49 percent of all applications for the Western Australian Co-funded Exploration Drilling Program’s are for gold, making it the most sort after commodity according to the State’s Mines and Petroleum Minister Norman Moore

 

“Again 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.

 

The current application round, which closed on March 25, resulted in 53 successful applications. Applications included nine from prospectors for drilling programs which will be undertaken between July 2011 and the end of June 2012.

 

General applicants will share in $4.5million while prospectors are being offered $196,000.

 

The Co-funded Industry Drilling Program provides co-funding of up to 50 per cent of direct drilling costs with caps of $150,000 for a multi-hole project, $200,000 for a single deep hole and $30,000 for a prospector’s project. Payment is made to successful applicants after the completion of their drilling programs.

 

Information acquired by the companies through the drilling programs is publicly released on the Department for Mines and Petroleum’s website after a short confidentiality period. The information adds to the geological knowledge of the State and helps reduce risks for subsequent explorers.

 

Another round of co-funded drilling will be advertised from August 2011 - calling for applications in September-October 2011 for projects to be undertaken between January 2012 and the end of December 2012.

 

The Co-funded Industry Drilling Program is part of the five year $80million Exploration Incentive Scheme (EIS) funded out of the Royalties for Regions Initiative, which the Western Australian Government announced in April 2009 to stimulate innovative exploration drilling in underexplored areas of the State. The program is administered by the Department of Mines and Petroleum.

 

A list of successful applicants and a map showing the distribution of projects can be found here

 

A distrubution map of all projects can be found here