Exploration Incentive Scheme Drives Resources Industry Forward

Exploration Incentive Scheme Drives Resources Industry Forward

Western Australia Minister for Mines and Petroleum Norman Moore

Western Australia Minister for Regional Development Brendon Grylls

Exploration Drilling Recipients Announced 

Victor P Taffa

  • $5.94 M shared between 57 drilling projects, including three prospecting projects 
  • Flagship program of the Royalties for Regions-funded EIS
  • WA signals global investors it is serious about attracting exploration investment

Mines and Petroleum Minister Norman Moore today announced the successful applicants for Round 6 of the Co-funded Exploration Drilling Program.

Mr. Moore said the projects would be drilling for a wide spectrum of commodities when he released details of 57 drilling projects to be undertaken in 2013, including three prospecting projects, which have attracted almost $6 Million in co-funding.

“The Exploration Incentive Scheme’s (EIS) Co-funded Drilling Program provides incentives to drill in underexplored areas to ensure the continued economic prosperity of the State’s resources industry.” Mr. Moore said.

“Established three years ago, this highly competitive drilling program offers two rounds of co-funding a year, and has already reaped rewards with commercially promising and scientifically interesting projects, such as deep drilling which led to the re-opening of the Mt. Magnet gold mine, and drilling that was instrumental in the discovery of the East Tropicana and Handpump gold deposits.”

“Other positive exploration drilling outcomes include the Speewah vanadium deposit; the Yeneena copper discovery; and the Theseus and Yalgoo uranium discoveries; as well as support for drilling by Sirius Resources at The Eye nickel project before the discovery of the Nova deposit.”

The program provides co-funding of up to 50 % 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.

Mr. Moore said more funding would be advertised this month, calling for applications in February-March 2013 for projects to be undertaken in the 2013-14 financial year.

WA Minister for Regional Development Brendon Grylls

WA Minister for Regional Development Brendon Grylls

Regional Development Minister Brendon Grylls said the Co-funded Drilling Program was the flagship program of the State Government Royalties for Region’s-funded Exploration Incentive Scheme.

“The program will encourage industry to drill in areas that have mineral, petroleum or geothermal potential and ultimately help to identify new opportunities to ensure the future prosperity of Western Australia’s resources sector.” Mr. Grylls said.

Fact File

  • Liberal-National Govt providing $138.1 M to EIS from 2008-09 to 2015-16
  • Government has offered more than $27 M in co-funding grants to more than 250 exploration drilling projects in first five rounds
  • Incentives encourage drilling in underexplored areas – finding tomorrow’s mines today