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During May 2008 the Company commenced a diamond drill program to test for a
new nickel sulphide deposit in a 30km long serpentinite belt at the
multi-commodity Stavely Project. Nickel silicate bearing serpentinite is found
close to a large hydrothermal and magmatic intrusive system and potential
sulphur source. Previous near surface geochemical results in shallow drill
holes have recorded highly anomalous nickel values of up to 1.0% nickel. The
overall setting of a heat/fluid source next to nickel bearing ultramafic rocks
associated with Cambrian Volcanics is considered to be similar to that of
Allegiance Mining's Avebury Nickel Mine on the west coast of
Tasmania.
Beaconsfield Gold Mines Pty Ltd, a wholly-owned subsidiary of Beaconsfield
Gold NL, was awarded an $80,000 grant under the first round of the Victorian
Government's Rediscover Victoria Drilling ("RVD") program.
RVD is an initiative of the Department of Primary Industries to provide funding
assistance to the mining industry and stimulate drill testing of new geologic
concepts in greenfields areas.
Under the RVD initiative, grants are available for up to 50% of the
drilling costs of programs with demonstrable economic and technical merit. The
Government's assessment criteria included the requirement to test
"an innovative, soundly-based, potentially economic deposit
model."
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