Power Metal Resources plc said its conditional acquisition company had received government co-funding for up to A$165,000 (£86,000) for the Wallal gold-copper project in the Paterson region of Western Australia.
CONFIDENCE
The project is wholly owned by First Development Resources Pty Ltd (FDR Australia) which Power Metal is working to acquire.
The licences, covering in total 572km2, include E45/5816 – Wallal Main (390km2 granted); E45/5853 – Wallal West 1 (96km2 application); and E45/5880 – Wallal West 2 (86km2 granted).
The co-funding will contribute to exploration deep drilling on the Wallal Main licence, targeting the eastern and border anomalies.
Power Metal said that FDR Australia had received an offer for up to A$165,000, which includes the maximum available, and up to A$15,000 for drill mobilisation.
Chief executive officer Paul Johnson added that securing the co-funding had increased the company’s confidence in the project.
“Aside from the benefit of co-funding to mitigate financial outlay, the co-funding further demonstrates the validity of our exploration plans in respect of this potentially company transforming opportunity.”
The funding is part of Western Australia’s Exploration Incentive Scheme which offers up to a 50% refund for “innovative” exploration drilling projects in the state.
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