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TARGET Minerals Exploration Initiative

TARGET is a $15 million 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.

TARGET includes grants for companies to conduct co-funded minerals exploration programs. TARGET grants cover up to half the cost of eligible exploration activities, including geophysical surveys, drilling and sampling analysis, with the companies funding the balance by their own means.

In an economic and geoscience boost to Victoria, 15 projects have been awarded over $3.4 million in grants across Round 1 and Round 2 of TARGET funding since 2016.

The projects supported by TARGET will enhance the understanding of the minerals potential in these regions and encourage greater investment, which in turn can bring increased economic activity, services, jobs and other flow on benefits to regional Victoria.

Successful TARGET Round 2 funding recipients

In Round 2 of TARGET funding, five projects will share in almost $1.3 million in grants to explore for gold and base metals in the northern part of the Bendigo geological province (see map below). 

This area is considered highly prospective for gold under cover, with recent research from experts predicting significant undiscovered deposits of gold could be present in the region.

The successful grant recipients are from existing licence holders in the northern part of the Bendigo geological province and have been funded to undertake a combination of geophysical surveys, geochemical surveys and drilling.

TARGET Round 2 will build on the knowledge delivered through previous Victorian Government investments in geoscience data and co-funded exploration in this region.

The successful projects funded under the TARGET Minerals Exploration Initiative Round 2 are:

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

Map of location of projects funded under TARGET Round 2

This is a map of Victoria showing the project area for the TARGET Minerals Exploration Initiative Round 2. The project area is known as the northern Bendigo geological province and is considered prospective for gold. The province is located in northern Victoria and is shown in orange on the map. It extends from north of Bendigo to the New South Wales border, east to just past Echuca and west to about 50km northwest of Swan Hill. The colours on the map represent different rock types. The dashed lines indicate geological areas as identified by the Geological Survey of Victoria. The brown line represents the geological basin boundary. The yellow boxes within the Target Round 2 Project Area are the existing exploration licence areas of each of the successful projects. These boxes are numbered from 1 to 5. Box 1 is Fosterville Gold Mine (exploration licence: EL3539), this area is approximately 20 kilometres east of Bendigo, the licence area only overlaps about one third with the Bendigo geological province to its north. Box 2 is Kite Operations (Exploration licence: EL5521) and is in the central northern area of the Bendigo geological province, approximately 100 kilometres north of Bendigo. Box 3 is Kite Operations / Navarre Minerals (Exploration Licence: EL4897) and is in the central southern area of the Bendigo geological province, approximately 50 kilometres north of Bendigo. Box 4 is Kite Gold / Providence Gold and Minerals / Gold Exploration Victoria (Exploration licence: EL4525) and is directly above and abutting Box 3, in the central Bendigo geological province, approximately 65 kilometres north of Bendigo. Box 5 is Providence Gold and Minerals (exploration licences: EL5355 and EL5368) which is in the central western area or the Bendigo Geological province, approximately 100 kilometres northwest of Bendigo. The inset map shows the location of the Round 2 project area alongside the Round 1 Project area which is shown in red. The Round 1 project area is known as the Stavely geological province and is considered prospective for base metals and gold. The province is located in western Victoria and is shown in red on the map. It extends from north west Victoria, bordering New South Wales and South Australia, south to the southernmost extent of the province located to the east of Hamilton and about 35km north of Warrnambool on the Victorian coast.
View a larger version of the map Round-2-Successful-Projects.jpg (JPG 1926.23 KB)JPG icon

Successful TARGET Round 1 funding recipients

In Round 1 of TARGET funding, 10 projects shared in over $2 million in grants to explore for copper, other base metals and gold in the state's west - (map below).

The 6 successful grant recipients are all existing licence holders whose co-funded projects will further enhance the understanding of potential mineral deposits in western Victoria, in and around the Stavely geological province.

A collaborative geological research program by the Geological Survey of Victoria and Geoscience Australia has identified this region as having potential for copper, other base metals and gold mineralisation.

These grants will spur on the search for copper, other base metals and gold in this important part of Victoria.

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

Read the Media release: Exploration Grants on TARGET in Western Victoria

Map of locations of projects funded under TARGET Round 1

Target Minerals Exploration Initiative Succesful projects - round 1. See table for recipients 

More information

For further information, please contact:
Project Manager, TARGET Minerals Exploration Initiative
Phone: +61 3 9452 8961
Email: target@ecodev.vic.gov.au

Future rounds

Details of any future funding rounds will be provided on this website.