The Northern Territory (NT) Government continues to foster economic growth and maximise resource exploration in the State through round 16 of Geophysics and Drilling Collaboration funding.
The program, which is part of the Resourcing the Territory strategy, has granted $3.7 million in funding to assist 38 initiatives from 30 companies.
The funds will go towards a variety of novel drilling programs and geophysical investigations around the Territory, particularly in the Barkly, Central Australia, the Tanami region, and the Pine Creek region.
“The Resourcing the Territory program is the biggest investment by any Northern Territory Government into programs to attract and support resources exploration in our region,” Minister for Mining and Industry Nicole Manison said.
According to the State Government, this year’s co-funding total is the highest ever, more than double the long-term average of 15 projects co-funded every year.
“It’s exciting to see the majority of co-funded programs are targeting critical minerals that will be essential for supporting the energy transition and global decarbonisation.” Minister Manison said.
Twenty-eight of the projects are targeting present and developing critical minerals, such as lithium, copper, rare earths, nickel, and, for the first time, magnesium and graphite.
Meanwhile, the 10 remaining projects are targeting gold.
The NT Government’s Resourcing the Territory program, worth $9.5 million, aims to accelerate resource exploration and development in the State.
“These projects will help build the Territory’s critical minerals project pipeline to support the economy into the future, creating jobs, developing regional areas and improving essential infrastructure,” Minister Manison added.
Prodigy Gold Managing Director Mark Edwards commented, “Prodigy Gold is committed to exploration in the Northern Territory and particularly around the Tanami Region and greatly appreciates the good working relationship with the government, particularly the NT Geological Survey and the Department of Industry, Tourism and Trade.”
“These sorts of programs significantly increase our knowledge of the local and regional geology of our projects and could fast track the next major mining discovery,” Edwards added.
