GB Energy announced that it is one of the 26 mineral exploration companies that have received $3.5 million in grants under the Plan for Accelerating Exploration (PACE) Discovery Drilling program.
The company has received a $200,000 drilling grant from the Government of South Australia for its Mt Denison Copper-Gold-Uranium project which is considered prospective for Iron Oxide-Gold (IOCG) hosted mineralisation.
The company, which has a Native Title Mining Agreement for Exploration in place with the Arabana People, has already completed detailed ground gravity and airborne magnetic/radiometric surveys over the project area identifying several target of intersect beneath sedimentary cover.
GB Energy Executive Chairman Graeme Kirke said the awarding of the PACE grant confirmed the quality of the company’s targeting work at Mt Denison, adding that he looked forward to drill-testing the best targets.
Mineral Resources and Energy Minister Tom Koutsantonis said the PACE Discovery Drilling program was a key pillar of the State Government’s $20 million PACE Copper initiative, announced in November 2015.
“This program offers the resources sector crucial funds at a time when there is limited global capital available for exploration programs. The high calibre and variety of these projects clearly demonstrates the success of the PACE initiative in continuing to generate world-wide interest in South Australia’s prospectivity,” the Minister stated.
“With such a wide spread of projects across the State, this program will create job opportunities for regional communities and enable proponents to engage the services of local suppliers. I congratulate these 26 very deserving grant recipients and look forward to seeing what is uncovered through their prospecting.”