Estrella Resources Limited (ASX: ESR) has welcomed the receipt of an A$1.04M advance from Radium Capital on Estrella’s future refundable tax offset for eligible research and development (R&D) expenditure conducted at the company’s Carr Boyd Nickel Project and Spargoville 5A Deposit in WA during the 2022-23 financial year
The advanced payment of A$1.04M received from Radium Capital, represents an accountant verified proportion of July-March FY23 R&D applicable expenditure. The refund advance ceases any near-term requirement to raise further share equity.
The R&D activities were primarily focused on testing hypothesis relating to the formation sequence, depth of emplacement processes and direction of paleo-gravity and magma flow responsible for the Carr Boyd Igneous Complex. The activities resulted in the formation of an improved genesis model that improves the identification of mineralisation.
Other activities included Spargoville Ore Characterisation and Processing as the company aims to determine the exotic mineral species at the 5A deposit to examine and test additional pathways to successfully treat the nickel mineralisation.
The company engaged the use of experts from the CSIRO in a co-funded collaboration as a part of the MRIWA project. Additional seismic work by Ultramag utilising cutting-edge technology with geophysical interpretation from Australia’s leading hard-rock interpreter at Rock Solid Seismic have enabled Estrella to target the 16km long basal contact with unprecedented accuracy.