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- Magnetite Mines (MGT) has entered back-to-back trading halts ahead of an upcoming capital raise
- The company has not disclosed how much it intends to raise or what the funds will be for
- Company shares will be passed until Friday, September 4, or when it releases more details on the capital raise
- Earlier this month, the company successfully completed the initial selective mining assessments of the Razorback Iron Project, which was undertaken by McElroy Bryan Geological Services
- Magnetite Mines last traded for 1.4 cents per share on August 28
Magnetite Mines (MGT) has entered back-to-back trading halts ahead of an upcoming capital raise.
The company has not disclosed how much it intends to raise or what the funds will be for.
This means shares will be paused until the end of the week, September 4, or when Magnetite releases more information about the raise.
Earlier this month, the company completed the initial selective mining assessments of the Razorback Iron Project, which was undertaken by McElroy Bryan Geological Services (MBGS).
The selective mining method was successfully used by iron ore miners like Fortescue Metals Group.
The qualitative study by MBGS has confirmed the capability of the technique to identify surface high-grade zones of mineralisation within discrete lithological horizons at Razorback.
MBGS Managing Director, Kerry Whitby, is so far impressed with the results of the initial selective mining study.
“Although the study is yet to be completed, the lateral continuity of mineralised horizons we have traced throughout the deposit is substantial,” he told the market earlier this month.
“The vision of Magnetite Mines to approve downhole geophysical logging of all their exploration holes has led to a consistent and valuable data set that not only identifies the discrete magnetite-rich bands within the sequence but also makes possible the potential to selectively mine those layers,” he added.
Magnetite Mines last traded for 1.4 cents per share on August 28.
