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Alkane Resources granted trading halt with material capital raising news pending

The company’s securities will remain in a trading halt until Thursday, November 20, or when an announcement is made to the market.

Alkane Resources Ltd - Alkane Resources in trading halt ahead of capital raising news
Alkane is a gold production company with a multi-commodity exploration portfolio

Alkane Resources Ltd (ASX:ALK) has been granted a trading halt by the ASX pending the release of an announcement relating to a material capital raising.

The halt will remain until the start of normal trading on Thursday, November 28, 2019, or when the anticipated announcement is released to the market, whichever occurs earliest.

Alkane's securities last traded at 61 cents after a new 12-month high of 86.5 cents was reached on October 17. 

Follow-up drilling program

Earlier this month the company scheduled a follow-up drill program of five diamond holes at the Boda prospect within the Northern Molong Porphyry Project in New South Wales.

The 5,000 metres of drilling will test the substantial Boda porphyry gold-copper mineralisation identified in drill hole KSDD003 along strike and down dip.

This hole returned an intersection of 502 metres at 0.48 g/t gold and 0.20% copper from 211 metres with extensive alteration indicative of the core zone of a substantial mineralised porphyry system.

Quick facts: Alkane Resources Ltd

Price: 0.685 AUD

ASX:ALK
Market: ASX
Market Cap: $397.32 m
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