Gold Discovered In Tropicana Belt

Gold Discovered In Tropicana Belt

Western Australia Minister for Mines & Petroleum Norman Moore

Exploration Incentive Scheme Continues To Deliver Success For Miners

Victor P Taffa

Recent Discoveries of Gold and Iron Ore through three West Australian co-funded drilling Programs are proving the success of the State Government’s Exploration Incentive Scheme (EIS).

Mines and Petroleum Minister Norman Moore said Beadell Resources, which recently announced its new Gold Discovery in the Tropicana Belt, was one of three Projects to strike Gold and Iron Ore.

“Beadell’s impressive 30-metre intersection of Gold in its Drill Hole suggests a potential new Gold Province at its Tropicana East Project Area.” Mr. Moore said.

“Gold was also intersected beneath Ramelius Resources’ Mt. Magnet Saturn Pit with positive results returned from Drilling.”

“The deep exploration holes at Mt. Magnet were drilled beneath the old gold mine to determine whether it’s Saturn Pit can be re-opened.” Mr. Moore said.

The third discovery was made by Cazaly Resources. Its Co-funded Drilling Project returned good values of Iron Ore at its Earaheedy Project in the State’s Mid-West.

“The EIS, which is funded through the State Government’s Royalties for Regions Scheme, encourages exploration in under-explored or Greenfield Areas to support the continuity of WA’s outstanding resources industry.” the Minister said.

In the 2010-11 Program, 62 Projects are sharing $5.3 Million of State Government Funding.

In this drilling round, Encounter Resources at Yeneena, Alchemy Resources at the Magnus project, and Atlas Iron at their Hickman project have also announced positive results.

The Co-funded Industry Drilling Program, one of the EIS’s signature programs, provides co-funding of up to $150,000 per project or $200,000 for a single deep hole for exploration drilling in under-explored Greenfield or Frontier Areas.

Mr. Moore said the Next Round of Co-funded Drilling Applications would open soon.

“I encourage resources companies to apply so we can continue to see equally exciting discoveries in the future.” Mr. Moore said.

Applications for Co-funded Drilling Projects for 2011-12 will open in late February 2011.

Another Round of Applications for Projects to occur in 2012 will open in August 2011.