Radar Iron (ASX: RAD) has been granted a change in status to voluntary suspension from the ASX, which follows on from a trading halt entered on October 20, pending the release of details surrounding a proposed capital raising.
Radar is currently in a very interesting position, and just last week received some positive news from independent geophysical consultants.
The consultants identified an exploration potential at the company's Die Hardy of a primary magnetite banded iron formation of 0.83 to 1.38 billion tonnes at 25% to 35% iron.
Providing another boost, the magnetic data also highlighted new untested magnetic units within 1 kilometre to the north and south of the main magnetite ridge, both with strike lengths of around 2 kilometres, with only the northern unit being included in the estimate of exploration potential.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21075/radar-iron-in-voluntary-suspension-pending-capital-raising-announcement-21075.html
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