Join our daily newsletter At The Bell to receive exclusive market insights
WA-focused explorer Tambourah Metals Ltd (ASX:TMB) is gearing up to prioritise diamond drilling at its flagship gold project near Marble Bar, after the state government awarded a co-funded drilling grant of up to $180,000 through the Exploration Incentive Scheme (EIS).
Tambourah gained the maximum amount of funding possible for the work, which it aims to accelerate in the third quarter, after completion of field work which has already commenced.
The EIS program – of which this is the 29th round – offers a refund of up to 50 percent on exploration drilling programs which are dubbed ‘innovative’.
The Tambourah Gold Project is based around a series of historic working at the Tambourah goldfield, which is reported to have produced 5,445 tonnes of ore for 148.9 kilograms of gold.
Reverse circulation drilling done last year yielded high-grade intersections at both the World’s Fair and Tambourah King prospects, including 3 metres at 3.3 grams per tonne of gold from 23 metre, including 1 metre at 8.4 grams per tonne from 23 metres at the former, and 2 metres at 18 grams per tonne from 55 metres, including 1 metre at 20.2 grams per tonne from 55 metres from the latter.
Tambourah’s executive chairperson Rita Brooks said the company was looking forward to making the most of the funding to better define the project’s potential.
“We thank the Minister for Mines and the WA Government for their continued support of exploration in Western Australia with these grants,” she said.
Tambourah Metals has been trading flat at 7.6 cents.
