Intercept Hill Project
On 8 October 2014 WTR transferred EL5372 to its then wholly owned subsidiary Red Tiger Resources Limited (RTR). In late 2015 RTR completed Stage 1 Discovery of its proposed five-year exploration program for Intercept Hill. Stage 1 Discovery involved the planning, development and drilling of a single deep drill-hole. Despite difficult drilling conditions encountered, mineralisation was discovered at ~976metres with 0.4% Copper before the drill hole stopped in basement granite at 1098 metres depth from surface. In the initial two-year exploration lease period, RTR completed exploration expenditure in excess of its minimum exploration expenditure commitment. Accordingly, on 25 February 2016 a 3-year lease extension from 20 February 2016 expiring 20 February 2019 was awarded to RTR by Department of State Development.
Funding of Stage 1 Discovery was supported by 12 new shareholders through the purchase of shares and also by the South Australian Government PACE funding of $110,000. While the initial drill hole yielded insufficient mineralisation to move into Validation activities in this area, of the initial four targets identified as priority drill targets by RTR, three of these locations remain to be tested, incluidng in-fill targets near existing drill holes where mineralisation has been discovered by previous licence holders.
RTR believes there remains excellent opportunities for the discovery of increased mineralisation from that already discovered in this incompletely explored and investigated region. RTR aims to secure further equity and the South Australian Government PACE funding to enable the continued effective exploration of the tenement to create value and reward stakeholders accordingly. In parallel, RTR will continue to seek further funding to expedite Intercept Hill exploration, through Joint Venture or Farm-In Agreements with established resources companies, enabling shareholders to continue to see the potential value of their holding grow accordingly.