TNT Mines Ltd (ASX:TIN) has been granted a trading halt by the ASX ahead of a proposed capital raising announcement.
The halt will remain in place until the start of regular trading on Wednesday, June 30 or until an announcement is released to the market, whichever occurs earliest.
Upgraded Eureka indicated resource
Last week, the company has substantially upgraded the mineral resource of its WA-based Eureka Project, with gold resources soaring past the 100,000-ounce mark.
The wholly-owned gold asset’s mineral resource now stands at 112,000 ounces of gold, grading 1.42 g/t at a 0.5 g/t cut-off grade.
Within that, TNT has established a 62,500-ounce indicated resource, grading 1.53 g/t gold with the same cut-off grade.
Based on the previous 43,100-ounce resource estimate, the development marks a 68,900-ounce upgrade in the project’s gold resources and Eureka’s current exploration cost stands at just $21 per gold ounce.