Join our daily newsletter At The Bell to receive exclusive market insights
- During the March quarter, Province Resources (PRL) completed a scoping study for its HyEnergy green hydrogen project in WA
- The HyEnergy project is set to become a reliable producer of renewable energy and, now the scoping study is complete, Province will undertake a pre-feasibility study
- The company also undertook drilling at its Gnama project in WA as well as testwork and studies at its Skåne vanadium project in Sweden
- PRL spent a combined $548,000 on exploration activities and ended the quarter with $21.5 million in cash
- Shares were trading down 2.11 per cent at 9.3 cents
Province Resources (PRL) March quarter activities largely focused on completing a scoping study for its HyEnergy project in Western Australia’s Gascoyne region.
HyEnergy Project
The HyEnergy Green Hydrogen Project is located in Western Australia’s Gascoyne region and is aimed at producing renewable energy for WA’s domestic network and potentially South-East Asian customers.
Province expects green hydrogen will play an important role in helping countries meet their net zero by 2050 targets, strategically positioning the HyEnergy project as a potential global supplier.
The scoping study was completed in March and confirmed the technical feasibility for the project to be an integrated green energy producer using renewable power generated from wind turbines and solar farms within the Gascoyne region.
The completion and positive outcomes of the study allows the company to proceed to a detailed pre-feasibility study which it expects to complete in the first half of 2023.
Gnama Project
Province Resources also completed a drilling program at the WA-based Gnama nickel-copper project to test the bedrock below the known supergene anomalism.
Drilling successfully reached depths further than 250 metres and was followed up with survey work. The company also plans to undertake another drilling program in the area.
The company expects to announce data from the drill core samples and survey work next quarter.
Skåne Project
In addition to its WA assets, Province also undertook metallurgical testwork to assist with future studies at the Skåne vanadium project in Sweden.
The ASX-lister is also planning to conduct a 10-hole drilling program to test high-grade areas for mineralisation. These areas have historically produced high grades however the project remains significantly unexplored.
Financials
Province spent around $252,000 on exploration at the HyEnergy project and a combined $296,000 on its other projects.
The company spent roughly $507,000 on staff and admin costs and $146,000 on investing activities.
Province ended the March quarter with $21.5 million in cash and over 20 estimated quarters left of available funding.
Company shares were trading down 2.11 per cent at 9.3 cents at 11:19 am AEST.
