The Northern Territory Government has more than doubled the projects awarded funding in the latest round of resource grants.
A total of $3.06 million has been issued by the Territory to support 29 projects from 23 companies under the Geophysics and Drilling Collaboration program.
The grants program is part of the $9.5 million per annum Resourcing the Territory Initiative which is designed to attract and support mineral exploration, drive more mining development and create more jobs across the Territory.
The Territory Government will increase its annual funding to the program to $9.5 million from July 2022 to increase exploration activity and help bring forward resource development in the Territory.
The expanded program has been designed to meet recommendations in the Territory Economic Reconstruction Commission final report.
The projects funded under the Geophysics and Drilling Collaboration program include six greenfields drilling programs, eight greenfields geophysics programs, seven brownfields drilling programs and eight brownfields targeting programs.
These projects are targeting a wide range of commodities including gold, copper, lithium, vanadium, nickel, zinc and uranium.
The greenfields drilling programs are targeting copper, gold, lithium and vanadium in areas with little existing previous drilling in the Barkly Tableland, Tennant Creek region, Tanami region and central Australia.
The brownfields drilling programs are testing at or near known mineral deposits in the Tennant Creek region, Pine Creek region and central Australia, primarily targeting gold as well as lithium and possible nickel and copper.
Mining and Industry minister Nicole Manison said the Resourcing the Territory initiative was the biggest investment by any Northern Territory Government into attracting and supporting resources exploration.
“This will help find the new mines of the future that will create jobs, support business and pay royalties to the NT to help fund schools, roads and health clinics,” she said.
“The resources sector is playing an enormous role in our comeback, with 21 mining projects working towards a Final Investment Decision (FID) in the Territory with a combined value of over $7 billion and potential to create over 5000 construction jobs and over 3500 ongoing jobs.
“Our message is clear, if you are looking for the next resource development, come to the Territory.”
Prodigy Gold managing director Mark Edwards said the company was excited to be working with the Department during the round of co-funding.
“The NT Government has shown great support for exploration in the Tanami over the past few years and we are enthused to continue this mutually beneficial collaboration,” he said.
“The Tanami region is one of Australia’s great mining success stories with one of the most productive and profitable gold mines located in this area (Newmont’s Tanami Operation). Prodigy Gold are working closely with the Department on exploring around this area.
“These co-funding agreements with the NT Government allow small exploration companies, like Prodigy Gold, to fast track drill testing of targets benefitting the advancement of projects and increasing the open data knowledge base of the NT.”
Association of Mining and Exploration Companies chief executive officer Warren Pearce said the biggest ever expansion of the Resourcing the Territory initiative is great news for the Industry.
“Government-funded studies in Western Australia and South Australia have found that every $1 million invested in this type of program, stimulates exploration activity which generates in excess of $10 million worth of local investment,” he said.
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