The most recent round of the State Government’s co-funded drilling program has again attracted significant interest from resource companies eager to explore Western Australia’s greenfields or underexplored areas. 

 

The Western Australian Minister for Mines and Petroleum Norman Moore has announced that the most recent round of the State Government’s co-funded drilling program has attracted significant interest from resource companies wanting to explore Western Australia’s greenfields or underexplored areas. 

 

The first application round for the program for 2011 closed on March 25 and attracted 60 applications, including eight from prospectors.

 

The co-funded drilling program is a competitive industry-targeted program that encourages exploration in greenfields and underexplored areas.

 

Mr Moore said that gold and base metals exploration targets featured in many of the applications, with iron ore, nickel and the platinum group elements the next most popular commodities.

 

“The 60 applications, which sought a total of $5.75 million in co-funding from the State Government, were competing for an available pool of $4 million.”

 

The co-funded drilling program is the main element of the $80 million Exploration Incentive Scheme (EIS) which is funded through the State Government’s Royalties for Regions program.

 

The program has supported several new discoveries over the past two years including iron ore, uranium, copper and new gold discoveries near Warburton and in the Tropicana belt.

 

Successful applicants in the latest round will be evaluated by an independent panel of exploration geologists.

 

The program refunds up to 50 per cent of direct drilling costs to successful applicants with refunds capped at $30,000 for prospectors and $150,000 for general projects. This amount can increase to $200,000 for a single, deep hole project.

 

The latest round of grants will cover drilling undertaken between July 2011 and June 2012. Another round of applications will be announced in August-September this year for drilling projects occurring between January and December 2012.

 

More information on the program is at  http://www.dmp.wa.gov.au/7748.aspx.