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Alicanto Minerals in trading halt with capital raising announcement pending

Last updated: 14:22 18 Nov 2020 AEDT, First published: 12:48 18 Nov 2020 AEDT

Alicanto Minerals - Alicanto Minerals in trading halt pending capital raising announcement
The company recently announced a maiden inferred resource for its Arakaka Gold Project in Guyana, South America

Alicanto Minerals Ltd (ASX:AQI) has been granted a trading halt by the ASX with the company intending to issue an announcement around a capital raising.

Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, November 20, 2020, or when an announcement is released to the market.

Maiden inferred resource

The request comes after the company released a maiden JORC 2012-compliant inferred resource of 500,000 ounces at 1.8 g/t gold for its 100%-owned Arakaka Gold Project in Guyana, South America.

The maiden resource estimate stems from a review of data at Arakaka collected by Alicanto in conjunction with that provided by Barrick Gold Corp (NYSE:GOLD) in 2018, and NordGold, in 2020, and was calculated by Perth-based Cube Consulting.

The estimate was taken from two separate domains - Purple Heart and Gomes deposits - and includes a maiden resource for the Purple Heart area of 338,000 ounces at 2.4 g/t.

Looking forwards

In the near-term, the company is also progressing activities on its other gold assets including:

  • Negotiations to extend or renegotiate the option agreement for its Ianna Project in Guyana, which lapsed on November 7, 2020; and
  • Progressing the drill program on core copper targets within the Greater Falun Project in Sweden.

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