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Southern Gold in trading halt ahead of capital raising news

The company’s securities will be in a trading halt until Monday, June 17, 2019, or when an announcement is made to the market.

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The company is focused on precious metals assets in South Korea

Southern Gold Ltd (ASX:SAU) has been granted a trading halt by the ASX with an announcement pending in relation to a capital raising.

The trading halt will remain in place until the beginning of trade on Monday, June 17, 2019, or when an announcement is made to the market, whichever occurs earlier.

Shares last traded at 13 cents.

READ: Southern Gold defines major epithermal gold target at South Korean project

Last month the company defined a substantial epithermal gold target over a 5.7 square kilometre area at the Beopseongpo Gold Project in South Korea.

Recent fieldwork identified five major veined zones with width in excess of 20 metres and combined strike length in excess of 2,570 metres.

All five vein zones – Golden Palm, Lotus North and South, Hand of Fait, Phoenix and Enigma - returned weak to moderate anomalous gold and silver values with peaks of 31.9 g/t gold and 23.5 g/t silver.

READ: Southern Gold upgrades Cannon underground gold resource to probable reserve

The program consisted of geo-structural, mineralisation and alteration mapping over two granted graticules – Beopseongpo 29 and 30.

The Beopseongpo target will be drilled shortly with results expected in the next quarter.

Quick facts: Southern Gold Limited

Price: 0.13 AUD

ASX:SAU
Market: ASX
Market Cap: $16.68 m
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Southern Gold awaiting assays from recent drilling at its Beopseongpo...

Southern Gold Ltd's (ASX:SAU) Simon Mitchell tells Proactive's Andrew Scott they've completed drilling at the Beopseongpo project and have new programs underway at the Deokon and Aphae projects. Mitchell says assays are expected from the Hand of Faith drill hole within the wider Beopseongpo...

on 27/5/20

2 min read