Applications for round 31 of the Western Australian Government’s Exploration Incentive Scheme’s co-funded drilling program are officially open, with rare earths elements (REE) set to be a key focus.
The Exploration Incentive Scheme (EIS) is an initiative created by the Western Australian Government in April 2009 that aims to encourage exploration in the state for the long-term sustainability of its resources sector.
Its co-funded drilling round was created after the WA 2023–24 State Budget allocated a funding increase of $1 million per year. The WA Government pledged to boost the EIS’ annual budget to $18 million last month.
Recent successful EIS applicants include Kingfisher Mining, which recently reported a new lode of REE mineralisation at its Mick Well project, and Northern Minerals, which is set to conduct a drilling program at its Browns Range rare earths project.
“The (WA) Government’s ongoing support of the Exploration Incentive Scheme will increase exploration opportunities and help create jobs across the state, especially in our regional communities,” WA Mines and Petroleum Minister David Michael said.
“The EIS program continues to drive discoveries of critical minerals, supporting the Western Australian Government’s long-term goal of net-zero emissions by 2050.”
Of the 50 successful companies in round 30, 17 are targeting battery minerals such as REE. This trend is set to continue into round 31, with the Gascoyne region emerging as a province rich in REE and other critical minerals.
“WA is a world leader in mineral exploration, so it is pleasing to see the positive results and critical mineral discoveries achieved by successful applicants from previous rounds,” Michael said.
Applications for series eight of the Energy Analysis Program (EAP) and venture two of the co-funded geophysics program (CGP) are also now open.
Both part of the EIS, the EAP aims to make funding accessible for analysing existing state resources to better understand petroleum and geothermal systems, while the CGP aims to provide new information on underexplored areas in WA to help find new mineral deposits.
Successful applicants of venture one of the CGP include Dreadnought Resources, Black Canyon, and Sipa Resources.
According to the WA Government, geophysical survey results helped all three companies identify the best practices to define targets, enhance complex geology understanding, and focus on areas of higher prospectivity to accelerate mineral discovery.
Applications for these three WA Government programs close on February 28.
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