PERTH (miningweekly.com) – The Queensland government has opened its coffers for explorers looking for mineral discoveries in the North West region of the state.
Natural Resources and Mines Minister Dr Anthony Lynham said on Monday that explorers wanting to work in the North West minerals province had until September 29 to apply for collaborative exploration initiative grants.
“These grants are yet another shot in the arm for the North West,” he said, adding that the state’s Strategic Blueprint for Queensland’s North West Minerals Province released last month, set the direction and these were the dollars to drive the next wave of resource development for the region.
“Exploration is the lifeblood of the resources sector and financial incentives encourage explorers to try new and challenging areas and terrains, as well as new technologies.
“The added bonus is that the geological information unearthed becomes available to all explorers at the government’s geological ‘libraries’ at Mount Isa and Brisbane.”
Grants meet up to half of the direct activity costs, including drilling and geophysical and geochemical surveys, to a maximum of A$200 000.
An incentive of up to an additional A$100 000 applies to Round 1 if the project is completed by August 10, 2018.
Lynham said the incentives for early completion would drive jobs and boost economic activity in the region immediately.
“This initiative is designed to drive exploration in new and challenging terrains, in recognition that we have to push into deeper and more difficult areas to find new deposits of the many minerals we all use day to day,” he said.
The Association of Mining and Exploration Companies has welcomed the state’s investment, with regional manager Les Cox saying it was the kick-start many explorers would need to get them into the field.
“It’s no secret exploration activity has been subdued right across Australia, but direct incentives to meet up to half of the direct activity costs of drilling and survey work is certain to get wheels rolling” Cox said.
“Exploration is a high-risk, high-cost venture at any time with no guarantee that it will pay off. That’s why it is so important for the mines of tomorrow that government supports exploration today.”
“Collaborative exploration funding to a maximum of $200 000 is a real game changer for the mineral resources sector as much of the exploration work is now undercover and much more expensive,” he added.