Meteoric Resources NL (ASX:MEI) is in a trading halt ahead of an announcement regarding assay results from the Juruena Gold Project in Brazil.
In its application to the ASX for the halt, the company described the upcoming results as being "significant".
The trading halt will remain in place until the start of regular trading on Thursday, February 27, 2020, or when an announcement has been released to the market, whichever occurs earliest.
Shares in the company, which has a market cap of approximately $29.2 million, last traded at 2.6 cents.
Advancing Brazilian projects
Meteoric continued to accelerate exploration at its two key Brazilian gold projects, Juruena and Novo Astro, throughout the December 2019 quarter.
At Juruena, the company completed its maiden diamond drilling program comprising 23 diamond holes for 4,366 metres and which had two rigs working on-site before moving to the Novo Astro project.
Meteoric completed the first-ever drilling program at Novo Astro in December which intersected up to 0.5 metres at 38.8 g/t gold, confirming the presence of primary gold mineralisation.
A $7 million capital raise was undertaken which included the placement of 140 million shares at 5 cents per share, allowing the company to accelerate its exploration program at both projects.