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Argonaut Resources in trading halt with capital raising news pending

The company completed a share placement to professional and sophisticated investors to raise A$1.28 million during the June quarter, which was well supported and surpassed the target.

Argonaut Resources NL - Argonaut Resources NL in trading halt ahead of capital raising news
Argonaut Resources has copper, zinc and gold projects in WA, SA, Queensland and Zambia

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

The trading halt will remain in place until the beginning of trade on Wednesday, September 23, or when an announcement is released to the market, whichever occurs earliest.

Higginsville drilling program 

Argonaut has been buoyed by drilling results received from 37 holes across three targets at its Higginsville Gold Project in Western Australia.

The drilling program of 3,426 metres at Amorphous, Birties and Island prospects returned a best result of 5 metres at 2.04 g/t gold from 37 metres from Amorphous.

Other results from Amorphous deposit include 7 metres at 0.38 g/t from 57 metres, 6 metres at 0.33 g/t from 22 metres and 2 metres at 0.92 g/t from 71 metres.

Argonaut first drilled the Amorphous gold deposit in 2017.

The latest drilling program has increased the potential for a commercial gold deposit at Amorphous by demonstrating improved continuity of gold grades along a strike length of 800 metres.

Argonaut is also focusing on copper at a number of projects in Australia and Zambia.

Quick facts: Argonaut Resources NL

Price: 0.007 AUD

ASX:ARE
Market: ASX
Market Cap: $20.39 m
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