The New South Wales Government has offered an additional $2.2 million in grants for the state’s mining industry to uncover new mineral deposits.
The funding comes as part of the state’s New Frontiers Cooperative Drilling program which grants successful explorers half of their drilling costs for up to $200,000 each.
NSW mineral explorers have been using the program since 2014, with it now in its fourth round.
New South Wales Deputy Premier and Minister for Resources John Barilaro said the extra funding adds to $6.24 million previously provided through the program.
“We’ve already seen the benefits from previous rounds of this fund, with the first Cooperative Drilling hole in a project near Broken Hill striking high-grade platinum group metals and leading to a $5 million joint venture investment,” he said.
“The mines of tomorrow are discovered today and grants of up to $200,000 will go a long way for serious explorers and investors who want to look for mineral and metal deposits and help to unearth future projects.”
Barilaro has suggested explorers undertake their search in Dubbo, Forbes, Mundi and north and south Cobar.
“These mineral allocation areas are the focus of where world class data is being acquired by the Department of Regional NSW, working with Geoscience Australia, to help drive an exploration boom unlike anything before,” he said.
The Deputy Premier said gold, copper, silver and zinc are some of the minerals that could be uncovered.
“We’re calling for expressions of interest for a third time around, to encourage suitable operators to apply for new exploration licences in these areas to search for a range of metals including gold, copper, silver and zinc,” he said.
“Our goal remains to make NSW the number one destination for exploration and mining investment in Australia and today’s announcements bring us closer to achieving that goal.”
The NSW Government expects the program to sustain the economic contributions of the state’s resources industry, while improving the understanding of its resources.