Cauldron Energy Ltd (ASX:CXU) has been granted a trading halt by the ASX with a capital raising announcement pending.
The halt will remain in place until the beginning of ASX trade on Tuesday, October 27, or when an announcement is released to the market, whichever occurs earliest.
Shares in the gold explorer last traded at 3.9 cents.
High-quality targets at Blackwood Goldfield
CXU has made progress in identifying prospects of high value with significant potential to expand the existing mineral resource at its Blackwood Goldfield Project in Central Victoria.
Results of a project-wide and comprehensive data collation, compilation and interpretation of historical data have highlighted the potential of Rogers Big Hill.
The largely forgotten Blackwood Goldfield has been inactive since the late 1980s, but contains more than 250 underground workings, predominantly mined during the Victorian gold rush of the 1850s.
Its most significant operation, Sultan mine, was worked to an estimated depth of 230 metres before water ingress halted mining.