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Cassini Resources in trading halt with capital raising news imminent

The halt will remain in place until Friday, April 5, or until an announcement is released to the market.

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The company’s primary focus is the West Musgrave joint venture with OZ Minerals

Cassini Resources Ltd (ASX:CZI) has been granted a trading halt by the ASX with a capital raising announcement imminent.

The halt will remain in place until the start of normal trading on Friday, April 5, 2019, or when an announcement is released to the market, whichever occurs earliest.

Cassini’s shares last traded at 10 cents, approaching the 12-month high of 10.5 cents reached last month.

READ: Cassini Resources progresses PFS for West Musgrave JV with OZ Minerals

The company is focusing on the West Musgrave joint venture with OZ Minerals Limited (ASX:OZL) in Western Australia with a number of other opportunities to provide exposure to exploration success.

At West Musgrave, in which OZ Minerals has 51% and is earning up to 70%, the partners are undertaking a pre-feasibility study (PFS) on the Nebo-Babel deposits.

READ: Cassini Resources about to kick off 2019 exploration at WA prospects

A local and regional exploration program is running concurrently with both activities funded by the JV earn-in agreement.

Field crews have recommenced infill drilling at Nebo-Babel and further drill testing of regional exploration targets.

The immediate priority for exploration drilling is at One Tree Hill prospect where a recently defined large EM conductor will be tested.

READ: Cassini Resources and OZ Minerals confirm nickel-copper potential of Succoth deposit

Following One Tree Hill drilling, and subject to results, drilling will move to test extensions to mineralisation at Nebo (Sugar Lode) as well as further infill drilling at Succoth.

The PFS remains on track to be completed by the end of the June quarter of 2019.

Cassini is also reprioritising its remaining project portfolio following work in 2018.

Quick facts: Cassini Resources Ltd

Price: 0.097 AUD

ASX:CZI
Market: ASX
Market Cap: $41.49 m
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