MacPhersons gets $200,000 in WA Govt funding for drill program
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The West Australian government has come to the aid of emerging gold play MacPhersons Resources, slapping down $200,000 to help drill a hole at its Boorara gold project.
The funding is part of the Exploration Drilling program, the flagship program of the WA Government’s Exploration Incentive Scheme which provides up to $200,000 for drilling a single deep diamond hole.
MacPhersons (ASX: MRP) will use the funding for a single 1000-metre deep drill hole at Boorara, 10 km east of Kalgoorlie, WA.
“We believe we have discovered a significant gold system and a number of drill hole intercepts suggest there are at least two styles of gold mineralisation,” MacPhersons said.
The Boorara project features about 1.5 km of mineralisation striking north-west. The project is divided into Southern Stockwork, Crown Jewel and Northern Stockwork deposits.
The Company has since confirmed an extension of the Boorara Southern Stockwork deposit at a vertical depth below 200 metres from the surface and some 500 metres along strike.
Deep drilling is planned to begin at Boorara in first quarter 2018.
Recently, successful applicants were named for round 15 of the co-funded Exploration Drilling program.
A total of $5.26 million will be offered to 43 projects to be drilled in the 2017-18 financial year and applies to successful projects drilled since the beginning of July 2017.
MacPhersons was one of the successful companies. The full list of successful companies can be found here.
Another round of co-funded drilling will be open from mid-September 2017, with applications being called for projects to be undertaken between January 2018 and the end of December 2018.
Shares in MacPhersons closed 3 per cent higher at 17c yesterday, valuing the company at around $60 million.