Azure Minerals (ASX: AZS) has been granted a trading halt by the ASX pending a capital raising announcement, with the company’s shares in pre-open.
The Mexican focused explorer has not yet indicated where the potential new inflow of funds will be allocated, but earlier in the week the company announced a ramp-up in exploration across four projects.
At the San Francisco project, which is targeting high grade manganese, drilling is designed to convert the existing Foreign Resource Estimate to a JORC Resource.
Drilling is also underway at Tecolote, which covers 138 square kilometres and contains the now closed Tecolote copper-zinc-silver mine, highlighting there are known resources in the area.
Drilling at San Eduardo will be undertaken in a joint venture with OZ Minerals (ASX: OZL) with two holes to 800 metres deep.
La Tortuga will be a joint venture with JOGMEC, with a 500 metre deep core hole to test a porphyry copper target.
