Dundas Minerals Ltd (ASX:DUN) has secured the WA Government’s co-funded Exploration Incentive Scheme (EIS) grant of up to $180,000 for exploration drilling at its Matilda South nickel/copper prospect.
The scheme preferentially funds applications of high quality, technically and economically sound proposals that promote new exploration concepts and new exploration technologies.
Looking ahead, Dundas has preparations underway to obtain all necessary approvals and other arrangements required for drilling at both the Matilda South prospect and the Central target.
EIS grant
EIS grant applications were assessed by an expert panel of officers moderated by independent industry representatives nominated by the director-general, WA Department of Mines, Industry Regulation and Safety.
The award of an EIS Grant to the Matilda South prospect against rigorous assessment criteria is a testament to the quality of the prospect.
Notably, only forty-seven of the 107 applications in EIS Round 25 were offered grants.
The EIS grant will reimburse Dundas Minerals up to 50% of direct reverse circulation drilling costs and 50% of driller mobilisation costs (to a cap of $15,000), to a combined maximum amount of $180,000.
About Matilda South
The Matilda South prospect was interpreted as a large mafic/ultramafic intrusive body and was identified by Dundas Minerals from a project scale gravity survey that it completed in late October 2021.
In December 2021, the company commissioned a detailed (infill) gravity survey across the Matilda South prospect, to confirm its initial interpretation of a mafic/ultramafic intrusion, and to enable more precise modelling of the interpreted body.
On January 18, 2022, the survey confirmed the company’s initial interpretation of Matilda South, including confirmation of a body density ranging from 3 tonnes per cubic metre (t/m3) to 3.4t/m3, which is consistent with mafic/ultramafic rock types.
In March 2022, Dundas undertook an audio magnetotellurics (AMT) survey across the prospect.
This survey aimed to test for the presence of conductive anomalies within and around the intrusive body, which could represent mineralisation, and, if present, could present as viable drill targets.
Subsequently, the results of the AMT survey outlined several low resistivity anomalies representing areas of high conductivity.