- Santana Minerals (SMI) enters a trading halt to plan and execute a capital raise
- The company has also released its September quarterly recap which highlights the progress of its Bendigo-Ophir project in New Zealand
- SMI has laid out plans to conduct drilling, exploration work and studies next year which may benefit from boosted capital
- The company ended the September quarter with just under $2.8 million and an estimated 2.42 quarters left of available funding
- SMI expects to come out of the halt on November 1 and shares last traded at 25 cents on October 2
Santana Minerals (SMI) has entered a trading halt to plan and execute a capital raise.
The materials stock also released its quarterly report for the three months ending September 30.
During this period, Santana focused on advancing its Bendigo-Ophir project in New Zealand which recently saw a major upgrade in its inferred resource from 252,000 ounces to 643,000 ounces of gold.
All inferred resources are above 260 metres vertical depth from the natural surface and sufficient resources have now been identified to justify pit optimisation. This is expected to begin before the end of the year when assays are received from extension drilling.
Looking ahead, Santana will conduct between 10,000 and 20,000 metres of drilling next year to update the mineral resource, test priority targets, advance metallurgical studies and begin feasibility studies.
In terms of expenditure, SMI spent $331,000 on operating activities and $820,000 on investing activities.
The company ended the period with just under $2.8 million and an estimated 2.42 quarters left of available funding.
Santana expects to come out of the trading halt by November 1 by which time the details of the raise will likely be released.
Company shares last traded at 25 cents on October 27.