White Cliff Minerals (ASX:WCN) is in trading halt ahead of an announcement on capital raising.
The halt is effective until 6 February 2013.
Last quarter, White Cliff Minerals completed phase one exploration at the Lake Johnston nickel project near Noreseman in Western Australia and drilled six diamond holes for 1,293 metres testing six electromagnetic targets for prospective nickel sulphide mineralisation.
It also did an electromagnetic survey covering 50 line kilometres to identify EM conductors to be tested in phase two and three drilling.
Phase one diamond drilling at the Lake Johnston Nickel project identified strong silver mineralisation with intersections of 2 metres at 71 g/t and 1 metre at 144 g/t.
It has now defined 10 category one drill targets, 7 of which will be drilled as part of the phase two exploration program and phase two exploration for 2000 metres will start in March.
White Cliff Minerals also received the assay results from the 2012 exploration program at the Chanach copper gold project in Krygyzstan with trenching results showing up to 4.12% copper.
It is planning exploration in preparation for the 2013 field season and is looking for funding partners to progress the project.
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