Carnavale Resources (ASX: CAV) will soon carry out a new joint venture opportunity and launch a capital raising and has been granted an ASX trading halt.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 11th September 2013.
The company had in the June 2013 quarter entered into a joint venture agreement with Barrambie Minerals for the Long Horse project in Western Australia.
This is adjacent to mineral claims and nickel sulphide occurrences in Hannans Reward’s (ASX: HNR) Queen Victoria Rocks Project. It also contains areas formerly included in a joint venture between Emu Nickel and Mincor Resources.
The JV had identified a large magnetic anomaly at the margin of felsic granitoid intrusions and had drilled a hole that intersected a number of thin banded iron formation sequences before it was abandoned as water inflows became too high.
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