In a bid to drive the economic development of the region, the Northern Territory Government has offered $4 million in exploration and development grants under its Resourcing the Territory (RTT) program.
Led by Chief Minister Eva Lawler, the program saw 41 projects from 29 companies receive grants. Seven of those 29 companies are new to the RTT program, which the government says represents industry confidence in the growing resources sector.
Minister for Mining Mark Monaghan says the RTT program is the biggest investment by any Northern Territory Government to attract and support resources exploration in the state.
“Industry confidence in our resources sector has never been so high, bringing with it interstate and global investment and new work opportunities for Territorians,” he says.
The government says the latest round of grants has seen a record number of recipients looking to begin, progress, and expand a range of early-stage exploration and development works.
Thanks in part to mineral development initiatives, the value of the Northern Territory’s minerals sector hit $4.38 billion last year, employing 5,300 people.
Tivan (ASX:TVN), for example, has been awarded $129,000 across two projects. The funding enables drilling and geophysical projects in the Aileron area of central Australia, where exploration has uncovered surface lead and silver mineralisation.
Tivan executive Chairman Grant Wilson says the territory is underexplored and is considered “highly prospective” for several critical minerals required for the energy transition.
“We are particularly pleased that our innovative work with EARTH AI at Sandover has been recognised,” he says.
“Digital exploration represents a step-change for the industry, both in terms of productivity and minimising impacts on country. We are looking forward to commencing the drill campaign at Sandover in Q3, with the support of Traditional Owners and Native Title Holders.”
The funding will go towards a diamond drilling hole at the Aileron prospect to investigate the prospective polymetallic, lead-silver target, previously identified by surface rock assays.
Funding will also go towards a geophysics program at the Aileron prospect. The company plans to conduct an induced polarisation survey at the polymetallic, lead-silver target.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
