Peel Mining Ltd (ASX:PEX) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.
The halt will remain in place until the earlier of the start of normal trading on Friday, September 7, or when the announcement is released to the market.
READ: Peel Mining’s drilling continues to expand Wagga Tank-Southern Nights mineralised system
Earlier this week, Peel received further high-grade drilling results from its Wagga Tank/Southern Nights project in western New South Wales.
The assay results continue to expand the Wagga Tank-Southern Nights mineralised system with highlight assays including 24 metres at 3.93% zinc, 1.71% lead, 99 g/t silver, 0.26 g/t gold from 203 metres.
Importantly, the Wagga Tank/Southern Nights project is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.
READ: Peel Mining retains speculative buy from Patersons as exploration news flow continues
Drilling is presently paused and planning has commenced towards the re-start of field activities with a focus on infill and extensional drilling at Wagga Tank/Southern Nights in anticipation of a maiden resource estimate.
Additional downhole and surface geophysical surveys and metallurgical test work are also planned in support of this work.