Western Mines Group (ASX:WMG) has been awarded $220,000 under the Western Australian State Government’s Exploration Incentive Scheme (EIS) to fund drilling at the Mulga Tank Ni-Cu-PGE Project.
The $18.45 million market capitalisation company will use the funds to drill another deep diamond hole for more than 1,500m into the Mulga Tank Ultramafic Complex.
This deep drilling is designed to follow up on the diamond drilling program conducted throughout this last year. It’s aimed to test the deepest part of the complex and target a ‘significant’ gravity high, magnetic high, and MobileMT anomaly at the base of the intrusion.
Western Mines Group Chairman Rex Turkington says: “Once again, congratulations and great work by Caedmon, Ben, and the exploration team in our second successful EIS application.
The maximum $220,000 award will be used to drill another exciting deep hole aimed at testing some significant targets at the base of the Mulga Tank Complex following our outstanding results from the project during this year.”
Western Mines’ modelling of this target area suggests it could be a sulphide-enriched keel and/or feeder vent for the overall intrusion.
As part of the grant, the company can begin the drilling of the EIS hole any time after 1 December 2023.
Based on previous experience of deep holes at the project, the company expects the drilling to take around 6 to 8 weeks to complete.
Western Mines Group is a diversified mineral exploration company with assets located on ‘major’ mineral belts in Western Australia.
As of 30 June 2023, the company had $3.27 million cash at hand, according to its latest quarterly report.
The company is scheduled to exhibit at the International Mining and Resources Conference (IMARC) held in Sydney from 31 October to 2 November 2023. Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences.
Write to Aaliyah Rogan at Mining.com.au
Images: Western Mines Group
