Critical Minerals lead the charge for record geophysics and drilling funding

31 May 2023

The Northern Territory Government continues to drive economic development and maximise resource exploration in the Territory with round 16 of Geophysics and Drilling Collaboration grants.

$3.7 million in grants has been awarded, to support 38 projects from 30 companies under the program, which is part of the Resourcing the Territory initiative, designed to fund mineral exploration, drive more mining development and create jobs for Territorians.

The funding will support a diverse range of innovative drilling programs and geophysical surveys across the Territory, including in the Barkly, Central Australia, the Tanami region and Pine Creek region.

The number of projects receiving co-funding this year is the highest ever, and is more than double the long-term average of 15 projects co-funded per year.

28 of the projects are targeting current and emerging critical minerals, including lithium, copper, rare earths, nickel, and for the first time magnesium and graphite.

The remaining ten projects are targeting gold.

Resourcing the Territory is a $9.5 million program by the Territory Labor Government, to help accelerate resources exploration and development in the Northern Territory.

More information about the program and successful recipients can be found at: https://resourcingtheterritory.nt.gov.au/about/gdc

Quotes attributable to Minister for Mining and Industry, Nicole Manison:

“The Resourcing the Territory program is the biggest investment by any Northern Territory Government into programs to attract and support resources exploration in our region.

It’s exciting to see the majority of co-funded programs are targeting critical minerals that will be essential for supporting the energy transition and global decarbonisation.

These projects will help build the Territory’s critical minerals project pipeline to support the economy into the future, creating jobs, developing regional areas and improving essential infrastructure.”

Quotes attributable to Prodigy Gold Managing Director, Mark Edwards:

“These sorts of programs significantly increase our knowledge of the local and regional geology of our projects and could fast track the next major mining discovery.

Prodigy Gold is committed to exploration in the Northern Territory and particularly around the Tanami Region and greatly appreciates the good working relationship with the government, particularly the NT Geological Survey and the Department of Industry, Tourism and Trade.

We are looking forward to continue working with the government as we advance the programs through 2023.”

Northern Territory Government