Introduction to WIN Metals Ltd
WIN Metals Ltd (ASX: WIN) has been awarded government EIS co-funding for the proposed drilling of its Ganymede gold target. This target is located directly to the south-east of the Butchers Creek gold deposit.
Highlights of the Award
The key highlights of this award include:
- The company has received a co-funded drilling grant for Round 31 of the Western Australian Government’s EIS program for the Ganymede Gold prospect.
- The government EIS co-funding will facilitate drill testing of an Induced Polarisation (IP) anomaly of Ganymede, which is located to the east of the Butchers Creek deposit.
- The application highlighted the similarities between the IP signature of the Ganymede Prospect and that of the Butchers Creek gold deposit.
- Drilling is planned in the 2025 field season, with PoW and Heritage Surveys complete.
- Ganymede is thought to represent a folded repeat and extension to the Butchers Creek gold deposit and forms part of the wider Butchers Creek Gold Project located in the East Kimberley region of Western Australia.
Details of the Grant
The grant will cover 50% of the direct drilling costs up to a maximum refund of $57,500. An initial two diamond drillholes are planned to test the Ganymede IP geophysical anomaly, which was previously identified but left undrilled by Meteoric Resources in 2022. Notably, Ganymede has an IP signature equivalent to the Butchers Creek gold deposit. Drilling is planned to commence this 2025 field season, with assay results scheduled approximately 6 weeks thereafter.
CEO’s Comments
WIN Metals Managing Director and CEO, Mr. Steve Norregaard, commented: “We welcome the financial support of the Western Australian government via the 31st round of EIS grant funding. This target represents a compelling opportunity to enhance the already significant Butchers Creek gold project. Without government support, this target may well have remained untested. Success with this would potentially be a step change for underpinning the economics of the project. This support will fast track testing, and we look forward to seeing what may be at Ganymede.”
Background Information
The Ganymede gold target is located to the south-east of the Butchers Creek open pit and Mt Bradley gold mines. Meteoric’s 2022 IP geophysical survey identified Ganymede to have a similar geophysical signature to the known Butchers Creek gold deposit. It is believed the Ganymede target is a potential fold repeat of the Butchers Creek gold deposit that has yet to be drill tested.
Visual Aids
Figure 1 illustrates the location of Ganymede with reference to Butchers Creek and Mt Bradley gold mines. Figure 2 shows a schematic geology cross-section and associated IP anomaly of the Butchers Creek gold deposit and Ganymede gold target.
Conclusion
In conclusion, the award of government EIS co-funding to WIN Metals Ltd for the drilling of its Ganymede gold target is a significant development for the company. With the grant covering 50% of direct drilling costs, the company is well-positioned to test the Ganymede IP geophysical anomaly, which has the potential to enhance the Butchers Creek gold project. The CEO’s positive comments on the grant and the potential of the Ganymede target highlight the importance of this development for the company’s future prospects. As the drilling commences in the 2025 field season, investors and stakeholders will be eagerly waiting for the assay results to determine the success of this project.
