Superior Resources (ASX:SPQ) is heading to the market with a capital raising, and the ASX has granted the company a trading halt to prepare.
The company is gearing up to conduct an air-core drilling program at the Tick Hill Gold Project in Queensland, which is planned to commence during late June 2015.
The initial phase will comprise approximately 35 aircore drill holes spaced 50 metres apart within the area of the existing tailings dam and 25 holes to test the alluvial potential over specific drainage areas proximal to the existing open-cut pit.
Subject to positive results being obtained from the initial phase of drilling, a systematic evaluation program comprising intensive drilling will immediately follow.
Superior Resources joint venture partner at the project is Diatreme Resources (ASX:DRX)
The halt will remain in place until the opening of trade on Monday 1st June 2015, or earlier if an announcement is made to the market.
Superior Resources (ASX:SPQ) is heading to the market with a...
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