State Government dollars are now on the table for explorers in the latest incentive to discovering new mineral deposits in northwest Queensland.
Natural Resources and Mines Dr Anthony Lynham said explorers wanting to work in the North West Minerals Province had until 29 September 2017 to apply for collaborative exploration initiative grants.
“These grants are yet another shot in the arm for the North West,” Dr Lynham said.
“Our Strategic Blueprint for Queensland’s North West Minerals Province released last month sets the direction and these are 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 $200,000.
An incentive of up to an additional $100,000 applies to Round 1 if the project is completed by 10 August 2018.
Dr 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.
As an example, previous grant recipient Red Metal Limited reinterpreted historical company data at their Maronan prospect near Cloncurry to propose a new geological model in an area that was previously deemed uneconomic.
Base metal explorer put down a deep drill hole and found high lead and silver grades and previously unknown copper mineralisation.
“Quite simply this information is pure gold, and adds to Queensland’s extensive geological knowledge,” Dr Lynham said.
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