Enterprise Metals Secures $90K Government Grant, Prepares Drilling at Doolgunna
Enterprise Metals Ltd has progressed its Western Australian exploration projects with heritage surveys completed and drilling scheduled, supported by a government grant covering nearly half the planned budget.
- Heritage survey completed with Yugunga-Nya People ahead of Vulcan and Goodins Fault drilling
- WA Government Exploration Incentive Scheme grant of up to $90,000 awarded for drilling
- Ultrafine soil assays at Mandilla reveal enhanced gold anomalies
- Geophysical surveys underway at Murchison with further work planned
- Cash position at $233,000 with ongoing assessment of new exploration opportunities
Heritage Survey and Drilling Preparations at Doolgunna
Enterprise Metals Ltd (ASX: ENT) has taken a significant step forward in its Doolgunna Project in Western Australia by completing a modern Heritage Agreement with the Yugunga-Nya People. This agreement facilitated a heritage survey conducted between April 29 and May 2, 2025, covering planned drill sites at the Vulcan and Goodins Fault gold prospects. The survey's completion clears the way for Enterprise to commence reverse circulation (RC) drilling in mid-May, targeting structural controls on previously identified gold mineralisation.
The company has secured a drilling contractor for both the RC drilling at Vulcan and aircore drilling at Goodins Fault, aligning with its strategy to minimise environmental disturbance while advancing exploration. This drilling program is partially funded by a $90,000 grant from the Western Australian Government’s Exploration Incentive Scheme (EIS), covering nearly 50% of the planned RC/AC budget.
Encouraging Soil Sampling Results at Mandilla
At the Mandilla Project, Enterprise reported promising results from ultrafine fraction (UFF) soil assays. Recent samples collected with a handheld chainsaw auger to a depth of 50cm revealed a cluster of gold anomalies exceeding 30 parts per billion (ppb) in shallow alluvial soils east of the Emu Rocks Granite. These results build on previous sampling efforts and suggest enhanced gold pathfinder signatures, providing a refined target area for future exploration activities.
Geophysical Surveys Progress at Murchison
Enterprise has engaged GEM Geophysical to conduct Moving Loop Electromagnetic (MLEM) surveys over key tenements in the Murchison Project area. Despite weather-related delays limiting survey completion to one line on one anomaly, the company expects to finalize the four planned MLEM surveys in May 2025. These surveys aim to delineate conductive zones potentially associated with zinc, copper, and gold mineralisation, supporting Enterprise’s broader base metals exploration strategy.
Eneabba East Option Extended Amid Land Access Challenges
In the Eneabba East Project, Enterprise holds an option agreement with Century Minerals Pty Ltd to explore for heavy minerals, rare earth elements, and base metals. Due to land access issues, Century has extended the option period to May 2026, allowing Enterprise additional time to evaluate the project’s potential. The project’s proximity to Iluka Resources Ltd’s Eneabba heavy mineral operations and planned rare earth refinery underscores its strategic importance.
Financial Position and Corporate Outlook
During the March quarter, Enterprise Metals incurred $132,000 in exploration expenditure, primarily directed towards consulting, fieldwork, soil sampling, and tenement management. The company ended the quarter with $233,000 in cash and cash equivalents, down from $394,000 the previous quarter. Related party payments amounted to $24,000, covering director and consulting fees.
Enterprise continues to assess new exploration opportunities across Western Australia, focusing on gold, base metals, and heavy minerals. The board is actively engaged in discussions regarding potential capital raising initiatives to support ongoing and future exploration activities. The company remains confident in its ability to secure additional funding as required and to maintain discretionary exploration spending aligned with available resources.
Bottom Line?
Enterprise Metals is poised to unlock value from its WA projects as drilling and geophysical programs ramp up, with funding strategies under active consideration.
Questions in the middle?
- What initial assay results will the upcoming Vulcan and Goodins Fault drilling yield?
- How will weather impact the completion and interpretation of Murchison’s MLEM surveys?
- What are the prospects and timelines for Enterprise’s potential capital raising efforts?