Western Australia’s mining sector, including some of the state's largest mining companies, has received $6 million through a state government program designed to encourage exploration in underexplored areas of WA.
Minister for Mines and Petroleum Norman Moore said that drilling in underexplored areas is the key to the continuation of WA’s prosperous resources industry by helping to discover the mines of tomorrow, today.
The funds were awarded to 53 successful applicants, including three prospectors who received $63,000, for drilling programs carried out between July 2011 and the end of June 2012.
Companies that received funding for their gold-related projects include Matsa Resources for its Mt Henry Gold/Magnetite Project, Salisbury Resources for its Starion Gold Project, Aurora Minerals and Northern Star Resources.
Among other successful applicants are Fortescue Metals Group for its Horatio-Boolgeeda iron project, Hancock Prospecting for its iron-related Fortescue Valley statigraphic drilling, and Independence Group for commodities mined at its Duketon Nickel project, including nickel and copper.
Funding is awarded at up to 50 per cent of direct drilling costs, capped at $150,000 for general, multi-hole applications, and at $200,000 for a single-hole application. Applicants receive payment after the completion of their drilling programs.
“Gold was the commodity that featured in most successful applications with 26 projects listing it as the main target, or as one of the commodities sought,” Mr Moore said.
“Gold was followed by copper in 17 projects, nickel in 10 and iron for nine projects. Other commodities being explored include platinum group elements, zinc, lead, uranium and manganese.”
“It is pleasing to see oil and gas projects among the successful applications, with five petroleum projects receiving funding.”
The program is part of the major larger $80 million Exploration Incentive Scheme, funded by Royalties for Regions scheme.
