The trading halt will remain in place the start of regular trading on Monday, July 6, or when an announcement is announced to the market, whichever occurs earliest.
E25 has a market cap of approximately $47.7 million and shares last traded at 48.5 cents, up from 9.5 cents at the close on March 24.
Positive test results
Element 25’s sub-sampling of the diamond core drilled into the Coodamudgi resource at Butcherbird Manganese Project returned high-grade manganese values of up to 42.3% from surface with low impurity levels.
The Coodamudgi resource is entirely within granted mining lease M52/1074 meaning that it can be quickly integrated into the mine plan once resource drilling is completed and metallurgy is confirmed.
Managing director Justin Brown said: “The grades achieved in the subsampling exercise at Coodamudgi are indicative of the potential to achieve a product grade in excess of the grades published in the pre-feasibility study (PFS) of 33% manganese.
“If this can be confirmed under full-scale test-work, this will have a positive impact on what are already excellent project economics.”