Azumah Resources Limited (ASX:AZM) has been granted a trading halt by the ASX pending a release to the market regarding a material capital raising.
The trading halt will remain in place until the beginning of trade on Thursday, June 13, or when an announcement is made to the market, whichever occurs earliest.
Last month the company intersected high-grade gold up to 168 g/t or more than 5 ounces per tonne, extending mineralisation to 500 metres below surface at the Kunche deposit within its Wa project in Ghana, West Africa.
Three widely spaced exploratory drill holes intersected notable assays, raising expectations that infill drilling could identify multiple, mineralised ore shoots associated with feeder zones extending below the planned open pit.
The discovery of gold at these depths marks a step change in depth expectations for the Kunche deposit and provides considerable geological information to guide the next phase of drilling.
Azumah Resources managing director Stephen Stone said at the time: “The first phase of deep widely spaced exploratory drilling at our flagship Kunche deposit intersected mineralisation to 500 metres below surface.
“Drilling returned some exceptionally high-grade intersections of up to 5 ounces per tonne.”