Tasmania puts exploration funding to the test

The initiative comprises $2 million in funding over four years and is supported by up to $3 million through Geoscience Australia’s Exploring the Future program, which was announced in April.

Exploring the Future was launched in 2016 and is designed to interpret and collect geological and geophysical data, while also re-examining existing data to improve mineral exploration and investment.

According to Tasmania Minister for Resources Guy Barnett, the first stages of the program are underway.

“The first stages of the program are already contributing detailed geotechnical information towards both investment and land use planning decisions right across the state,” he said.

“Importantly, by having a better idea of what is under the ground and where to find it, we can bring in more dollars for our mineral assets which flows straight back through royalties and fees into local communities and supports local jobs.”

The geological maps in development will assist the resources industry and help with land use planning decisions and landslide risk management.

Barnett said the additional $3 million in funding from Geoscience Australia reflected the strong partnership between the Tasmanian and Australian Governments.

Tasmania’s mining sector supports more than 5600 jobs and provides $2 billion per year in exports for the state’s economy.

“This funding boost also supports ongoing airborne geophysical surveys in central and eastern Tasmania, the installation of a long-term seismic monitoring network, ongoing 3D geoscience modelling, and the collection of geophysical data on the magnetic, radiometric, electrical and gravimetric characteristics of Tasmania,” Barnett said.

“Increasing the value of mining operations also boosts investment in exploration and supports regional jobs and communities.”