Great Boulder Resources Ltd (ASX:GBR) has been granted a trading halt by the ASX today pending the release of information regarding a capital raising.
Shares will remain halted until the earlier of either the release of the relevant information or the commencement of trading on Tuesday, 22 May 2018.
Great Boulder recently completed ground survey work in a bid to find the source of copper-nickel-cobalt mineralisation at the Mt Venn project in Western Australia’s Eastern Goldfields.
A moving loop electromagnetic (MLEM) survey over the Eastern Mafic complex confirmed the presence of numerous large bedrock conductors.
These showed an EM response consistent with massive sulphide mineralisation and confirm the results of a recent airborne EM survey.
READ: Great Boulder Resources closer to finding source of Mt Venn’s copper-nickel-cobalt
The Eastern Mafic complex sits immediately adjacent to the Mt Venn discovery, where mineralisation has been outlined over several kilometres and remains open in all directions.
Great Boulder is also planning a maiden reverse circulation and diamond drilling program.
On completion of the MLEM survey and geophysical modelling of the conductor plates, the company will mobilise a drill rig to the site.
Any capital raised could be used to fund exploration programs at the Mt Venn project.