Power Metal Resources plc said its conditional acquisition company had received government co-funding for up to A$165,000 for the Wallal gold-copper project in the Paterson region of Western Australia.
WALLAL
The project is wholly owned by First Development Resources Pty Ltd (FDR Australia) which Power Metal is working to acquire.
The licences cover 572km2 and include E45/5816 – Wallal Main (390km2 granted licence); E45/5853 – Wallal West 1 (96km2 application); and E45/5880 – Wallal West 2 (86km2 granted licence).
CO-FUNDING
The government co-funding is for exploration deep drilling at the Wallal Main licence area, 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 Paul Johnson added that securing the co-funding for the project further enhanced the company’s confidence.
“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 (EIS) which offers up to a 50% refund (capped at A$150,000 for multi-hole drilling campaigns) for innovative exploration drilling projects in the state.
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