Victoria Invests $300,000 To Search For Precious Metals
Five companies sharing in $300,000 Brumby Labor Government funding to explore for resources have begun drilling in eastern and northern Victoria, with one company already showing impressive results.
Energy and Resources Minister Peter Batchelor said Dart Mining, Goldsearch, Providence Gold and Minerals, Mantle Mining and Oscar Mining were among 12 companies offered grants in the third round of the $2.5 million Rediscover Victoria Drilling grant project.
“We want to drive investment and create jobs in regional Victoria and that’s why it’s great to see these companies begin their work searching for previous and base metals,” Mr Batchelor said.
“Dart Mining has just announced it has found significant high-grade molybdenum and strong copper mineralisation at its Mt Unicorn prospect about 20km south-east of Corryong.
“We provided Dart Mining a grant of $80,000 to continue exploring for molybdenum, a metal used to strengthen cast iron, steel and other alloys to enhance hardness, strength and resistance to corrosion. It is a commodity in high demand around the world for stainless steel production, particularly in China and India.
“Molybdenum has not been found in significant commercial quantities in Victoria previously.”
Mr Batchelor said Goldsearch was offered $80,000 to explore for gold, silver and base metals in the Jamieson Valley, 50 kilometres southeast of Mansfield.
“The complex geology of the area suggests there could be precious and base metal deposits but to date only limited exploration work has been undertaken. Goldsearch is conducting test drilling at depths not previously trialled in this area to explore for deposits,” he said.
“Providence Gold and Minerals was offered a grant of $70,000 to explore for gold in the Mitiamo district, 60 kilometres west of Echuca. Providence also received a grant in round two and this new grant will support their continued prospecting in under-explored areas.
“Mantle Mining was offered $45,000 to explore for gold, with drilling 40 kilometres north of Bairnsdale to begin this week, while Oscar Mining was offered a grant of over $24,000 to explore for gold in the area north east of Mitiamo, 40 kilometres west of Echuca.
“Information generated during the exploration activities will also contribute to the development of a state-of-the-art 3D geological model of Victoria, covering all key commodities including mineral sands, copper, gold, oil and gas as well as geothermal resources.”
Mr Batchelor said the resource industry was continuing to grow and contributed more than $5 billion to our economy each year.
“In September 1999 less that 4000 people were employed in Victoria’s earth resources industry while today there are more than 11,000. Exploration is risky for industry and these grants are about reducing that risk and encouraging drilling in areas where little investigation has occurred.”
Topics: 2010, Australia, Australian Foreign Investment Review, Brumby Labor Government, business, carbon pollution reduction scheme, China, clean energy, clean energy policies, clean technology jobs, climate change, copper, Dart Mining, economic assets, economic development, Economy, emissions, employment, energy, environment, Goldsearch, Governance, government, green, low carbon, Mantle Mining, mines, mining, mining jobs, Molybdenum, moniter, monitor, natural resources, news, Oscar Mining, Providence Gold and Minerals, Rediscover Victoria Drilling grant, renewable energy, Victoria
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