The trading halt will remain in place until the earlier of commencement of trading on November 15, 2018 or when the announcement is released to the market.
Earlier today, the company revealed positive assay results from the nine-hole maiden drill program at its high-grade nickel sulphide Alotta project in Quebec, Canada.
High-grade massive sulphide nickel-copper intersections returned include:
• 9.20 metres at 2.59% nickel, 2.79% copper, 3.37g/t PGE (platinum group elements) and 0.11% cobalt from metres 85.20 metres; and
• 11.28 metres at 2.17% nickel, 2.15% copper, 2.94g/t PGE and 0.11% cobalt from metres 61.15 metres.
Importantly, TopTung is pleased with the potential economic value of the mineral endowment at Alotta, giving confidence to its goal of becoming a mining and low-cost toll milling operation through identifying shallow emplaced ore bodies amenable to open pit mining.
The company is currently evaluating the extensive regional and prospect database acquired through the Zeus Minerals Ltd acquisition with a view generating drill targets.
Prior to the next drill program in the Alotta Project area TopTung is planning to undertake a down-hole electromagnetic (DHEM) survey in the search for sub-surface conductors which could represent additional massive sulphide drill targets.