Caspin Resources Ltd (ASX:CPN) has been granted a trading halt by the ASX ahead of an announcement regarding a proposed capital raising.
The halt will remain in place until the start of regular trading on Wednesday, July 14, or until an announcement is released to the market, whichever occurs earliest.
Intersects broad zones
Earlier this month, the company demonstrated strong platinum group elements (PGE) potential at its Yarawindah Brook Nickel-Copper-PGE Project in Western Australia following recent diamond drilling at Yarabrook Hill and XC-29 prospects.
As expected from visual observations, drill holes YAD0017 and YAD0018 at Yarabrook Hill returned broad zones of anomalous PGE mineralisation with narrow intersections of highly encouraging palladium, platinum, nickel and copper.
Results have validated the company’s geological model with the strongest mineralisation at the interpreted base of ultramafic section of the intrusion providing a clear target for follow-up exploration.
"Proof of concept"
Caspin chief executive officer Greg Miles said: “The two holes at Yarabrook Hill demonstrate the bedrock sulphide PGE potential of the prospect and have provided the proof of concept we required before launching a large-scale drill program to target higher-grade concentrations of mineralisation.”