Jan 30, 2020

New economy mineral focus in latest exploration funding

New economy mineral focus in latest exploration funding

A new funding round has opened under Queensland’s Collaborative Exploration Initiative, targeting projects in North and North West Queensland.

This round encourages the exploration of new economy minerals including cobalt, gallium, germanium, graphite, indium, lithium, manganese, molybdenum, niobium, platinum group elements, rare earth elements, rhenium, scandium, silver, tantalum, tungsten, tin, titanium, and vanadium.

Areas covered by the 2020 round will run from the Northern Territory border near Camooweal through to Townsville.

Applications for CEI funding for amounts up to $200,000 per project will be considered.

Geological Survey of Queensland is seeking projects that can be completed and reports submitted by June 15 2020, and applications close Friday, February 7.

The Queensland Resources Council has welcomed the new funding, saying it was becoming more challenging to find new mineral deposits – especially in the North West where resources are much deeper with dense ground cover.

“Every bit helps when it comes to exploration and these new grants can help unearth the State’s significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium,” QRC Chief Executive Ian Macfarlane said.

“These critical minerals help support the global expansion of renewable energy, battery storage technology, the uptake of electric vehicles and state-of-the-art defence machinery.  

“This is more good news for the exploration industry following the release of our exploration scorecard last month which found 58 percent of explorers planned to increase or significantly increase their exploration expenditure and 92 percent of drilling companies forecasting similar or increased spending over the next 12 months.

“QRC and its sister organisation the Queensland Exploration Council fully support the work of the Collaborative Exploration Initiative which has assisted the resource industry for more than 10 years, with 58 companies and almost 50 significant mineral deposit discoveries in underexplored areas of the State, including a significant silver-lead-zinc deposit and contributions towards Australia’s largest copper-cobalt resource.”

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