Arrow Minerals Ltd (ASX:AMD) has been granted two consecutive trading halts with immediate effect for the purpose of planning and executing a capital raising.
The trading halt will remain in place until the start of regular ASX trading on Wednesday, June 17, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 0.9 cents, three times the closing price of 0.3 cents on March 24.
Strickland VMS targets
Last month the company identified strong signatures consistent with volcanogenic massive sulphide (VMS) copper-gold mineralisation in detailed reanalysis of historical soil, reverse circulation and aircore geochemical data at the Strickland Project in WA.
The company’s geological team analysed the large dataset of more than 40,000 soil, shallow samples that have been collected since November 2016.
Results demonstrated that the large Arrow tenement holdings can be divided into two blocks – a northern block prospective for orogenic gold deposits and a southern block that contains three discrete areas hosting anomalous geochemistry typical of copper-gold VMS and intrusive hosted deposits.
The copper-gold potential is the focus of ongoing work at Strickland.