Great Western Exploration Ltd (ASX:GTE) has been granted a trading halt by the ASX pending release of an announcement relating to a fundraising exercise.
The company is seeking the trading halt to assist in managing its disclosure obligations in relation to the fundraising and maintaining an orderly market in the trading of its quoted securities.
This halt will remain in place until the start of normal trade on Friday, August 7, or when an announcement is released to the market, whichever occurs earliest.
GTE's shares last traded at 19 cents and since the close on May 27 have risen from 2.6 cents.
Five new gold targets
Great Western recently identified five new high-priority bedrock gold targets at Golden Corridor Project within the Wiluna fault zone after undertaking initial aeromagnetic and geophysical analysis.
The results support the company’s interpretation that the Wiluna fault zone continues from Wiluna through to the Finlayson gold target, within the Golden Corridor Project.
Within the Golden Corridor, the vast majority of the gold is found in structurally complex settings within mineralised fault zones and the targets are typical of this style of gold mineralisation.
In contrast with an historical assumption that much of this part of the Golden Corridor was under deep cover, the interpretation from 3D computer modelling that the basement undulates along the eastern margin of the project supports GTE’s belief that there are large areas under thin cover and possibly sub-cropping in areas.