Up to $15M is available from TARGET to facilitate investment and generate jobs by stimulating responsible exploration of Victoria’s mineral resources.

TARGET Minerals Exploration Initiative

TARGET Minerals Exploration Initiative

The TARGET Minerals Exploration Initiative (TARGET) is a Victorian Government initiative designed to increase investment in exploration for copper, other base metals and gold in Victoria. It excludes exploration for coal, oil and gas.

The Victorian Government seeks to accelerate and increase private sector investment in exploration and development of Victoria’s mineral endowment.  This has the potential to deliver jobs and other economic benefits, particularly in regional Victoria.

 

Objectives

The primary aims of TARGET Minerals Exploration Initiative are to:

  • Increase investment in minerals exploration in Victoria,
  • Strengthen understanding of Victoria’s mineral prospectivity, and
  • Lead to new commercial mineral discoveries.

 

Funding

The TARGET Minerals Exploration Initiative includes:

  • $11.7 million for exploration grants for companies to conduct minerals exploration programs, to be co-funded by the company,
  • Funding to improve availability of pre-competitive geoscience data.

 

Eligibility

Minerals exploration and mining companies are invited to apply for Round 2 exploration grants for new exploration activities proposed to be undertaken by the company within the designated TARGET (Round 2) Project Area.

A company must meet each of the Eligibility Criteria outlined below:

  • Hold a valid licence issued under the Mineral Resources (Sustainable Development) Act 1990 (MRSDA) in the designated TARGET (Round 2) Project Area, with the proposed exploration program to occur within this area. Licences that are pending renewal or a decision on a Retention/Mining licence application (and the underlying licence is held by the Applicant) as at 14 November 2016 will be considered eligible to apply.
  • Propose to explore for base metals and/or gold.
  • Either:
    • Be fully compliant with its licence requirements and have no outstanding compliance and/or enforcement notices, directions or prosecutions (issued under the MRSDA or any other regulatory authority relating to minerals) issued on any licence within Victoria which is held by the same legal entity or a wholly owned subsidiary, or
    • If the company does not satisfy this requirement, the company must, as part of its TARGET grant application:
      • disclose and provide details of any outstanding compliance and/or enforcement notices, directions or prosecutions (issued under the MRSDA or any other regulatory authority relating to minerals) issued on any licence within Victoria which is held by the same legal entity or a wholly owned subsidiary, and
      • provide any rectification plans or commitments
    • Undertake to advise The Department’s nominated officer immediately of any compliance and/or enforcement notices, directions or prosecutions which are issued on any licence within Victoria which is held by the same legal entity or a wholly owned subsidiary, during the course of the evaluation, Grant Agreement execution and during the exploration program to completion (if successful).

 

Timing

Applications close 10 January 2017.

 

Round 2 Recipients

Company (Licence Number)TARGET grant allocated
Fosterville Gold Mine (EL3539)$139,580
Kite Gold / Providence Gold & Minerals / Gold Exploration Victoria (EL4525)$373,950
Kite Operations / Navarre Minerals (EL4897)$224,700
Kite Operations (EL5521)$312,200
Providence Gold & Minerals (EL5355/EL5368)$227,000
Total$1,277,430

 

Round 1 Recipients

The successful projects funded under the TARGET Minerals Exploration Initiative (Round 1) are:

Company (Licence Number)TARGET grant allocated
Austpac Resources (EL5291)$53,300
GBM Resources (EL5423)$184,950
Murray Basin Resources (EL5484)$74,360
Navarre Minerals (EL5476)$626,150
Stavely Minerals (EL3019/EL5403)$273,560
Stavely Minerals (EL4556)$539,682
Stavely Minerals (EL4758)$69,870
Stavely Minerals (EL5470)$51,420
Stavely Minerals (EL5478)$117,410
Stawell Gold Mines (EL3008)$196,000
Total$2,186,702

 

More Information

  • Source
  • Round 2 Guidelines
  • Round 2 FAQs

 

Media Release

More than a billion dollars’ worth of gold has been discovered near Bendigo – setting the scene for a 21st century gold rush in Central Victoria.

Minister for Resources Wade Noonan toured Fosterville Gold Mine this week, where Kirkland Lake Gold has discovered more than a million ounces of gold, worth more than $1.1 billion.

The Eureka moment is not only great news for Kirkland Lake Gold – it’s great news for jobs and industry too.

Fosterville Gold Mine already supports 500 highly-skilled jobs. The gold reserve upgrade and record production will see a future expansion of the mine – creating more jobs and boosting the local economy.

The Andrews Labor Government provided nearly $140,000 to Kirkland Lake Gold through the latest round of the TARGET program.

TARGET grants help companies which want to expand mineral exploration in Victoria by covering up to half the cost of eligible mineral exploration activities – including geophysical surveys, drilling and sample analysis.

Round two of TARGET has provided more than $1.2 million for five projects across the northern part of the Bendigo Geological Province – a 14,000 square kilometre area stretching north of Bendigo to Echuca and Swan Hill on the Victorian border.

Fosterville’s recent record production signals great potential for more mineral exploration and mining across the region, meaning more jobs and prosperity for northern Victoria.