Venture Minerals Limited (ASX:VMS) has been granted a trading halt by the ASX ahead of the company releasing a capital raising announcement.
The halt will be in place until the earlier of the commencement of trading on Wednesday, January 20, 2021, or when an announcement is released to the market.
Since closing at 3.8 cents on December 2, shares have been trending higher and last traded at 6.6 cents while the company's market cap is approximately $67.7 million.
Drilling underway at Kulin Project
The company has commenced the maiden diamond drilling program at the 100%-owned Kulin Gold Project in Western Australia after a trenching program that delivered mineralised intervals of up to 31 metres at 1.0 g/t gold and 20 metres at 0.6 g/t.
Kulin is in an emerging gold province host to major gold deposits like Australia’s second-largest gold producer Boddington (30 million ounces), Edna May (2.2 million ounces), Katanning (1.2 million ounces) and Tampia (0.7 million ounces).
Golden Grove North exploration
After the program at Kulin, the company will immediately follow on with the continuation of drilling at its priority exploration project at Golden Grove North.
The aim is to target extensions to the recent drill intersections of up to 7% zinc, 1.3% copper and 2.1 g/t gold at Orcus and other newly identified, strong EM conductors situated along the VMS Target Zone.