Tasmania strengthens its resource future
The Tasmania Government has hit an important investment milestone with the latest round of its Exploration Drilling Grant Initiative (EDGI) taking investment to $8.2m since 2018.
In round 11 of the program, seven new projects have been approved to share funding of more than $497,000.
Amongst the recipients are EDrill’s Potoroo gold project, Bluestone’s (ASX: BUE) Western Hills tin and copper project and Georgina Resources Jukes north gold and copper project.
The EDGI program is designed to encourage mineral exploration programs to identify deposits that could create the next generation of mines across the state.
“Round 11 of the Tasmanian Government’s EDGI grants cover a range of critical, strategic and precious metals,” Tasmania Minister for Business, Industry and Resources Eric Abetz said.
“These projects will see 4,000m of exploration drilling undertaken.
“This program is highly successful with $2.7 invested overall for every $1 put in by the Tasmanian Government, promising a significant return on the $3m in funding approved through the program to-date.”
Mr Abetz says previous rounds are a good sign of things to come.
“Round 10 had seen some great outcomes like ABx Group’s new find at Temple Bar, an EDGI-funded discovery of significant concentrations of highly valuable rare-earth elements, particularly those used in permanent magnets,” he said.
“Likewise, significant deposits of copper and gold mineralisation were also found with EDGI funding by CopperCorp at the Jukes Prospect near Queenstown, which was an active mining site in the late 1800s and early 1900s.
“These are great examples of the opportunities identified with the support of the program at new and existing sites, demonstrating its value to the state and sector.
“For an industry that is worth over $2.5b a year, we have a responsibility to make the most of our mineral resources to help grow our economy to benefit the next generation of Tasmanians looking to live, work and raise a family right here.”