New Frontiers Cooperative Drilling program deadline approaching

The NSW Minerals Council commends a NSW Government led initiative, the ‘New Frontiers Cooperative Drilling Program’, offering grants to exploration companies to fast track their proposals, encouraging new scientific discoveries in our state that could greatly benefit the NSW economy. With the 30th May 2014 deadline is fast approaching, applications must be submitted as soon as possible.

Applications have been called by the Government under an ‘Invitation to Apply’ for funds through the program. The program will encourage private exploration drilling programs for group 1 (metallic) minerals. The first round of investment will determine the future of the New Frontiers initiative, which the NSW Government will oversee. The investment initially will be up to $2 million and will fund up to half of direct drilling costs for individual ventures, up to $200,000 per project.

A panel of experts will assess each submission for funding, as applicants are required to demonstrate prospectivity, sound financial planning and a proven technical base. Drilling programs testing new geological concepts and Frontier region based applications will be favoured in the assessment process.

Successful applicants will be required to complete their drilling within one year of approval. The closing date to apply for the initiative is in just over three weeks time, at 5.00pm on 30th May 2014 and successful applications will be notified on 18th July 2014.

You can read more about this program on the NSW Resources & Energy website.