Government funds 44 WA exploration projects

The latest round of Western Australia’s Exploration Incentive Scheme will pump almost $5 million into the search for minerals and petroleum at a crucial time for the state’s resources industry.

Mines and Petroleum Minister Bill Marmion announced seven prospecting projects and 37 drilling projects as the latest recipients of the EIS co-funded exploration program.

The program refunds up to 50 per cent of drilling costs with caps of $150,000 for a multi-hole project, $200,000 for a single deep hole and $30,000 for a prospector’s project.

A total of $105 million has been provided by the state government to the EIS since the scheme’s inception in 2009.

“The EIS co-funded program provides incentives to drill in underexplored areas to help ensure the continued prosperity of the state’s resources industry,” Mr Marmion said.

“It’s already delivered vital discoveries and is particularly important now, given the challenging financial environment currently faced by exploration companies.”

Among the list of recipients is Silver Lake Resources, who was today bumped out of its place in the S&P/ASX All Australian 200 index.

Success stores have included Sirius Resources’ Nova nickel-copper discovery, Toro Energy’s Lake Mackay uranium deposit, and the East Tropicana and Handpump gold deposits.

“EIS funding is guaranteed until 2017, with the next round of applications opening in August,” Mr Marmion said.