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A gold and base metals explorer, Kalamazoo Resources Limited (ASX:KZR) notified the market about securing a grant approved by the Australian Governmentâs Department of Industry, Innovation and Science Innovation Connections scheme. The grant would provide support to KZR during the research program in coordination with CSIRO, to map mineral gradients and prospective vectors to the mineralisation of gold, under the Castlemaine Gold Project, Central Victoria.
CSIRO holds a history and track record of innovation working with the gold sector. In several research projects, CSIRO had been applying breakthrough concepts and technologies to generate integrated maps of mineral systems.
Mr Luke Reinehr, Chairman of KZR stated that the company was considering the innovative research as apt and fitting well with its strategy of applying smarter, additional modern methods to the tenement package since fresh targets were being defined.
During June last year, KZR procured Castlemaine Goldfield inclusive of Wattle Gully Gold Mine which surrounded the area of 288 square km, in the Bendigo zone, Victoria. EL006679 and EL006752 are the two exploration licenses of KZR, which is spread across the region recognized with prospects of gold.
KZR in collaboration with CSIRO in Perth, West Australia would commence the research work including a field sampling program and laboratory studies. The research work would target the mapping of geochemical gradients at Wattle Gully and other prospects in the areas covered in the Project. It would provide discriminators of the primary stratigraphy and alteration associated with gold mineralisation that can, in turn, be applied as vectors to new target areas for exploration.
The sampling of a chosen set of drill cores to assess the usefulness of a joint lithogeochemistry (the scientific study of the composition, structure, properties and reactions of stone and mineral from earth) and mineralogy-based vectoring approach has been planned to begin from April this year. The conclusion of the laboratory investigations is estimated by October this year.
In its half-year financial report for the period ending 31 December 2018, KZR recorded the loss after providing for income tax to $872,544 (2017: profit of $190,247). The cash of the company at the end of the period stood at $471,085 as on 31 December 2018 from $2,146,190 in the previous corresponding period.
On 12 February 2019, the company announced that the sale of its Snake Well Gold Project to Adaman Resources Pty Limited for $7 million was concluded. The $7 million sale proceeds are payable in 2 years duration. The amount would aid in funding KZRâs exploration and drilling program at its various Projects. The initial 2 payments of $1.5 million had been paid to KZR on schedule. The next instalment of $500,000 is payable on or prior to 30 June 2019.
In January this year, the company published its December 2018 quarterly activities report. During the quarter, Kalamazoo identified the areas which were to be the initial focus of its upcoming exploration program including Wattle Gully Mine and Wattle Gully North, Chewton anticline, North Quartz Hill, Eureka Vineyard and Cappers/Shellback. During the quarter, Kalamazoo reviewed the fieldwork conducted throughout the year, and developed a plan for further exploration, comprising soil and rock chip sampling programs, mapping and further geophysical modelling, to identify target areas within its Pilbara projects.
The stock of the company closed the dayâs trading at A$0.125 (as on 19 March 2019), up by 4.17% from its previous close.
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