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- Meteoric Resources (MEI) has ended the week in a trading halt for the purpose of an upcoming capital raise
- The company will remain in the halt until December 15 or when an announcement regarding the raise is released, whichever occurs first
- Earlier in the week, Meteoric announced it had identified a large chargeability anomaly at its Juruena Project in Brazil
- Given the geological setting of the anomaly, the company believes it represents a zone of dispersed sulphides at depth
- Meteoric is now in the process of planning a deep drilling program to test the target
- Shares in Meteoric last traded at 6.3 cents on December 9
Meteoric Resources (MEI) has ended the week in a trading halt for the purpose of an upcoming capital raise.
The company will remain in the halt until December 15 or when an announcement regarding the raise is released, whichever occurs first.
Meteoric is yet to announce how much it intends to raise or what it will use the funds for once received.
On Wednesday, Meteoric announced it had identified a large chargeability anomaly at its Juruena Project in Brazil.
This anomaly measures over 2000 metres in length, 1500 metres in width, and lies less than 500 metres below surface.
Given the geological setting of the anomaly, Meteoric believes it represents a zone of dispersed sulphides at depth.
The anomaly was defined via a deep direct induced polarisation survey that aimed to identify copper-gold-molybdenum anomalies in soils.
Meteoric is now in the process of planning a deep drilling program to test the porphyry copper-gold target.
Shares in Meteoric last traded at 6.3 cents on December 9.
