ASX-listed resource player Woomera Mining Limited (ASX: WML) is a diversified mining exploration company based in Adelaide, South Australia. The company holds an extensive minerals tenement portfolio prospective for Gold, Uranium, Lithium, Copper, Iron Ore, Cobalt and Nickel.
Latest with Woomera Mining:
Tax Credit in Federal’s JMEI Scheme: Woomera has been successful in securing the spot under Junior Minerals Exploration Incentive (JMEI) scheme. The company can now participate in Federal Government’s JMEI scheme for the tax year 2019/2020 and has been allocated up to $582,300 in tax credits, for distribution to eligible shareholders.
Through JMEI Scheme, the government aims to promote investment in small mineral exploration companies that undertake “Greenfields” mineral exploration in Australia. It allows greenfield explorers to generate a tax incentive by giving up a part of losses from ‘Greenfields’ mineral exploration expenditure for distribution to investors at its discretion.
The eligible shareholders for the purpose of receiving JMEI credits have been defined as only those shareholders who are issued new Woomera ordinary shares between 1 July 2019 and 30 June 2020.
Acquisition of Mt Venn Gold Project: Woomera Mining Limited has extended its gold footprints in Western Australia; signed HOA to acquire 80% interest in Mt Venn Gold Project. The project located near to Gold Road’s (ASX: GOR) emerging world-class Gruyere deposit has ~ 50km of the strike in a greenstone belt in Western Australia with little modern systematic exploration.
The company positions the takeover as a unique opportunity to acquire top tier gold exploration project covering almost the entire Mt Venn Greenstone Belt. Mt Venn Gold Project covers a large land area in Eastern Goldfields which is rapidly becoming a major gold district.
Mt Venn Gold Anomalies (Source: Company Investor Presentation July 2019)
Mt Venn belt associated with the Yamarna Shear, adjacent to Gold Road’s Gruyere deposit makes the project sit in an excellent geological setting. Woomera believes that Mt Venn Gold Project is underexplored despite the fact that its location is analogous to the 6-million-ounce Gruyere gold deposit. This provides WML with an encouraging opportunity for gold exploration within the project, which is also characterised with:
- Extensive Ground position
- Widespread Gold Anomalism
- Several High-Grade Gold Targets
- ‘Gruyere’ Look-Alike Targets
- Several Em Nickel Anomalies
Also, Cazaly Resources Ltd’s (CAZ) exploration work has reportedly returned a major, +5km corridor of coincident, soil, auger & historic drilling anomalism at Three Bears gold target of Mt Venn. The company views the outstanding potential in the project for high-grade gold anomalies based on its previous results, where Mt Venn has shown mineralised zones with intercepts of 12m @ 1.19g/t Au interception. As a result, Woomera has planned Mt Venn exploration spend of >$1 million for FY2020, where the exploration timeline will include:
- July / August 2019 – Finalise share sale and joint venture agreements.
- August 2019 – Complete Mt Venn acquisition.
- September 2019: – Review all data generating immediate drilling programs and geological models – On-country Heritage Survey to clear proposed drilling program.
- October / November 2019 – Phase 1 high priority drilling targets to commence:
- Chapman’s Reward
- Lang’s Find
- Jutson Rocks
- Three Bears
- New porphyry targets
- December 2019 – February 2020 – Evaluate drilling results
- February – March 2020 – Phase 2 drilling – RC/DDH drilling
Ethnographic survey of Magpie Range Project: Woomera recently got a heads up for its RC drilling program at Magpie Range Project, located in one of the world’s richest pegmatite-hosted lithium provinces, Pilgangoora.
The Ethnographic Heritage Survey conducted last month confirmed that there are no Aboriginal heritage sites within the Magpie Range South Exploration Program survey area and all 11 proposed drill sites are cleared for drilling.
The survey involved an anthropologist from Heritage WA, representatives from Njamal Heritage Services and Woomera Mining management. Woomera Mining continues discussions with Njamal Heritage Services about whether monitoring of initial earthworks will occur.
Discoveries at Musgrave Project: Musgrave has four tenements covering an area of ~3,063km2 prospective for copper, nickel, cobalt, gold, PGE, silver-lead-zinc and rare earths. Woomera recently discovered Nebo-Babel (203Mt @ 0.41% Ni 0.42% Cu) and Metals X Wingellina (187 Mt @ 1% Ni) in the western Musgraves.
More interestingly, it also identified numerous anomalies within Musgrave from geophysics and government drilling within Giles Complex ultramafic/mafic rocks. The completion of ground Em and RC drilling at Gallagher, Healy and Walsh also returned anomalous nickel-copper-cobalt.
WML ongoing exploration planned for FY2020:
Location of WML Projects (Source: Company Investor Presentation July 2019)
Pilgangoora Hard-Rock Lithium
- August / September 2019 – RC drilling (1,000m) of 7 pegmatite targets and one greisen target
Gawler Craton-Carulinia, Labyrinth and Nawa
- July / August 2019 – On-country Heritage Survey. Further, WML looking for suitable JV partner to advance exploration at Gawler Craton Carulinia.
- October 2019 – 1,000m RC/DDH drilling at Labyrinth magmatic copper-gold project
Musgrave Nickel-Copper-Cobalt Project
- September / October 2019 – RC drilling (2,000m) of Cavanagh and O’Mahony conductors
Mt Cattlin Hard-Rock Lithium
- January / February 2020 – Soil sampling
Capital Raising: In the recent announcement to market, Woomera unveiled its plan to raise fresh capital to fund the acquisition of Mt Venn Gold Project and to raise funds for exploration at Mt Venn and other Woomera Projects including the Musgraves nickel-copper-cobalt Project, the Pilgangoora lithium Project, the Labryinth gold-copper PGE Project and the Mt Cattlin lithium Project.
Stock Performance: WML is currently trading at $0.028 on 12 July 2019 (!2:34 PM AEST). The stock has performed tremendously well over the long term as the stock price has gone up by 600.00% over the past five years. The market capitalisation of the company sits at $3.16 million with 112.7 million shares outstanding.
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