The Western Australian Government has introduced two new geophysics initiatives amid opening applications for round 29 of the Exploration Incentive Scheme and series 7 of the Energy Analysis Program.
The Exploration Incentive Scheme (EIS) is an initiative that was created by the WA 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.
As per the recent funding increase, the EIS will expand to include a co-funded geophysics program that will offer $2 million per year to generate new geophysical information to support greenfields exploration through a focus on critical minerals.
Another initiative involves the Energy Analysis Program (EAP) providing an additional $500,000 for a new geophysics acquisition category to better understand energy and geothermal systems.
The EAP is a program under the EIS initiative designed for petroleum and geothermal companies. The program aims to make funding accessible for analysing existing state resources to better understand petroleum and geothermal systems.
“Resources exploration remains a leading driver of WA’s economic success, so it is pleasing to see the Exploration Incentive Scheme deliver so many outstanding results,” WA Mines and Petroleum Minister David Michael said.
“I look forward to learning more about the research and technology behind the new geophysics programs and how these tools will help uncover the next big mineral discovery.”
Round 29 of the co-funded drilling program is likely see ongoing interest in searching for critical minerals since 58 per cent of the projects awarded in round 28 focused on critical minerals exploration.
Applications for round 29 of EIS and series 7 of EAP will close on March 1.
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