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  • Phoenix Gold Awarded Western Australian Exploration Grants 0 comments
    Dec 19, 2012 8:22 PM

    Phoenix Gold (ASX: PXG) has been awarded two grants totalling $260,000 for deep diamond drilling at Broads Dam ($110,000) and Catherwood ($150,000) under Round 6 of the Western Australian Government Exploration Incentive Scheme Co-Funded Exploration Drilling Programme.

    Phoenix has a 4 million gold ounce interim resource exploration target goal, with the company well on the way to achieve this after recently passing the 2.5 million gold ounce resource mark. The company announced a maiden reserve this month of 559,000 ounces.

    Under the co-funding arrangements Phoenix will match the $260,000 funding grant on a dollar-for-dollar basis on direct drilling costs.

    Jon Price, managing director of Phoenix, commented: "The Exploration Incentive Scheme is an excellent initiative and demonstration of support from the Western Australian Government for the Resources industry.

    "This funding will be used to test the deeper mineralisation and hence grow two of our more prospective gold projects as we look to progress beyond Phoenix's existing 2.5 million ounce resource base."

    The Exploration Incentive Scheme grant recognises the prospectivity of the area, and was awarded by the WA Government under its 'Innovative Drilling Programme'. Funding is allocated to selected recipients under a competitive grant process to undertake drilling in 'Greenfields' areas.

    Use of the grant

    The grants will allow Phoenix to test innovative exploration ideas, using diamond drilling. Several deep holes, planned to depths greater than 1,000 metres will be drilled, with anticipated commencement late in the June Quarter 2013.

    These holes will be based on current geological models with the aim of placing the existing mineralisation and associated alteration into a regional spatial and temporal context. Information from the drilling will be used to guide resource delineation strategies.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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