DMP selects 48 applicants for Round 12 of the Co-funded Drilling Program
|Date:||Thursday, 03 December 2015|
The Department of Mines and Petroleum (DMP) has selected 48 companies and prospectors to be eligible to receive co-funding for innovative exploration drilling projects from a pool of more than $5 million.
The successful applicants for Round 12 of the Exploration Incentive Scheme’s (EIS) highly competitive Co-funded Drilling Program were announced today by Mines and Petroleum Minister Bill Marmion at the Association of Mining and Exploration Companies’ end-of-year networking function in Perth.
“The Co-funded Drilling Program is now in its eight year and continuing to help explorers make exciting new discoveries,” DMP’s Geological Survey of Western Australia Executive Director Dr Rick Rogerson said.
“The State Government’s decision to offer $5.17 in co-funding in Round 12 shows its commitment to Western Australia’s resources sector.”
Dr Rogerson said that the drilling program had offered funding to more than 590 projects, resulting in more than 430,000 metres of drilling across the State.
“The Nova nickel project, which will be an operating mine next year, is the stand-out discovery of the past few years, however there have been more than 20 major finds thanks to the drilling program,” Dr Rogerson said.
“Strong recent finds include nickel by Panoramic Resources at its Savannah North project, zinc at Millennium by Encounter Resources, and gold at Alloy Resources' Horse Well project and at Gold Road Resources’ Gruyere discovery in the Yamarna greenstone belt.”
Applicants for co-funded drilling are selected through a transparent process subject that includes continuing probity audits.
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.
Payments are made to successful applicants after completion of drilling and submission of reports which are made available to the public on the department’s WAMEX database after a six-month confidentiality period.
The State Government has committed $10 million a year to the EIS until the end of June 2017.