Technology Metals Australia Ltd (ASX:TMT) has been granted a trading halt by the ASX pending a proposed equity raising by way of a share placement.
The halt will remain in place until the start of trading on Friday, September 28, or when an announcement is released to the market, whichever occurs earliest.
Technology Metals shares last traded at 61.5 cents at close on Monday.
The company’s primary exploration focus is on the Gabanintha Vanadium Project 40 kilometres southeast of Meekatharra in the Mid-West region of Western Australia.
It aims to develop this project to potentially supply high-quality V2O5 flake product to the steel market and the emerging vanadium redox battery (VRB) market.
READ: Technology Metals Australia produces 99.53% purity vanadium in tests of Gabanintha ore
Technology Metals has achieved an impressive high purity 99.53% vanadium pentoxide (V2O5) in recent Gabanintha test work.
Initial product generation tests confirmed that the project is amenable to producing very high purity V2O5 using conventional salt roast/water leach processing.
This method has relatively low reagent consumption and does not require additional costly contaminant removal steps.
The work was based on representative samples of the high-grade massive magnetite zone from diamond drilling completed in 2017.
READ: Technology Metals Australia drilling supports proposed mine plan at Gabanintha
Stage I drilling completed at the project as part of a definitive feasibility study has supported the proposed mine plan.
Resource extension stage I drilling in the North Pit area comprised nine diamond and reverse circulation holes for 1,659 metres.
The holes targeted depth extensions to the JORC resource and will also provide geotechnical data for mine planning and samples for metallurgical test work.
Drilling at other areas in the project is expected to be finished this month with assay results available in October.