The halt will remain in place until the beginning of ASX trade on Friday, January 22, or when an announcement is released to the market, whichever occurs earlier.
Shares last traded at 8.1 cents after reaching 11 cents earlier this month, a new high of almost two years.
Second rig secured
The company has stepped-up exploration at its 100%-owned Woodline Project in the Fraser Range of Western Australia after securing a Schramm T450 RC drilling rig to complement the diamond drill rig acquired in November 2020.
A 68-hole, 6,068-metre reverse circulation (RC) program is planned to begin later this month at the Socrates, West Socrates, East Socrates, Grindall and Redmill projects utilising the second company-owned rig.
The program has been designed to infill the current 1,000-1,500 metre diamond drilling program at Grindall, Redmill and Socrates, which is on track to be completed by the end of January, and will also test newly identified potential strike.
Diamond and RC drill rigs will provide flexibility and complement each other - saving the company considerable time and cost going forwards.
The money saved is expected to pay the capital costs of the drill rig within the quarter.