Alkane Resources Limited (ASX:ALK) has been granted a trading halt by the Australian Securities Exchange pending an announcement regarding an equity investment in a listed mineral exploration company.
Trading will remain halted until the earlier of Tuesday, October 30, or an announcement is released to the market.
The gold producer recently announced high-grade gold intersections in regional prospects surrounding its Tomingley Gold Operations in Central West NSW.
These finds will potentially provide additional ore feed for Tomingley.
Alkane also revealed last week a gold resource of 108,000 ounces at the Peak Hill Gold Mine, 15 kilometres south of Tomingley.
Peak Hill was an operational open pit gold mine operated by Alkane from 1996 to 2005 and is currently under care and maintenance.
The mine was operated using open pit mining with 153,000 ounces of gold recovered by heap leach and dump leach of the oxidised ore.