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- Woomera Mining’s application for a co-funding grant of $150,000 from the W.A. Government has been successfully approved
- The South Australia-based mineral explorer sought funding for a drilling program at the Three Bears Prospect at the Mount Venn Project
- The Mount Venn greenstone belt has seen limited exploration despite having favourable structures and evidence of mineralisation
- Woomera’s up a healthy 12.5 per cent, with shares trading for 1.8 cents
Woomera Mining’s application for a co-funding grant of $150,000 from the W.A. Government has been successfully approved.
The South Australia-based mineral explorer sought funding for its planned exploration program to drill the Three Bears Prospect at the Mount Venn Project.
Mount Venn is located 125 kilometres northeast of Laverton and roughly 30 kilometres west of Gold Road Resources’ highly prospective Gruyere gold deposit, in the Eastern Goldfields of W.A.
The co-funded drilling program is the principal program of the Western Australian Government’s Exploration Incentive Scheme (EIS).
The competitive program is open for applications twice annually and offers up to a 50 per cent refund for innovative exploration drilling projects.
The Mount Venn greenstone belt is largely under-explored compared to other greenstone belts. This can be attributed to the remoteness of the belt but also that it occurs mostly under cover with only limited outcrop.
Exploration dates back to 1923, however, no further exploration was conducted until the 1970s which was focused on the nickel potential of the area.
Drilling was conducted at the project in 2017 by Yamarna West who focused on the Three Bears and Rutters prospects. Deeper drilling intersected broad primary gold mineralisation.
Woomera is encouraged by the fact that the structural setting of Three Bears has many similarities to the Gruyere deposit.
The company considers the greenstone belt to have been poorly tested for gold, despite favourable lithological units, structures and evidence of mineralisation.
Woomera’s up a healthy 12.5 per cent, with shares trading for 1.8 cents at 10:59 am AEDT.
