Round 14 of Co-funded Drilling Program offers up to $4.75m
|Date:||Wednesday, 30 November 2016|
Up to $4.75 million will be shared by 42 projects selected in Round 14 of the Exploration Incentive Scheme’s (EIS) Co-funded Drilling Program.
“About to enter its ninth year of operation, the program continues to be highly popular with industry and there is always strong competition to gain a co-funding offer,” Geological Survey of Western Australia (GSWA) acting Executive Director Dr Ian Tyler said.
“By encouraging companies to conduct innovative drilling programs, particularly in underexplored and greenfields areas, the program is improving the geological knowledge of Western Australia and helping to ensure a sustainable future for the State’s resources sector.”
Dr Tyler said that the program had already resulted in major discoveries including the Nova find east of Norseman that was supported by EIS geophysics data and co-funding in 2011-12.
“Nova started producing last month and is the first EIS supported discovery to go to production,” he said.
“The program has supported an impressive list of discoveries includes the Camelwood nickel deposit, the Yeneena copper deposit, Millennium zinc and the Dusk Til Dawn gold discoveries, as well as deep gold at Gruyere and the nickel discovery at Emily Ann near Lake Johnson,” he said.
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.
Refunds are made after completion of drilling and submission of reports which are released publicly on the department’s WAMEX and WAPIMS databases after a six-month confidentiality period.
The State Government has committed to continue funding the EIS through Royalties for Regions with $10 million a year for three years until June 2020.
Another round of co-funded drilling calling for applications for projects to be undertaken between July 2017 and the end of June 2018 will be open from late February next year.
For more information, please see this list of successful R14 applicants and a map showing the distribution of projects.