Licensed explorers in northern Victoria can now apply for grants to search for gold and base metals in the northern part of the Bendigo geological province under the second round of the state government’s $15 million TARGET minerals exploration program.
Minister for Resources Wade Noonan said the funding – available on an industry-matched basis – will help explorers uncover large underground gold deposits, whose existence has been confirmed by recent academic research and the Government’s own experts in mapping and interpreting the state’s geology.
“The Andrews Labor Government is taking action to promote investment and create jobs for regional Victoria,” the Minister said.
TARGET grants 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.
Mr Noonan pointed out that 10 projects are already sharing in more than $2 million in grants from the funding round allocated to explore for copper, other base metals and gold in Victoria’s Stavely geological province in western Victoria.
“Our TARGET grant program provides significant incentive for exploration companies to uncover what lies beneath the surface,” he added.
According to the Minister, the geological area to be explored under the second round of Target program stretches north of Bendigo to the state border, encompassing an area of approximately 14,000km2.
“Bendigo has a rich mining history. These grants will help accelerate the exploration needed to uncover new opportunities for the future,” Mr Noonan concluded.
Applications close on 10 January 2017.