The Queensland Government has announced its $5 million exploration grants program has funded a record number of projects aimed at striking critical mineral deposits.
The newest Collaborative Exploration Initiative round provides up to $250,000 in funding to 25 projects around the State to locate the minerals required to decarbonise the world.
Nearly three-quarters of all successful initiatives are aimed at discovering new copper deposits required for solar, hydro, thermal, and wind energy systems.
“To unlock the potential $500 billion worth of critical mineral deposits in our take on financially risky projects that could lead to Queensland’s next big critical minerals discovery,” Resources Minister Scott Stewart said.
According to Minister Stewart, the $5 million initiative will provide explorers with the resources needed to take on financially risky projects that could lead to the next big critical minerals discovery in Queensland.
“The Palaszczuk Government is laying the foundation for a prosperous and enduring critical minerals sector through backing our explorers and injecting $5 billion into CopperString 2032,” Minister Stewart stated.
Minister Stewart added that with the World Mining Congress coming up in Brisbane soon, we’re excited to show the world that Queensland is the place to be for crucial mineral investments.
This follows the announcement by the Palaszczuk Government of a $5 billion investment in CopperString 2032 to unlock the potential $500 billion in important mineral reserves in the North West Minerals Province.
Red Metals, the successful applicant, will use the funds to drill test the potential for a deep copper deposit on Wondoola Station, about 130 kilometres north of the Ernest Henry mine near Cloncurry.
Red Metals Managing Director Robert Rutherford said the grants would enable the company to fund high-risk drilling, which they hope to lead to significant new discoveries.
“Our surveying suggests that the Wondoola target shares geophysical similarities with the anomaly over Ernest Henry, only it is deeper under cover. Queensland is long overdue for a big discovery, and this program supports drill tests on these expensive, deep covered plays to bringing forward new discoveries,” Rutherford stated.
Data from the program will be made public to fuel additional critical mineral discoveries.
