Stellar Resources (ASX: SRZ) has been placed in pre-open after the ASX granted the company a trading halt, pending the release of details on a proposed capital raising.
Stellar has not yet indicated where the potential capital injection will be allocated, but the company recently identified potential economic widths of ore grade tin mineralisation below the presently defined Severn deposit at the Heemskirk project in Tasmania.
These results indicate that there is potential to upgrade the Inferred Resource at Severn with additional drilling.
The Inferred Resource for the Severn deposit currently stands at 2.4 million tonnes grading 0.9% tin for 23,000 tonnes of tin.
This accounts for almost half of the overall Heemskirk Resource, which is 4.36 million tonnes at 1.1% tin for 48,000 tonnes of tin.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 6 February.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24785/stellar-resources-granted-halt-pending-capital-raising-details-24785.html
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