A review prepared by the geologists has led to the project being approved for Western Australia’s Exploration Incentive Scheme (EIS), a highly competitive program for innovative exploration drilling projects.
$150,000 in EIS funding
While this will result in the company receiving $150,000 in EIS funding for a drilling program, the company’s managing director Charles Murphy said the outcome of the independent review was also welcome.
“It is such a unique and unusual project and it was very satisfying to go through an independent review process and to win the EIS funds.
“They have some of the best independent geologists reviewing these applications who have determined that the Behemoth Project is worthy and merits drilling.”
Meteorite impact structure
Behemoth contains large gravity and IP geophysical anomalies buried within a potential meteorite impact structure and has potential for nickel, copper, gold and rare earths.
Historical gold soil anomalies over magnetics at Behemoth.
The Nova-Bollinger mine site was also discovered by Sirius Resources using EIS co-funded drilling.
Drilling of anomalies planned
Strategic Elements will apply the EIS funding to drill IP survey anomalies recently discovered at Behemoth.
Murphy said: “Geophysical anomalies generated through the gravity and IP surveys conducted in the field along with subsequent modelling and analysis generated the conviction to drill at the Behemoth Project.
“It’s a high risk-high high-reward project, however as a company we are intentionally chasing opportunities with very large-scale upside.”
IP surveys are used to detect sulphides with potential for nickel, copper, gold and/or rare earths.
The Behemoth IP survey was described as an “outstanding success” with three large-scale anomalous zones discovered with potential to host sulphides that are open and well within modern drilling depths.
Experts are divided on whether a large multi-ringed feature seen in magnetic data is caused by the impact of a meteorite or by an intrusion of magma.
Irrespective of the cause of the rings, the IP survey anomalies may indicate large zones of disseminated sulphides.
Of the IP survey, Murphy said: “It’s an exciting proposition to consider the potential scale of the project and that less than half of the gravity anomaly has been subject to IP survey to date.”
Strategic Elements will complete drill target generation in a matter of weeks and will then start the process of lodging a Program of Works.