Laconia lands State Government drilling grant

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THE DRILL SERGEANT: Perth-based exploration company Laconia Resources has been granted $150,000 in funding for its 701 Mile project in a co-funding arrangement under the Western Australia State Government Exploration Incentive Scheme.

Laconia will be required to match the $150,000 funding grant on a dollar-for-dollar basis on direct drill spending at 701 Mile.

The company is delighted by this further recognition of the prospectivity of the 701 Mile project and the further validation of its innovative exploration programs conducted on the project to date,” Laconia Resources said in its ASX announcement.

Drilling to be conducted by Laconia this year at 701 Mile entails an expansion to its auger drill coverage as well as an infill auger drill program.

It will then undertake geophysical surveys over the most promising areas.

The co-funded drill testing of coincident geochemical and geophysical targets has been scheduled for the second quarter of 2013.

 

701 Mile Silver anomalism and fill auger drilling targets May 2012. Source: Company announcement

 

The 701 Mile project consists of two granted exploration licences covering a contiguous area of 342 square kilometres, located approximately 80 kilometres southeast of Newman in WA.

Laconia has 100 per cent interest in all minerals other than manganese and iron.

According to the company the region hosts a number of significant discoveries, which include base metals deposits at ‘Kumarina’ and ‘Abra’, as well as basement-hosted gold at ‘Karlawinda Bore’.

Laconia’s exploration programs at the 701 Mile project to date (auger geochemical programs, geological mapping and aeromagnetic interpretation) indicate that the project has considerable potential for various mineralisation styles.

These include:

–    Copper-nickel-platinum group elements sulfide mineralisation associated with the basal sections of large mafic sills;

–    Structurally controlled polymetallic lodes and veins associated with faults and the margins of mafic intrusives;

–    Rare Earth Element deposits in discrete alkaline intrusives; and

–    Gold developed at depth in basement Archaean greenstones.