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Kin Mining in trading halt ahead of capital raising news

The company’s securities are in a trading halt until Wednesday, June 19, or when an announcement is made to the market.
Core from Cardinia project
Kin Mining is a west Australian gold development and exploration company

Kin Mining NL (ASX:KIN) has been granted a trading halt by the ASX ahead of a capital raising announcement.

The trading halt will remain in place until the beginning of trade on Wednesday, June 19, or when an announcement is made to the market, whichever occurs earliest.

Kin's securities last traded at 5.8 cents.

READ: Kin Mining uses recent drilling to update gold resource at Cardinia

In April the company updated the JORC-compliant resource for its Cardinia Gold Project in Western Australia to 782,000 ounces grading 1.41 g/t gold.

The project's 16 deposits were reviewed and other factors considered such as the gold price of $2,000 per ounce rather than $2,200 per ounce in the former estimate.

Other factors were updated optimisation parameters including revised open pit wall angles, test work derived metallurgical recoveries and updated 2019 mining and processing costs.

READ: Kin Mining receives positive Cardinia gold results with resource update on the way

Kin Mining also received positive drilling and metallurgical test work results as part of an ongoing assessment of development proposed at the Cardinia project near Leonora.

Diamond drilling at the Bruno-Lewis deposits focused on testing the north-trending main contact, northwest trending Bruno lodes and Lewis potassic alteration zones.

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