Jindalee Resources Limited (ASX:JRL) has been granted a back-to-back trading halt by the ASX with a capital raising announcement pending.
Unless ASX decides otherwise, the securities will remain in a trading halt until the earlier of the start of normal trading on Monday, September 14, 2020, or when an announcement is released to the market.
Shares in the company last traded at 41 cents and since July 13 have traded in the range of 32 cents to 53 cents on August 18.
Encouraging test results
The company recently reported encouraging lithium metallurgical test results from the McDermitt project in the USA, where test-work confirmed significant increases in lithium grades as well as the removal of carbonate and other acid consuming minerals through attrition scrubbing.
The tests were designed to evaluate the potential to further upgrade McDermitt ore and reduce acid consumption by removing carbonate prior to leaching.