Mount Ridley Mines Ltd (ASX:MRD) has been granted a trading halt by the ASX pending the release of details regarding a capital raising.
The halt will remain in place until the details are released or the commencement of trading on Monday 7 May 2018, whichever is earlier.
Exploring the Fraser Range province
Mount Ridley is explorin its 100% owned Mt Ridley Project in the Albany Fraser Range Province of Western Australia.
The 100x50 metre grid stage II auger geochemistry survey was completed in late April.
It targeted the gold-in-soil anomalous area defined during last year’s field season sampling program.
A total of 283 samples were collected for gold analysis and lab assays are expected in about a week.
Geophysical survey work ongoing
Electromagnetic (EM) geophysics surveys targeting the Keith’s and Winston’s prospects commenced in February.
The survey at Winston’s also incorporated a portion of the T19 area, which is known to host sulphides.
Mount Ridley is keen to target a previously identified gravity feature at T19 with a new EM survey to test whether it may represent an intrusive feeding into the T19 mineralised system.