White Cliff Minerals Ltd (ASX:WCN) has received the full allocation of its tax credits valued at $550,000 as under the ATO’s Junior Minerals Exploration Incentive (JMEI) scheme.
Some or all of these credits may be distributed to eligible White Cliff shareholders as a tax offset or franking credit in the 2019 financial year.
To be eligible, shareholders must participate in fundraising activities during the 2019 financial year.
READ: White Cliff Minerals reveals more cobalt and nickel from drilling at Coglia Well
Most recently, White Cliff received encouraging drilling results from its 100%-owned Coglia Well cobalt-nickel project near Laverton in the Western Australian goldfields.
Significant cobalt-nickel mineralisation has been identified in several consecutive holes extending across a width of 800 metres, with assay results including:
• 17 metres at 0.11% cobalt and 1.01% nickel from 78 metres;
• 10 metres at 0.04% cobalt and 0.3% nickel from 43 metres; and
• 16 metres at 0.04% cobalt and 0.3% nickel from 45 metres.
Building towards a JORC resource
During the June quarter, White Cliff completed a 3,000-metre and 5,000-metre reverse circulation drill programs at the Coglia Well and Coronation Dam projects.
Both projects are targeting cobalt-nickel and are located in Western Australia.
White Cliff’s focus is on drilling to define JORC cobalt-nickel mineral resources.