Yandal Resources Ltd (ASX:YRL) has been granted a trading halt by the ASX as it has capital raising news pending.
This halt will remain in place until the start of trading on Monday, June 24, 2019, or when an announcement is released to the market, whichever occurs earliest.
The company recently served up encouraging broad intersections from a reverse circulation (RC) drill program at Flushing Meadows prospect of the Ironstone Well Project in WA.
Highlights include 64 metres at 0.51 g/t gold from 40 metres, 32 metres at 0.98 g/t gold from 52 metres and 40 metres at 1.03 g/t gold from 80 metres.
These results have confirmed an oxide gold deposit with a strike length of 1.7 kilometres open in a number of directions.
Maiden resource upcoming
The drill results will be used to estimate a maiden JORC-compliant resource.
Yandal has started a new 27-hole program aimed at infilling the northern 800 metres of the deposit to 50-metre spacing along strike and testing a number of extensional shallow targets.
READ: Yandal Resources completes extensive drilling program at Ironstone Well and Barwidgee gold projects
The completed Flushing Meadows program was part of an extensive RC program at the Ironstone Well and Barwidgee projects in the highly prospective Yandal Greenstone Belt.
Other prospects tested included Flinders Park and Rosewall.