Kin Mining NL (ASX:KIN) has been granted a trading halt by the ASX with a capital raising announcement upcoming.
The halt will remain in place until the start of normal trading on Wednesday, February 10, 2021, or when an announcement is released to the market.
Kin has a market cap of approximately $112.1 million and shares last traded at 16 cents.
Exploration potential enhanced
The company has enhanced the exploration potential of its Cardinia Gold Project (CGP) near Leonora in Western Australia after receiving and interpreting the results of a detailed gravity survey completed over the eastern part of the tenements.
Interpretation of the results has revealed up to seven new priority target areas along the Eastern Corridor where Kin Mining believes there is excellent potential to discover new zones of high-grade mineralisation.
These targets will be systematically tested as part of the 2021 Phase 4 drilling program.
An expanded gravity survey will also be undertaken over the western side of the CGP and over the East Lynne, Collymore and Hobby prospects to the north.
Managing director Andrew Munckton said: “The gravity survey results from the eastern part of the Cardinia Gold Project have revealed a number of intrusions that we believe are critical geological features in controlling the locations of the high-grade gold mineralisation intersected in RC and diamond drilling at key locations drilled during Phase 3 exploration programs last year.”