Tasmanian Government backs greenfield exploration

Exploration Toolkit

Six Tasmanian mineral exploration projects will share in more than $270,000 through round 6 of the State Government’s Exploration Drilling Grant Initiative (EDGI).

The latest recipients of the scheme takes the total number of mineral exploration projects  supported over the past three years to almost 60.

Australian Bauxite subsidiary ABx4 received funding for two projects, while John Carswell, Yunnan Tin Australia TDK Resources, Stunalara Metals and Henty Gold were successful in securing funding for individual exploration projects.

Minister for Resources Guy Barnett said the six projects announced under round 6 will  result in nearly five kilometres of exploration drilling.

“Five of the round 6 projects will be greenfield exploration and one will re-examine an existing site,” he said.

“By opening the program to existing sites we are providing the opportunity to recover even more valuable minerals like gold, copper, zinc, tin, or iron from already developed sites which would have reasonably modest restart costs and lead-in time if the exploration results prove positive.

“Exploration is one of the first and most important stages in mining which can lead to significant investments in the longer-term.”

Barnett said the program helps industry and investors identify new and potentially lucrative greenfield mining opportunities, as well as exploration of existing mine or mining lease sites.

“The drilling is targeting a diverse range of mineral including rare earth elements and tin, both of which are essential for the transition to the new economy and renewable energy,” he said.

“Growing this sector will provide a vital boost for our regional communities, small businesses, and families, especially in regions like the north-west and west coast which have been the hardest hit by COVID-19.

“All up, our Exploration Drilling Grant Initiative is expected to drive a 60 per cent increase in greenfield drilling to open up sites that may not have previously been economically attractive for exploration and is estimated to return $3.40 to our economy for every $1 of government support.”

Further information on the Mining Exploration Grant Initiative is available on the MRT website.

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