Ora Banda Mining Ltd (ASX:OBM) (FRA:M6N) has been granted a trading halt by the ASX ahead of a capital raising announcement.
The halt will remain in place until the start of regular trading on Tuesday, June 8, or until an announcement is released to the market, whichever occurs earliest.
OBM's market cap is approximately $172.7 million and shares last traded at 20.5 cents.
Further high-grade gold hits
On May 28 the company tabled further broad, high-grade results in resource extension and infill diamond drilling at Golden Eagle deposit within the wider Davyhurst Gold Project in Western Australia, supporting pre-mining expectations and providing important information into remodelling the Southern Mining Area.
The drilling program was aimed at infilling and extending the declared mineral resource of 393,000 tonnes at 3.9 g/t gold for 49,000 ounces.
Best new result is 19 metres at 5.4 g/t gold, including 11.1 metres at 8.9 g/t, with other results of:
- 5.8 metres at 15 g/t, including 5.5 metres at 16 g/t;
- 14.6 metres at 4.8 g/t, including 14.2 metres at 4.9 g/t;
- 7.3 metres at 9.4 g/t;
- 13.8 metres at 4.1 g/t, including 4.6 metres at 9.5 g/t; and
- 4.3 metres at 5.5 g/t.