Northern Minerals Ltd (ASX:NTU) has been granted a trading halt by the ASX with a capital raising announcement pending.
The halt will remain in place until the start of normal trading on Tuesday, February 16, 2021, or when an announcement is released to the market.
NTU has a market cap of approximately A$217.2 million and shares last traded at A$0.052 up from A$0.036 at the market close on January 13.
Potential for resource growth
The company has recently received encouraging results across several targets from the first phase of its latest exploration drilling program at Browns Range Project in the Kimberley region of Western Australia, indicating the potential for mineral resource growth.
The results from 45 drill holes have been received from Dazzler Northwest (seven holes), Dazzler North/Ripcord (16 holes), Dazzler (six holes), Gambit West (seven holes), Wolverine West (four holes) and a new prospect named Toad (five holes).
Results from the remaining 71 drill holes in the 2020 program are expected to be returned over the next few weeks.
The company will follow-up these initial results in the second phase of drilling being planned at Browns Range in 2021, following the end of the wet season in the Kimberley region.
NTU chief executive officer Mark Tory: “Following up on these results will be one component of the second phase of our exploration drilling campaign, which we will be back on the ground to complete before the end of June.”