Hillgrove will use the grant to:
Drill test the Stella project; and
Commence exploration activities on the Regional South East Delamerian project.
This for Stella.
"Drill testing of a deep Magneto-Telluric conductivity anomaly related to a zone of monzonite related Cu-Au near the Kanmantoo Mine Lease ($229,500);"
We are already funded from the recent capital raising initiative to drill test Stella. A top up to that has to be good.
Could an MRE for Stella be the catalyst for HGO to trade on a PER once the UG projects at Kavanagh and Nuggent are producing profits. It certainly looks promising.
N.B. The discussion in the box at the bottom of the following slide.. A resource big enough for stand alone development hanging off our big old 3.6mt per annum plant is pretty impressive.
This for the Dalamerian:
"Undertaking geochemical analysis of the regolith with Machine Learning techniques to discover sulphide hosted mineralisation undercover of the Murray Basin in the South East Delamerian ($74,300)."
What would a decent discovery here do for the share price. Some promising drill results got Stavely Minerals a seat in the All Ordinaries Index last June.
With all the talk of Government Initiatives in support of Exploration of the Dalamarian. My research led me to Stavely Minerals.
They are involved drilling in the Dalamerian across the border in Victoria and have discovered some excellent widths of very high grades.
Interestingly they don't appear to have made any progress on converting that to an MRE. Maybe they have formed the view that the intersections and surrounding mystery as to the size of the resource supports their big appetite for ongoing capital raising initiatives than revealing all with an MRE.
All they have apart from the drill intersections is;
* EL's covering 1461Km2
* an MRE of 28mt of inferred resources at a very low grade of 0.4%cu
* an MRE of 1.2mt of inferred resources at grades of 2% cu 0.5g/tau and 0.4% zinc.
* $20m (end of march) in cash that will last them less than a year and no plans for cash generation????
Which gives them a market cap of a whooping $163M based on the blue sky. Go figure.
The punters have so far today put 5 times as much on SVY as they have on HGO.
Maybe this little grant might be the straw that changes the game for HGO.
(20min delay)