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Argonaut Resources in trading halt ahead of capital raising news

The Murdie Project includes numerous large gravity targets that are analogous to BHP’s nearby Oak Dam discovery.

Argonaut Resources NL - Agronaut Resources in trading halt ahead of capital raising
Agronaut has copper-zinc projects in South Australia, Queensland and Zambia

Argonaut Resources NL (ASX:ARE) has been granted a trading halt by the ASX with a capital raising announcement pending.

The halt will remain in place until the beginning of normal ASX trading on Friday, May 1, 2020, or when an announcement is released to the market, whichever occurs earliest.

Operational approval for Murdie

Argonaut’s shares increased in January on approval of its environmental and operational plan for the Murdie project from the South Australian Government.

The company is planning to conduct ground gravity surveys and deep exploration drilling at the project.

Drilling will target IOCG mineralisation, including some compelling copper exploration targets.

At the time Argonaut chief executive officer Lindsay Owler said: “The approval of our environmental and operational plan is a major step towards the discovery of copper by Argonaut in the Eastern Gawler Craton.

“The project includes numerous large gravity targets that are analogous to BHP Group’s (ASX:BHP) nearby Oak Dam discovery.

“The discovery rate from gravity anomalies in this area is so high that none should go undrilled.”

This is the second of three approvals required to undertake a major drilling program targeting iron oxide copper-gold (IOCG) deposits at Murdie.

Quick facts: Argonaut Resources NL

Price: 0.008 AUD

ASX:ARE
Market: ASX
Market Cap: $23.3 m
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