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Havilah Resources in trading halt with capital raising announcement pending

The company continues to evaluate the feasibility of the West Kalkaroo starter open pit project within the broader Kalkaroo Copper-Gold Project in South Australia.

Havilah Resources Ltd - Havilah Resources in trading halt pending proposed capital raising details
Kalkaroo has an open pit JORC ore reserve of 100.1 million tonnes with 90% proved at a copper equivalent grade of 0.89%.

Havilah Resources Ltd (ASX:HAV) has been granted a trading halt by the ASX to enable the company to finalise details of a proposed capital raising

The halt will remain in place until the beginning of trade on Monday, November 16, or when an announcement is released to the market, whichever occurs earliest.

Havilah has a market cap of approximately $56.9 million and shares last traded at 21 cents having reached a new 12-month high of 22.5 cents on Tuesday.

Rare earths potential

Havilah hosts a large copper and gold bounty at the Kalkaroo Project in South Australia and is confident it can further enhance value by economically recovering rare earths as a by-product.

Copper and gold are performing strongly with highly positive future market fundamentals while rare earth is another strong market sector and projects around the world are attracting considerable interest.

Havilah has previously identified strong rare earth element (REE) discovery potential on its extensive Curnamona Craton exploration tenements in northeastern South Australia, including the flagship Kalkaroo project.

This was confirmed by independent international REE expert Emeritus Professor Ken Collerson who drew analogies to the large Bayan Obo REE deposit in China.

Research studies

Over the past five months Havilah, in collaboration with the University of South Australia’s Future Industries Institute, has been conducting research studies into the nature of the Kalkaroo REE mineralisation.

Samples were collected from West Kalkaroo drill holes, drilled especially for this purpose, including hole KKAC0491 which showed highly elevated levels of REE including 20 metres of 4,152 ppm total rare earth oxides (TREO), 1.57 g/t gold and 0.58% copper from 62 metres.

The research has provided further encouragement for Havilah about the rare earth potential at Kalkaroo, and especially at West Kalkaroo which is planned as a low-capital gold starter open pit project

Quick facts: Havilah Resources Ltd

Price: 0.17 AUD

ASX:HAV
Market: ASX
Market Cap: $46.06 m
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