Zeotech (ASX:ZEO) secured funding under the Queensland government's mining equipment, technology, and services collaborative project fund for the company's preliminary feasibility and front-end engineering design study on the Toondoon kaolin project, according to a Tuesday filing with the Australian bourse.

Matched funding of AU$145,000 has been approved for a total project value of AU$290,000 to support the study, which will be completed in partnership with Holcim (Australia), the filing said.

Zeotech shares fell nearly 7% in afternoon trade Tuesday.

Price (AUD): $0.06, Change: $-0.004, Percent Change: -6.67%