A record 38 projects from 30 companies have been awarded co-funding for round 16 of the Geophysics and Drilling Collaborations program.
A total of $3.7 million was awarded to 17 greenfields drilling, 6 brownfields diamond drilling, 5 regional-scale geophysical surveys and 10 innovative targeting projects exploring for a diverse range of commodities from across the Territory. Successful recipients will undertake field work in the dry season. Reports, data and drill core from the programs will be available six months after the field work is complete.
Round 16 projects are targeting multiple commodities, with 28 of the projects targeting commodities that are on the Territory's current and emerging critical minerals list (lithium, rare earths, nickel, copper, zinc, magnesium, graphite, tungsten, molybdenum, cobalt and helium). The remaining 10 projects are targeting gold. Thirteen of the 30 companies have never received co-funding before.
A total of 65 applications were received from 38 companies, making it the largest number of proposals received since the program began in 2008. The significant increase is attributed to the high volume of greenfields drilling applications received and projects focused on critical minerals exploration.
The grants provide an incentive for companies to undertake innovative greenfields exploration in new areas, as well as drive project development by supporting brownfields / near mine exploration beneath or adjacent to known deposits or identified minerals resources. The co-funded projects also lead to increased knowledge of the Territory’s geology and resources, and will therefore assist with future exploration in the Territory.
For more information visit the exploration grants page.