Great Southern Mining Ltd (ASX:GSN) has received a funds boost with approval of the first payment of $109,000 relating to a co-funded drilling campaign at its Cox’s Find Gold Project in Western Australia under the 2020 Exploration Incentive Scheme.
The balance of the total State Government EIS grant of A$136,000 is anticipated early in 2021 upon acceptance of the final report.
These funds will add to the recently completed share placement, which raised $3.12 million before costs.
The first major deployment of the funds is set to be planned follow-up drilling at the Cox’s Find and Mon Ami projects, which is on schedule to start next week.
Companies encouraged to “think big”
GSN’s chief executive officer Sean Gregory said: “I would like to take this opportunity to thank the WA Government for their continued support of the exploration industry through the Exploration Incentive Scheme.
“The grants are a meaningful contribution that encourages exploration companies such as GSN to think big and go after substantial discoveries.
“Significant benefits flow to the broader mining and services industry, and WA economy, from the ongoing operation of the EIS.”
2021 application successful
GSN’s application to participate in the 2021 Exploration Incentive Scheme has also been successful.
This grant will be for up to $150,000 of direct drilling expenditure matched dollar-for-dollar with the company on the Mt Weld Project, which is immediately adjacent to the Mt Weld Rare Earths Mine, south of Laverton in WA.
Greater Cox’s Fund understanding
Drilling completed under the successful 2020 application advanced the company’s understanding of the structural controls on mineralisation at Cox’s Find.
It included impressive gold results of up to 5 metres at 80 g/t from 160 metres including 1-metre at 404 g/t.
GSN has large land holdings in the world-renowned gold districts of Laverton in Western Australia and Mt Carlton in North Queensland.
All projects are within 25 kilometres of operating gold mills and major operations.