Australia's Queensland Government has announced a grants programme for mining companies looking to discover mineral deposits.
The collaborative exploration initiative grants will be awarded to explorers unearthing new deposits in north-western part of the state.
Applications for the initiative can be submitted until the end of next month.
Queensland minister for natural resources and mines Dr Anthony 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.”
“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.”
It is expected that geological information unearthed will be made available to all explorers at the government’s geological ‘libraries’ at Mount Isa and Brisbane.
Under the funding scheme, the government will cover up to half of the direct activity costs, including drilling, and geophysical and geochemical surveys, to a maximum of $200,000.
Explorers are also entitled to receive up to an additional $100,000 if the project is completed by 10 August next year.
Association of Mining and Exploration Companies regional manager Les Cox said: “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.”