Despite recent figures showing a drop in expenditure, the New South Wales exploration industry is ready to take a step forward, NSW Department of Primary Industries (DPI) director of geological survey Lindsay Gilligan told MINING DAILY.
“You definitely get the impression that the exploration industry is ready to recover,” he said.
“It has had a bit of a kick in the teeth lately through the global financial crisis, but it is just waiting to go.”
Gilligan was yesterday speaking at Exploration in the House 09 in Sydney, a conference for members of the NSW to gather learn of technical developments in the industry.
News that the latest NSW budget has designated an annual payment of $5.5 million to its State exploration program, New Frontiers, was welcomed by Gilligan and the DPI.
“That money will sustain a lot of the geophysical and information programs that come from the New Frontiers initiative,” Gilligan said.
“The big geophysical programs are expensive, and they are something that you just can not do without some sort of initiative funding.”
The major project that has recently come from New Frontiers is the Thomson Orogen in north-west NSW.
This area is a package of underground rocks that is thought to have the potential to host similar ore deposits that are found in the State’s in the Lachlan Ford Belt.
“Thomson is very exciting and over the last two years or so the exploration industry has really picked up on this,” Gilligan said.
“It has proved to be quite an outstanding success.”
According to Gilligan, despite all of the exploration and mining to have already been done, there is still much to be discovered in the State.
“We will be targeting areas in the south-west of New South Wales, the Jerilderie and Wagga region,” he said.
“That is an area that really has been undercooked as far as geological mapping and understanding.
“There is a lot more to be found yet.”