The Australian Government has pledged $3 million to expand the country’s resource exploration program into Tasmania.
The program, called Exploring the Future, was launched in 2016 and is spearheaded by Geoscience Australia.
It will study Tasmanian ore deposits to determine their age and mineralisation and therefore the prospects of each region.
The Federal Minister for Resources, Water and Northern Australia Keith Pitt said the investment was part of the second phase of the program.
“We want to invest in Tasmania’s resources potential to bring future wealth and jobs to the state,” he said.
“Critical minerals are an important part of our future and are key inputs for an increasing range of high-tech applications, including advanced manufacturing, health technologies and defence and space industries.”
Pitt said sampling of Tasmania’s deposits would occur this month, with results to be completed by the first half of 2022.
“This information will support a better understanding of regional mineral systems and, therefore, support exploration strategies with increased success rates,” he said.
The Exploring the Future program will also assist in further understanding of the Delamerian Arc, which is a mineral-forming system that extends across south eastern Australia.
Tasmania Minister for Resources Guy Barnett said the mining sector was a key part of the state’s economy.
“The Exploring for the Future Program will be crucial to explore, research and identify more of Tasmania’s natural mineral resources,” he said.
“This research plays a vital role in unlocking future mining development, further investment and more jobs in regional Tasmania.”
Pitt added that the funding aimed to draw further mineral exploration activity to Tasmania.
“Collating and interpreting this geological information will improve the understanding of mineral potential in the region and hopefully lead to increased mineral exploration in Tasmania in future years,” he said.
“Having already seen immense value in the geological data we uncovered in northern Australia during phase one of the Exploring for the Future program, we know this is a successful approach that is already paying dividends.”
In January, the Tasmanian Government announced a $2.4 million upgrade to the Mineral Resources Tasmania Core Library to boost activity in its resources sector.