Queensland’s next big minerals discovery could be just around the corner!
The Queensland Exploration Council (QEC) has welcomed today’s announcement by Resources Minister Scott Stewart that 16 local companies will share in $3.6 million in funding to support their minerals exploration work.
QEC Chair Kim Wainwright said a record 94 applications for the latest round of funding through the State Government’s Collaborative Exploration Initiative (CEI) demonstrates the high level of prospectivity in Queensland, particularly in the state’s north-west region.
“This program has been set up to encourage explorers to pursue what can be very high-risk minerals discovery projects, in the hope of finding deposits in Queensland that can literally change the world,” she said.
“We know Queensland already has many of the minerals required to create the technologies of the future, so the more knowledge we have about what’s out there, or under there, the closer we get to potentially defining a new generation of mineral and energy resources.”
Ms Wainwright said she was celebrating that five QEC members have been successful in their funding application.
“I’m so pleased to see QEC members Chinova, Glencore Queensland Metals, Multicom, Red Metal and Round Oak Minerals have secured support to progress their minerals projects, some of which include new economy minerals essential for future technologies,” she said.
Red Metal Limited Managing Director Rob Rutherford said current lead times from discovery to development were anywhere from five to 20 years.
“Therefore, the urgency for new mineral discoveries in Queensland has never been more imperative,” Mr Rutherford said.
“Exploration drilling is a high risk, high reward endeavour essential to discover the next generation of mines in Queensland and the CEI grant encourages Red Metal to test higher risk plays, trial new targeting concepts and drill in under-explored frontier regions.”
Multicom Chief Executive Officer Shaun McCarthy said the company was delighted to be awarded the CEI grant as it will assist in the completion of a Magnetotelluric Geophysical Survey of its Yappar Project in Queensland’s Northwest Mineral Province.
“Multicom is committed to a strategy of exploration and development of critical minerals projects,” he said.
“This CEI grant will afford our company the opportunity to target a very exciting and prospective project in this rapidly growing sector.”
The QEC is the exploration arm of the QRC and focuses on investment attraction and promotion of the exploration industry.
Click here to view a map of the 18 Queensland mineral exploration projects (from 16 companies) that have been successful in attracting funding in Round Five of the CEI.