DART Mining has received $1.1 million to fund geoscience research and development.
The payment is expected to increase the company’s chances of identifying mineral deposits at its Unicorn project near Corryong.
The Australian Taxation Office and Aus- Industry refunded a tax offset for the 2012-13 financial year to be recorded as revenue.
It will go towards the Dart Mining developed Hybrid Climax Model Analogy, a 3D geological model of Unicorn.
The technology helps navigate porphyry intrusions containing molybdenum — used to make steel alloys, copper and silver, minimising drilling expenses.
Acting chief executive John Cornelius said it was a significant financial boost and it would assist the intense geotechnical work in the steep and inhospitable area.
“The development will allow us to increase the probability of identifying mineral deposits, which is terribly important to us,” he said.
“The more work we can do bringing the elements together and improving the probability is obviously extremely important.”
Mr Cornelius said it fitted well with the company’s strategic plan to focus on new porphyry discoveries in North East Victoria.
This is the second tax office grant received, after $906,000 was paid for 2011-12 and Dart is planning to lodge another claim this financial year.
Dart’s cash position stands at $4.1 million, with work under way to fulfil preconditions for a $4.7 million discretionary second tranche of funding from Orion Mine Finance Group.