Third Funding Round Of New Frontiers Cooperative Drilling Program Announced

Third Funding Round Of New Frontiers Cooperative Drilling Program Announced

New South Wales Deputy Premier John Barilaro

$6 Million For Metals Exploration In Regional New South Wales

Victor P Taffa

Explorers are being encouraged to search new areas of the state for both traditional and high-tech metal deposits thanks to $6 Million in grants from the New South Wales Government to attract new investment into regional New South Wales.

Deputy Premier and Minister responsible for Resources John Barilaro said the third funding round of the New Frontiers Cooperative Drilling program will reimburse successful applicants for up to 50 % of their per metre drilling costs up to a maximum of $200,000.

Speaking at the sixth annual International Mining and Resources Conference in Melbourne today, Deputy Premier Barilaro announced a $2 Million funding boost, on top of $4 Million allocated under 2 previous rounds of the program.

“We’ve already seen the benefits from previous rounds of this fund, with the first Cooperative Drilling hole in a project near Broken Hill striking high-grade platinum group metals and leading to a $5 Million joint venture investment.” Deputy Premier Barilaro said.

 

“Our goal is to make New South Wales the number 1 state for new mineral exploration and resources investment across the nation, and we’re doing that by providing greater support for explorers and investors, and providing greater certainty for the mining sector.”

New South Wales Government has just completed the largest-ever aerial electromagnetic (AEM) survey by area in New South Wales history, with researchers looking for clues for new copper, gold and zinc deposits, and groundwater, over more than 19,000 km2 in the Greater Cobar region.

“A vast array of metals is used worldwide to manufacture high-tech products such as smartphones, satellite components and pacemakers, as well as renewable energy technologies including wind turbines and the batteries in hybrid and electric cars.” Deputy Premier Barilaro said.

“Global demand for metals is growing strongly and we want to ensure that the people of New South Wales, especially the New South Wales Central West, have every chance to capitalise on that demand, with the exploration for new mineral deposits and groundwater sources generating jobs, attracting investment and bringing economic and social benefits to local communities.”

Data from the AEM survey will be available to the public in the first quarter of 2020, adding to a range of other detailed maps and geological information already available from the Resources and Geoscience website.

Deputy Premier Barilaro also launched the New South Wales Government’s new Online Minerals Prospectus, another key deliverable of the New South Wales Minerals Strategy.

“This dynamic online portal acts as a one-stop shop for explorers, project developers and mining investors, giving them the tools and guidance, they need to tap into the minerals and business potential of New South Wales, especially regional New South Wales.” Deputy Premier Barilaro said.

“Mineral exploration is a high-risk investment with long life cycles that can exceed 20 years, but New South Wales offers the conditions for success and the New South Wales Government strongly supports our minerals industry and the responsible development of our mineral resources into the future.”

“Mining makes a significant contribution to the New South Wales economy and provides a wide variety of benefits to communities across regional New South Wales, including employment, with the industry supporting more than 29,000 direct and 115,000 indirect jobs.” Deputy Premier Barilaro said.