TARGET minerals exploration program to boost investments and jobs in regional Victoria

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Map of locations of projects funded under TARGET Round 1 Image credit: www.energyandresources.vic.gov.au

The Andrews Liberal Government is investing in mineral exploration to help generate investment and jobs in regional Victoria through its $15 million TARGET minerals exploration program.

Map of locations of projects funded under TARGET Round 1 Image credit: www.energyandresources.vic.gov.au
Map of locations of projects funded under TARGET Round 1
Image credit: www.energyandresources.vic.gov.au

Victoria’s Minister for Resources Wade Noonan announced that nine projects will share in almost $2 million in grants to explore for copper, other base metals and gold in the state’s west.

He said the grant funding is provided on an industry-matched basis to mineral exploration companies approved under the first round of the Labor Government’s program.

“We have a rich history of mining in Victoria and this program will help determine what minerals really lay beneath the surface so we can further capitalise on our natural resources,” the Minister remarked.

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“Now is the time to boost exploration for future mineral discoveries so we can encourage mining and exploration companies to come and invest in Victoria.”

He said the 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.

“This program could generate more than 50 new jobs and $20 million investment in the region, with any discovery and subsequent mining creating even more jobs and investment,” the Minister added.

According to the Minister, the five successful grant recipients are all existing licence holders whose co-funded projects will further enhance understanding of the state’s geology and its potential for new minerals discoveries.

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

All of the abovementioned projects are all in the Stavely geological province in western Victoria, which a collaborative geological research program by the Geological Survey of Victoria and Geoscience Australia has identified as having potential for gold, copper and other base metal mineralisation.

For further details about the TARGET program, please visit: www.energyandresources.vic.gov.au/target.