WIN Metals Secures 50% Co-Funding for Drilling at Ganymede Prospect
WIN Metals has won a co-funded drilling grant from the Western Australian Government to test the Ganymede gold prospect, a promising extension of the Butchers Creek deposit. The grant covers half the drilling costs, accelerating exploration plans for 2025.
- Awarded 50% co-funded drilling grant up to $57,500 under WA Government’s EIS program
- Ganymede gold prospect adjacent to Butchers Creek deposit with similar IP geophysical signature
- Two diamond drill holes planned for 2025 field season following completed heritage and PoW surveys
- Potential fold repeat of Butchers Creek deposit could enhance project economics
- Drilling results expected approximately six weeks after completion
Government Support Accelerates Exploration at Ganymede
WIN Metals Ltd (ASX: WIN) has secured a significant boost to its exploration efforts with the award of a co-funded drilling grant under the Western Australian Government’s Exploration Incentive Scheme (EIS). The grant, covering 50% of direct drilling costs up to $57,500, will enable WIN to test the Ganymede gold prospect located just south-east of the established Butchers Creek gold deposit in the East Kimberley region.
This government backing is a strategic win for WIN Metals, as it allows the company to advance drilling plans that might otherwise have been delayed or deferred. The Ganymede target was identified through an Induced Polarisation (IP) geophysical survey conducted by Meteoric Resources in 2022, which revealed an anomaly with a signature closely resembling that of the nearby Butchers Creek deposit.
Ganymede: A Potential Extension of Butchers Creek
The Ganymede prospect is interpreted as a folded repeat and extension of the Butchers Creek gold mineralisation, which currently hosts a global resource of approximately 359,000 ounces of gold. The Butchers Creek project itself has a rich history, with prior production of 52,000 ounces between 1995 and 1997, and recent resource updates confirming its ongoing potential.
WIN Metals plans to drill two diamond holes during the 2025 field season to test the Ganymede IP anomaly. Preparations are well advanced, with heritage surveys and permits (PoW) already completed, positioning the company to commence drilling promptly. Assay results are anticipated about six weeks after drilling concludes, which will provide critical data to assess the prospect’s viability.
Strategic Implications for WIN Metals
Managing Director Steve Norregaard emphasised the importance of the government’s support: "This target represents a compelling opportunity to enhance the already significant Butchers Creek gold project. Without government support this target may well have remained untested. Success with this would potentially be a step change for underpinning the economics of the project."
The EIS co-funding not only reduces financial risk but also accelerates the timeline for exploration, potentially unlocking new value for shareholders. Given the geological similarities between Ganymede and Butchers Creek, positive drilling results could lead to a meaningful resource upgrade and strengthen the case for advancing the project towards development.
Broader Portfolio and Outlook
WIN Metals’ portfolio extends beyond Butchers Creek, with significant nickel and lithium resources at the Mt Edwards and Faraday-Trainline projects in Western Australia. However, gold remains a core focus, and the Ganymede drilling campaign represents a key near-term catalyst.
Investors will be watching closely as WIN Metals embarks on this next phase of exploration. The results from Ganymede could reshape the company’s resource profile and influence its strategic trajectory in the competitive gold exploration sector.
Bottom Line?
The upcoming Ganymede drilling campaign, backed by government funding, could redefine WIN Metals’ gold resource potential and accelerate its path to development.
Questions in the middle?
- Will the Ganymede drilling confirm a significant extension of the Butchers Creek gold deposit?
- How might positive results impact WIN Metals’ resource estimates and project economics?
- What are the next steps for WIN Metals if the Ganymede prospect proves mineralised?
