TARGET Minerals Exploration Initiative
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TARGET is a $15 million Victorian Government initiative designed to encourage investment in exploration for copper, other base metals and gold in Victoria.
The Initiative includes government grants for companies to conduct co-funded minerals exploration programs for eligible minerals. TARGET grant funding is made available through a competitive application process. Exploration projects for coal, oil and gas are not eligible for TARGET grants.
TARGET grants cover up to half the cost of eligible exploration activities, which include geophysical surveys, drilling and sampling analysis.
Since 2016, 15 projects have been awarded over $3.4 million in TARGET grants. In October 2018, a further five projects in the Stavely Arc in western Victoria were selected to share in $2.3 million in TARGET grants (subject to being granted a minerals exploration licence), as part of the Stavely ground release tender.
By encouraging greater investment in minerals exploration, TARGET grants are enhancing the understanding of the minerals potential in Victoria, which in turn can bring further investment and increased economic activity, services, jobs and other flow on benefits to regional Victoria.
TARGET Round 1
Through TARGET Round 1, ten projects were selected in June 2016 to share in over $2 million in co-funded grants to explore for copper, other base metals and gold in western Victoria (see map below).
These grants are spurring on the search for copper, other base metals and gold in western Victoria and have contributed to a new gold discovery in the region.
The grant recipients are existing licence holders, whose co-funded projects are further enhancing the understanding of potential mineral deposits in western Victoria, in and around the Stavely Arc.
A collaborative geological research program by the Geological Survey of Victoria and Geoscience Australia has identified the Stavely Arc as having potential for copper, other base metals and gold mineralisation.
The projects awarded a TARGET Round 1 co-funded exploration grant are:
|Company (Licence number)||TARGET grant awarded|
|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|
Read the media release: Exploration grants on TARGET in Western Victoria.
Projects awarded TARGET Round 1 grants
TARGET Round 2
In May 2017, five projects were selected to 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 is building on the knowledge delivered through previous Victorian Government investments in geoscience data and co-funded exploration in this region.
The successful co-projects funded by TARGET grants 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|
For further information, please contact:
Project Manager, TARGET Minerals Exploration Initiative
P: +61 3 9452 8961
Page last updated: 22 Oct 2019