- Dundas Minerals (DUN) receives a state government grant of up to $180,000 for exploration drilling at its Matilda South nickel-copper prospect in WA
- Under the terms of the grant, Dundas will be reimbursed for up to 50 per cent of direct reverse circulation drilling costs, and 50 per cent of driller mobilisation costs
- The grant will go towards further exploration of the prospect
- Dundas Minerals believes the funding will greatly assist the company in meeting the costs of its drilling program
- DUN shares are up 3.13 per cent, trading at 16.5 cents at 3:00pm AEST
Dundas Minerals (DUN) has been awarded a Western Australian state government grant for up to $180,000 for exploration drilling at its Matilda South nickel-copper prospect.
Under the terms of the grant, Dundas will be reimbursed for up to 50 per cent of direct reverse circulation drilling costs, and 50 per cent of driller mobilisation costs, to a max of $15,000.
As per the terms of the grant, funds can only be used to further explore the Matilda South prospect.
The grant was offered following a competitive application process under Round 25 of the WA Government’s co-funded Exploration Incentive Scheme (EIS), with only 47 of the 107 applications in EIS Round 25 offered grants.
EIS grant applications were assessed by an expert panel of officers moderated by independent industry representatives nominated by the Director General, WA Department of Mines, Industry Regulation and Safety (DMIRS).
Dundas said the award is testament to the quality of the prospect.
Preparations are now underway to obtain all necessary approvals, with arrangements being made to allow drilling to commence as soon as possible.
In March 2022, the company undertook an audio magnetotellurics (AMT) survey across the prospect and found several low resistivity anomalies.
Dundas Minerals believe that the grant funding will greatly assist the company in meeting the costs of the drilling program.
In accepting the offer of grant funding, Dundas Minerals acknowledged the Western Australian government, and specifically the DMIRS continued investment and support of mineral exploration throughout the State and its support of junior exploration companies.
DUN shares were up 3.13 per cent, trading at 16.5 cents as of 3:00 pm AEST.