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- Sunshine Gold (SHN) has entered a trading halt while it plans and completes a capital raise
- The company recently began drilling at two historical prospects in Queensland and will conduct 8500 metres of drilling at the Triumph Gold Project
- Whether or not the upcoming funding will support these programs isn’t yet clear
- Sunshine Gold expects to remain in the trading halt until Monday, September 20
- Company shares last traded at 5.3 cents on Wednesday, September 15
Sunshine Gold (SHN) has announced its plans to undertake a capital raise.
The company entered a trading halt this morning flagging the upcoming funding but hasn’t indicated how much it will raise or what the money will be used for.
Sunshine Gold has released two updates this week regarding drilling results from the Ravenswood West Project in Queensland.
The first announcement revealed results from a 34-hole drilling program at the Western Dreghorn prospect. Best results included one metre at 6.81 grams of gold per tonne (g/t) from seven metres and one metre at 5.85g/t gold from 68 metres.
SHN also received high-grade rock chip results which will assist with future drill targeting but the company didn’t state when drilling would take place.
Following this, the materials stock announced it had begun drilling at the historical Titov and Keans prospects. Significantly, this drilling is the first the prospects have seen in more than 50 years.
Once drilling has been completed across Titov and Keans, Sunshine Gold will carry out 8500 metres of drilling at the Triumph Gold Project to deliver a maiden JORC resource.
Whether or not the upcoming capital raise will support drilling efforts isn’t yet clear.
Sunshine Gold expects to remain in the trading halt until Monday, September 20.
Company shares last traded at 5.3 cents on Wednesday, September 15.
