- Tanga Resources (TRL) has entered a trading halt while it prepares for a capital raise
- The company recently discovered a 2.2-kilometre-long gold anomaly at the Damaran project in Namibia and plans to follow up on it with drilling in the new year
- Soil sampling work is also ongoing at the project and is expected to be completed before the end of this year
- It isn’t known how much Tanga is raising or how it will spend the money, but the details should be released by November 15
- Company shares last traded at 6.1 cents on November 10
Tanga Resources (TRL) has entered a trading halt while it prepares for a capital raise.
The mining stock is yet to announce how much it plans to raise and how it will spend the money. These details are expected to be released once the company comes out of the trading halt by November 15.
At the start of this month, Tanga received the last assays from a soil sampling program it undertook at the Okombahe permit, which forms part of the Damaran project in Namibia.
Soil results defined the Kokosebi gold anomaly which extends for at least 2.2 kilometres of strike with a 100 parts per billion gold anomaly which is supported by arsenic and antimony. It includes a high-grade core with multiple samples returning values of more than one gram per tonne (g/t) of gold.
The Kokosebi anomaly remains open in both directions along strike and the company said it plans to follow-up on the anomaly and results with drilling in the new year.
Tanga is also conducting soil sampling programs on other permits at the Damaran gold project which are expected to be completed by the end of the year.
Company shares last traded at 6.1 cents on Wednesday, November 10.