Over 40 new exploration projects yesterday received an injection of funds through the Western Australian Government’s Exploration Incentive Scheme (EIS) co-funded exploration drilling program.
Announcing the 41 successful Round 10 projects, Mines and Petroleum Minister Bill Marmion said the scheme was designed to kick start exploration in the state.
“This is an important investment in the State’s future, particularly in the challenging financial environment faced by exploration companies,” Mr Marmion said.
“Now in its sixth year, this highly competitive drilling program has resulted in major discoveries, with more being made every year.”
Significant success stories have included the Nova and Camelwood nickel deposits, the Yeneena copper deposits and the Oxley potash discovery.
The Co-funded Drilling Program refunds up to 50 per cent of direct drilling costs with caps of $150,000 for a multi-hole project, $200,000 for a single deep hole, and $30,000 for a prospector’s project.
Round 10 of the EIS attracted 74 applications requesting $8.77 million in co-funding.
Add Comment