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Dundas Minerals make powerful placement

14 November 2022 11:57

Dundas Minerals continue to build its base in Western Australia, having received commitments from investors to raise $1.6 million dollars to fast-track its nickel, copper and gold exploration in the wildflower state.

As well as providing general working capital, funds from this placement will be distributed across DUN’s entire portfolio with a large amount going towards drilling campaigns at the Matilda South and Central prospects next year.

Located in the prospective Albany-Fraser Orogen region in Western Australia, Dundas is targeting magmatic sulphide mineralisation akin to the Nova-Bollinger nickel-copper-cobalt deposit located ~125km from Central and ~150km from Matilda South.

Intial exploration work at the prospects has been promising, with a SkyTEM electro-magnetic survey at Central showing an electromagnetic conductor extending over 10 kilometres and multiple conductive anomalies uncovered at Matilda South.

A drilling campaign is currently underway at Central, with the third diamond drill hole at the prospect nearing its target depth and the company currently awaiting assays from the first two holes.

The company has already locked in a downhole survey set to take place later this month after drilling has wrapped up, with results from this survey being used to plan next year’s drilling campaign.

Next year’s campaign will be the first at Matilda South, and the company said it will be able to take advantage of the Western Australian government’s Exploration Incentive Scheme for Matilda south, to a providing a maximum of $180,000 towards drilling.

“Securing these additional funds places the Company in a sound cash position to undertake an initial drilling program at Matilda South and continue testing early prospectivity at Central,” managing director Shane Volk said.

First assays from the’s company ongoing Central drilling campaign are expected later this week.

DUNs Australian Stock Exchange-listed share price is trading at 43c (10:06 am UTC+ 8 hours).

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