Australian Mines Limited - WA Government co-funding diamond drilling at Dixon
Australian Mines (ASX:AUZ) has secured Government co-funding for diamond drilling at its Dixon gold prospect up to $105,000. This funding, part of the Exploration Incentive Scheme, covers 50% of the direct costs associated with the proposed 1,200m program. The final design of this drill program will be influenced by the results of the Company’s RC program successfully completed earlier this week, with samples presently en route to the lab and results expected in the next two weeks.
- WA Government to contribute $105,000 towards upcoming diamond drill program at Dixon gold prospect
- Equates to 1,200 metres of diamond core to be co-funded by Government via Exploration Incentive Scheme
- Latest RC drilling campaign now completed at Dixon
- Assay results from RC program expected within two weeks
Australian Mines Limited (“Australian Mines” or “the Company”) is pleased to announce that the Government of Western Australia has agreed to co-fund a proposed diamond core drilling program at Dixon up to an amount of $105,000.
This funding, which was awarded under the Government’s competitive Exploration Incentive Scheme, covers 50% of the direct drilling costs associated with Australian Mines’ proposed 1,200 metre diamond drill program at its emerging Dixon gold prospect, located within 50 kilometres of Northern Star’s Plutonic Gold Mine.
The location of the proposed diamond holes is currently based on detailed geological and geophysical modelling recently undertaken by Australian Mines. However, the final design of this drill program is anticipated to be influenced by the results of the Company’s reverse circulation (RC) drilling program, which was successfully completed earlier this week.
With the samples from this recent RC drilling presently en route to the lab, Australian Mines anticipates receiving initial assay results in the next two weeks at which point the Company will update shareholders on the details and timing of its follow-up exploration program.
Managing Director, Benjamin Bell commented, “We are very pleased that the State Government has agreed to support our exploration program at Dixon through directly injecting funds into our next phase of drilling.
This funding was obtained following a technical review of the Dixon gold prospect by the geological team within the Western Australia Department of Mines and Petroleum. Previous recipients of this funding include Sirius Resources and Gold Road Resources, which resulted in the discovery of the Nova nickel deposit and 3.8 million ounce Gruyere gold deposit respectively1.
Having recently returned gold grades in approaching 1 ounce per tonne of specific intervals2 , and being hosted by similar greenstone geology to that containing Northern Star’s nearby Plutonic Gold Mine, the Dixon prospect potentially represents Western Australia’s next greenfield gold discovery. The fact that the State Government has selected this project for financial support via the Exploration Incentive Scheme is viewed by Australian Mines as confirmation of its potential”.