Match X,Y point in list 1 to nearest X,Y point in list 2

Hi,

I have a long list of X,Y,Z map points and another, much shorter list, of X,Y target points. The target points will not exactly coincide with the map points. I want to take each target point and then match it to the nearest X,Y map point and return the Z value.

The attached Excel sheet should make this clear.

I thought this would be easy but have had problems, so would appreciate if anyone can provide some pointers!

Thanks,

Hamang

another option might be:

=INDEX($C:$C,MOD(AGGREGATE(15,6,ABS(($A$2:$A$4296-$F16)+($B$2:$B$4296-$G16))*100000+ROW($A$2:$A$4296),1),100000))

Thanks Olly and XLent.

I think both will be useful solutions. Olly's seems more accurate but takes quite a long time to run. This might be an issue as I have over 300,000 map points and a couple thousand target points! It takes several minutes on my (very old) machine to run 10 points. I'll try overnight and see what happens.
XLent's doesn't get quite so close to the correct values - but is not too far away - and runs quickly.
Thanks again.

Hamang