Golden Deeps (ASX:GED) Halts Trade Following Nosib Results

Golden Deeps (GED) has placed its shares in a trading halt in regards to an upcoming capital raising.

The company will remain in the halt until April 7 or when more details are released, whichever occurs first.

Golden Deeps is yet to disclose how much it intends to raise or what it will use the funds for once received.

Yesterday, the company saw its share price soar after encountering a thick, high-grade copper-vanadium-lead-silver intersection at its Nosib Block prospect in Namibia.

Diamond hole NSBDD008 was drilled to test the moderately dipping mineralisation from surface through the Nosib arenite unit.

It returned peaks of 2.67 per cent copper, 1.42 per cent vanadium pentoxide, 9.21 per cent lead and 7.12g/t silver.

Drill core samples will now be aggregated to produce a bulk sample for gravity concentration test work.

The Nosib gravity high-grade vanadium-copper-lead concentrate sample will then be subject to hydrometallurgical leach test work.

Results of the initial test work on the mineralisation will then be scaled up to apply to a bulk-trial mining sample of about three tonnes being excavated from surface.

Simultaneously, Golden Deeps plans to generate a maiden mineral resource estimate for the Nosib supergene vanadium-copper-lead-silver mineralisation prior to initial open-pit optimisation and mining studies.

Shares in Golden Deeps last traded at 2.3 cents on April 4.

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