trading halt until December 13 by which time the details of the capital raise would have been announced.
Company shares last traded at 6.1 cents on December 7.