The Northern Territory has officially announced the $3.95 million CORE (Creating Opportunities for Resource Exploration) pre-competitive geoscience initiative last week.
Minister for Mines and Energy Willem Westra Van Holthe, who launched the program, has revealed CORE provides funds to assist mineral and petroleum explorers make the next major discovery in the Northern Territory.
“The mines and energy sector plays a major role in the Northern Territory’s economy and the CORE program ensures ongoing investment in the Territory’s economic future,” Mr Westra van Holthe said.
The flow on effects of exploration is expected to provide opportunity for business and suppliers in the Territory, which in turn is set to benefit substantial economic and regional development.
“The Northern Territory is open for business and providing this type of funding for exploration sends a clear message to the community that we are building the Territory’s economy for all Territorians. The Territory has some of the best conditions for doing business in Australia and the CORE initiative provides solid encouragement to mineral and petroleum explorers.”
In a statement, Mr Westra van Holthe revealed another boost for the Territory economy, with eight companies awarded funding in the latest round of the Northern Territory Government’s Geophysics and Drilling Collaboration program.
According to the report, more than $730,000 will be shared amongst the 8 companies, which will allow drilling programs and geophysical surveys in unexplored remote areas around the NT.
‘The nine projects will be conducted from the Top End to north of Alice Springs, one of which will be the first ever drill hole targeting geothermal energy potential in the Northern Territory,’ NT.
Under the Geophysics and Drilling Collaboration program, 50% of the costs (up to $100,000) is provided to exploration companies , enabling them to conduct projects in unexplored/greenfields areas where little or no exploration has occurred and there is limited geological information.