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Greatland Gold PLC on Thursday said it has been awarded a grant from the Western Australian government to co-fund exploration drilling and mobilisation costs at its 100% owned Ernest Giles project.
The Ernest Giles project is located around 250 kilometres north-east of the town of Laverton, in the state of Western Australia. The gold prospective greenstone sequence at Ernest Giles does not outcrop, and therefore the project has not been subject to extensive historic exploration activity.
The London-headquartered mine developer and explorer said it is eligible for a grant of up to £120,000 to help co-fund drilling and mobilisation costs for the project, for completion before November 30, 2023.
The company explained that it won the grant after a successful application under the Exploration Incentive Scheme.
This programme is being funded by the Western Australian state government "to provide a stimulus to geoscience exploration and contribute to the economic development of regional areas of Western Australia". It is also being administered by the Western Australian Department of Mines, Industry Regulation & Safety.
Managing Director Shaun Day said: "This drilling grant award for the Ernest Giles project will co-fund commencement of a new exploration programme. Ernest Giles is located in the Yilgarn craton, one of the most highly mineralised areas in the world and home to numerous gold deposits. With work advancing to finalise access, this grant then enables testing of priority targets at Ernest Giles, an underexplored and prospective part of the Greatland portfolio."
Shares in Greatland were up 2.7% to 8.47 pence each in London on Thursday around midday.
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