The ASX has granted a trading halt request to Peninsula Energy (ASX: PEN), with the shares placed in pre-open, pending an announcement by the company outlining the details of a capital raising.
Peninsula has not yet announced which project the majority of the potential inflow of funds will be allocated to, but in October the company announced significant mineralisation was encountered in 40 of the 56 holes at the Lance drilling campaign at the Ross Project.
High grade highlights included:
- 5.5m at 650ppm U3O8 for GT 1.21;
- 4.5m at 500ppm U3O8 for GT 0.73;
- 5.5m at 385ppm U3O8 for GT 0.69; and
- 4m at 490ppm U3O8 for GT 0.66.
Of major significance, the majority of results greater than 0.2GT are located outside the current JORC resource, which potentially could significantly increase the 11,400 tonne U3O8 resource.
The broker Hartleys said earlier in the month regarding Peninsula, "Peninsula is entering a period of increased activity, during which we expect strong newsflow related to significant catalysts.
"The newsflow is predominantly related to its 100% owned In Situ Recovery uranium projects located in Wyoming, USA (“Lance Projects”)."
Hartleys added that they continue to recommend the company with a three month price target of $0.09.
Peninsula last traded at $0.08.