Elementos Limited (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) has been awarded a grant of up to A$70,000 under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI) program as a part of its plan to drill four exploration holes at its wholly-owned Cleveland Tin Project.
The grant is comprised of $50,000 to co-fund direct drilling costs and $20,000 for helicopter support if required.
Elementos’ proposed drilling program, which consists of four diamond drill holes for a total of 1,000 metres will test for tin and copper mineralisation along strike and to the northeast of the historical tin mine.
The drill targets have been developed from analysis of historical geological, geophysical and geochemical data.
Work program approval application
Previous exploration by Elementos resulted in the definition of a hard-rock JORC Resource for Cleveland of 7.47 million tonnes at 0.75% tin and 0.3% copper.
The new primary targets are four self-potential geophysical anomalies that were detected by previous work but were never drill tested.
A standard work program approval application has been lodged with Mineral Resources Tasmania for the drilling program.
Elementos has conducted tendering for work packages and on approval of the works will award the contracted packages and commence the program.
EDGI scheme
The EDGI scheme was started by the Tasmanian Government in 2018 to assist in the identification of new greenfield mining opportunities and to provide support to existing mining operations, preferentially funding high-quality, technically and economically sound projects.
To date, more than $1.5 million has been provided under this initiative and the grant awarded to Elementos is one of 16 grants, awarded in round 5 of the EDGI program.