1st November 2019

Explorers now have an additional $2 million incentive to search for deposits of traditional and high-tech metals across NSW, with a new round of grants to help cover the costs of exploration drilling now on offer from the NSW Government.

The third funding round of the New Frontiers Cooperative Drilling program will reimburse successful applicants for up to 50 per cent of their per metre drilling costs, up to a maximum of $200,000.

The funding boost brings the total amount allocated to the program to $6 million, with applications open until 31 December 2019.

A key deliverable under the NSW Government’s NSW Minerals Strategy, the program is designed to support the long-term sustainability of the NSW exploration sector by directly supporting mineral exploration for Group 1, 6 and 10 minerals, particularly in greenfields areas of the state.

Geological Survey of NSW Executive Director Dr Chris Yeats said previous rounds of the grants program proved successful, with many projects reporting positive results.

“At the Impact Minerals Red Hill project near Broken Hill in far west NSW, the first Cooperative Drilling hole struck a 30 metre-wide zone of high-grade platinum group metals, which lead to a $5 million joint venture investment,” Dr Yeats said.

“Another project south of Orange in the NSW Central West intersected multiple intervals of gold mineralisation in four Cooperative Drilling holes, and in Jindabyne, in the NSW Snowy Mountain region, Cooperative Drilling holes within a recently discovered gold-arsenic quartz vein system showed a gold and copper system open in all directions.”

“The NSW Government understands the key role that our minerals industry plays in Regional NSW and the importance of mineral exploration to ensure the continued prosperity of this important industry into the future.”

“I encourage all potential explorers to apply.”

For more information on the New Frontiers Cooperative Drilling grants program, visit www.resourcesandgeoscience.nsw.gov.au/cooperative-drilling