The state has funded a number of critical mineral exploration projects at a total of $5 million as part of its Collaborative Exploration Initiative.
The Queensland Government has approved 25 projects throughout the state, each receiving up to $250,000 under the initiative.
Of the successful projects, almost 75 per cent are focused on discovering new copper deposits, a mineral required for solar, hydro, thermal, and wind energy systems.
Copper has an enormous role to play in global decarbonisation.
This development follows the Queensland Government’s announcement of a $5 billion investment into CopperString 2032, aimed at unlocking potential critical mineral deposits worth $500 billion in the North West Minerals Province.
Red Metals, a successful recipient, intends to utilise the funding to conduct drilling tests for a deep copper deposit on Wondoola Station, approximately 130km north of the Ernest Henry mine near Cloncurry.
“When it comes to exploration, you’ve got to kiss a lot of cane toads before you find your prince,” Red Metals managing director Robert Rutherford said.
“These grants allow us to fund high-risk drilling which could hopefully lead to important new discoveries.”
Queensland Resources Minister Scott Stewart said the program is designed to give explorers what they need for a big discovery.
“To unlock the potential $500 billion worth of critical mineral deposits in our North West Minerals Province, our explorers have to find them first,” he said.
“Our $5 million program will give our explorers the resources they need to take on financially risky projects that could lead to Queensland’s next big critical minerals discovery.
“The Palaszczuk Government is laying the foundation for a prosperous and enduring critical minerals sector through backing our explorers and injecting $5 billion into CopperString 2032.
“And with the World Mining Congress coming up soon in Brisbane, we’re eager to show the world that Queensland is the place to be when it comes to investing in critical minerals.”