The Government is investing in mineral exploration to help generate investment and jobs in regional Victoria through our $15 million TARGET minerals exploration program.
In an economic and geoscience boost to Victoria, nine projects will share in almost $2 million in grants to explore for copper, other base metals and gold in the state’s west.
The grant funding is provided on an industry-matched basis to mineral exploration companies approved under the first round of the Government’s program.
TARGET grants will cover up to half the cost of eligible exploration activities – including geophysical surveys, drilling and sampling analysis – with the companies funding the balance by their own means.
The five successful grant recipients are all existing licence holders whose co-funded projects will further enhance understanding of our geology and its potential for minerals discoveries, which will encourage further investment and projects in regional Victoria.
The grant recipients and projects under TARGET Round 1 are:
- Stavely Minerals to receive $1 million for five projects south west of Ararat and near Mortlake
- Navarre Minerals to receive $626,000 for a project south of Ararat
- GBM Resources to receive $185,000 for a project south west of Ararat
- Murray Basin Resources to receive $74,000 for a project north east of Horsham
- Austpac Resources to receive $53,000 for a project near the towns of Nhill and Dimboola
The projects are all in the Stavely geological province in western Victoria, which stretches from Mildura in the north to Mortlake in the south.
A collaborative geological research program by the Geological Survey of Victoria and Geoscience Australia has identified this region as having potential for gold, copper and other base metal mineralisation.