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PERTH (miningweekly.com) – The Western Australian government has allocated a further A$4.75-million under round 14 of the Exploration Incentive Scheme’s (EIS's) co-funded drilling programme.
Mines and Petroleum Minister Sean L’Estrange said that 42 projects would share in the funding.
The EIS drilling programme, which is in its ninth year, provides explorers with added incentive to drill in underexplored regions.
The programme refunds up to 50% of direct drilling costs with caps of A$150 000 for a multi-hole project, A$200 000 for a single deep hole and A$30 000 for a prospector's project.
Refunds are made after completion of drilling and the submission of reports which are released publicly on the Department of Mines and Petroleum’s databases, after a six-month confidentiality period.
"Encouraging exploration is the key to the continuity of Western Australia's vital resources industry, which will underpin the State's economy for decades to come," L'Estrange said.
"This very successful programme has already resulted in a number of major discoveries. Among the success stories is the Nova [nickel] discovery east of Northam, supported by EIS geophysics data and cofunding in 2011/12, with production having commenced in November this year."
The Minister said the information submitted added to the geological knowledge of the state, and helped reduce risks for subsequent explorers.
An economic-impact study released early in 2015 showed that every A$1-million spent by the EIS generates A$10.3-million of exploration activity and a longer term benefit to the state, in terms of higher gross state product, of A$23.7-million.