Six Sigma Metals enters first trading halt in more than a year

Published On: July 6, 2020Categories: Latest News1.2 min read

The company last entered a trading halt in June 2019 when it raised $750,000 to assess new opportunities

Six Sigma Metals (SI6) has entered its first trading halt in more than a year.

The company last entered a trading halt in June 2019 when it raised $750,000 to assess new opportunities and keep existing assets in good condition.

Six Sigma Metals is an ASX-listed vanadium and lithium focused exploration company operating in Southern Africa.

It will remain in the halt until the commencement of trading on July 10, unless the announcement is released earlier.

In mid-June, the battery metals explorer provided an update on its exploration activities.

In early May, Botswana authorities announced a phased easing of COVID-19 restrictions, which allowed Six Sigma to progress exploration at its projects.

Exploration can now begin at the Majante, and Majante Southwest projects where historical exploration has outlined buried conductors with elevated nickel and copper soil anomalies. Once completed, the results could help outline future drill targets.

Currently, Six Sigma holds a joint venture agreement with BCL — and its subsidiary, BCL Investments — which covers three exploration tenements in eastern Botswana. Under the agreement, BCL holds a 40 per cent interest and Six Sigma has the remaining 60 per cent across all three licenses.

Additionally, BCL can increase its stake to 70 per cent by funding a bankable feasibility study. But in October 2016, BCL was placed in liquidation. Since then, Six Sigma has been advised there are multiple parties interested in BCL’s assets, including its stake in the joint venture tenements, and the search for a suitable buyer is underway.

Company shares last traded for 0.8 cents each on July 3.

About the Author: Jonathan Adams

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