Expanding Exploration Investment in the Territory

Expanding Exploration Investment in the Territory

The Territory Government is expanding new exploration opportunities and continuing to drive investment and jobs across the Territory.

A record $1.7 million in grants to support 18 projects from 15 companies have now been awarded under the latest Geophysics and Drilling Collaboration program.

For the first time since the Resourcing the Territory initiative was launched, projects have also been able to access co-funding to support brownfields drilling programs.

This expansion backs up the recommendations of the Territory Economic Reconstruction’s final report.

In brownfield exploration, geologists look for further deposits near a known mineral deposit or already operating mine. As these areas are known to have high potential for minerals and associated infrastructure, the risk in brownfield exploration is considerably lower.

Five companies have so far been awarded co-funding as part of the brownfields expansion, with Vista Gold Australia among them.

Vista Gold Australia owns the Mount Todd Mine, 55 kilometres northwest of Katherine, which was recently given the green light to recommence mining operations.

The projects that have been awarded funding are targeting a wide range of commodities including gold, copper, tungsten, nickel, natural gas and helium

The successful applicants are Inca Minerals Ltd, Knox Resources Ltd, Central Petroleum Ltd, Barkly Operations Pty Ltd, Strategic Energy Resources Ltd, King River Resources Ltd, IGO Ltd, Newcrest Mining Ltd, iCopper Pty Ltd, Core Lithium Ltd, Prodigy Gold NL, Redbank Operations PL, Bacchus Resources Pty Ltd, Molyhil Mining Pty Ltd and Vista Gold Australia Pty Ltd.

Source: NT Government