Core Lithium Ltd (ASX:CXO) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.
The halt will remain in place until the earlier of the start of trading on Monday, December 10, or until an announcement is released to market.
READ: Core Lithium releases maiden resource for Sandras, shares rise
The company recently boosted its JORC resource inventory through the release of a maiden resource for the Sandras lithium deposit within the Finniss Lithium Project, Northern Territory.
The resource at Sandras totals 1.3 million tonnes grading 1.0% lithium and it boosts the overall resource for the Finniss Project to 6.34 million tonnes grading 1.39% lithium.
The growing lithium resource at Finniss increases the project’s potential value as a future mining operation which is being investigated further by an ongoing definitive feasibility study.
Core is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals.