Southern Gold Ltd (ASX:SAU) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed capital raise.
The trading halt will remain in place until Tuesday, February 11, 2020, or when an announcement is released to the market, whichever occurs earliest.
Shares in Southern Gold, which is focused on gold projects in South Korea, last traded at 15 cents.
Results from Deokon
In January 2020 the company received diamond drill results from its maiden drilling program at the Deokon project in South Korea.
Drilling comprised six holes and targeted the Bonanza Zone beneath the outcrop which returned high-grade gold and silver in reconnaissance surface samples.
Results from drilling featured up to 0.15 metres grading 4.59 g/t gold and 708 g/t silver from 42.35 metres depth.
Notably, this confirms mineralisation at depth and the company sees significant potential along strike and within the broader project.