King Island Scheelite Limited (ASX:KIS) has been granted a trading halt by the ASX with an announcement pending on the execution of an offtake contract.
This halt will remain in place until the start of normal trading on Monday, April 8, 2019, or when the announcement is released to the market, whichever occurs earliest.
Shares in the company, which is focused on the Dolphin Tungsten Project on King Island in Bass Strait, last traded at 6.5 cents.
Dolphin is one of the highest-grade tungsten deposits in the world and hosts a resource of about 9 million tonnes at 0.73% tungsten, which increases to about 1.1 % as the ore body dips underground.
In an interview with Proactive Investors, the company’s executive chairman Johann Jacobs said: “We’ve been spending the last five years trying to establish the optimal way of restarting the mine.
“We’ve got to a point now where the first eight years of operation will be open cut and that will be followed by eight years of underground.”
Dolphin is on the southeast coast of King Island, the most western large island in Bass Strait, north of Tasmania.