Projects

TARGET Minerals Exploration Initiative

The TARGET Minerals Exploration Initiative was a Victorian Government grants program to encourage investment in exploration for copper, other base metals and gold in Victoria. It also funded geoscience activities which provided the base information explorers investigate further.

The initiative included government grants for exploration companies to conduct co-funded minerals exploration programs for eligible minerals. TARGET grant funding was made available through a competitive application process.

Exploration projects for coal, oil and gas were not eligible for TARGET grants.

TARGET grants covered up to half the cost of eligible exploration activities, which included 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 have enhanced the understanding of the minerals potential in Victoria, which in turn has attracted further investment and increased economic activity, services, jobs and other flow on benefits to regional Victoria.

TARGET Round 1

Through TARGET Round 1, 10 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.

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 (incl. GST)
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.

Projects awarded TARGET Round 1 grants

Target Minerals Exploration Initiative succesful projects – Round 1.

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 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 (incl. GST)
Fosterville Gold Mine (EL3539) $153,538
Kite Gold / Providence Gold & Minerals / Gold Exploration Victoria (EL4525) $411,345
Kite Operations / Navarre Minerals (EL4897) $247,170
Kite Operations (EL5521) $343,420
Providence Gold & Minerals (EL5355/EL5368) $249,700
Total $1,405,173

Projects awarded TARGET Round 2 grants

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.

TARGET Round 3

The Stavely ground release tender for 11 new minerals exploration licence areas (blocks) in the southern part of the Stavely Arc region in western Victoria closed on 15 August 2018.

The tender included the opportunity to apply for up to $500,000 in exploration grant co-funding per block (to be matched by the tenderer), from the Victorian Government’s $15 million TARGET Minerals Exploration Initiative’s grants program.

Following the assessment of tenders by an independent panel of experts, on 22 October 2018, the Minister for Resources announced that six companies had successfully progressed through the tender process for six blocks.

Five of these companies will share more than $2 million in Round 3 TARGET minerals exploration grants and will likely spend more than 10 times this amount on their exploration programs.

A brief summary of each company, proposed exploration program and contact person for queries is provided below:

Block Company name and licence application number Map and company details Date licensed TARGET grant awarded (incl. GST)

1

Westrock Minerals (EL006869)

27 April 2020

$500,000

3

Stavely Minerals (EL006870)

30 August 2021

$480,051

4

Gippsland Prospecting (Battery Minerals) (EL006871)

15 October 2020

$500,000

9

Century Minerals (EL006872)

Application under assessment

$500,000

10

WIM Resource (EL006873)

23 September 2019

$300,000

Total $2,280,051

Page last updated: 01 Jun 2023