Yandal Resources in trading halt ahead of capital raising news

Yandal Resources Ltd (ASX:YRL) has a capital raising announcement pending and has been granted a trading halt by the ASX.

The company's securities will be in a trading halt until the beginning of trade on Monday, June 15, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 29 cents and have risen from 12 cents at close on March 24.*Flushing Meadows results*

Yandal this week received shallow high-grade gold results from the Flushing Meadows deposit which have enhanced the potential of its Ironstone Well Gold Project in WA.

Further 1-metre sample assay results from reverse circulation (RC) drilling were received and support an updated mineral resource estimate planned for the September quarter.

Best results were 8 metres at 3.76 g/t from 27 metres including 1-metre at 13.40 g/t; and 11 metres at 3.35 g/t from 50 metres including 1-metre at 16.99 g/t.

The drilling was completed in May 2020 with the aim of expanding and upgrading the initial 190,000-ounce estimate and to support open pit mine development activities at the deposit.