Future Resources Program
The Geological Survey of Queensland is charged with delivering the government's flagship $30 million Future Resources Program over the next 3 years to fund 7 initiatives supporting Queensland's resources and exploration industries.
This funding boost will help industry maximise the success of exploration ventures and has been made possible by the monies raised through the competitive cash bidding process and represents a return on this investment by industry.
The 7 initiatives include:
- Industry Priorities Initiative
- Mount Isa Geophysics Initiative
- Geochemical Data Extraction Initiative
- Collaborative Drilling Grants Initiative
- Core Library Extension Initiative
- Cape York Mineral Resource Assessment Initiative
- Seismic Section Scanning Initiative.
Industry Priorities Initiative
The Industry Priorities Initiative ($2.5 million per year) will run for three years and identify priority geoscience projects. Industry will be consulted through the Queensland Exploration Council, the Association of Mining and Exploration Companies, and the Australian Petroleum Production and Exploration Association to identify projects which will have the greatest contribution to maximising exploration success.
Mount Isa Geophysics Initiative
The Mount Isa Geophysics Initiative ($9 million) will include major seismic and crustal conductivity (magnetotelluric) surveys in the Cloncurry, Julia Creek and Dajarra-Boulia areas. These surveys will run from 2014-15 to 2015-16, and will help to reduce exploration risk by improving our understanding of both regional sub-surface geology and cover thickness and character. This investment in new data and knowledge should stimulate further greenfields exploration in one of the most prospective regions of the world.
Geochemical Data Extraction Initiative
The Geochemical Data Extraction Initiative ($3 million) will run for three years and will extract valuable geochemical data from the Department's company reports archive, and make this data more accessible to industry, government and the public. This will provide comprehensive geochemical coverage of the State's mineralised regions and greatly assist companies in assessing the potential of future exploration.
Collaborative Drilling Initiative
The Collaborative Drilling Initiative grants ($3 million) extend the popular and successful Collaborative Drilling Initiative of the Greenfields 2020 Program. Two rounds of drilling grants will be offered in 2014-15. The program promotes exploration success by co-funding the drilling costs of innovative exploration programs.
Core Library Extension Initiative
The Future Resources Program also allocates $5 million towards extension of the Department's core sample library capacity. The Department's core sample libraries store and preserve economically and scientifically valuable core and other samples acquired from company and government exploration, and ensures this resource of materials is not lost to the State and the exploration industry. The Brisbane core samples library is now approaching capacity, and options for future sample storage will be considered.
Cape York Mineral Resource Assessment Initiative
The Cape York Mineral Resource Assessment Initiative ($1 million) will follow-up on anomalous results, particularly for rare earths and uranium, revealed by an earlier national geochemical survey. With renewed support for mining from Indigenous communities on Cape York, the new initiative will re-evaluate the cape's mineral potential in light of the new stream sediment data. Geological mapping and sampling to re-evaluate the strategic mineral potential of the region will be the major focus of this initiative and is scheduled for 2014-15 and 2015-16.
Seismic Section Scanning Initiative
The Seismic Section Scanning Initiative will digitise the sepia versions of company seismic sections held by the department. Scanning these seismic sections is scheduled for 2013-14. The initiative will preserve the data and make it easier for industry to access. The data contained in these sections represents an invaluable record of Queensland's subsurface basins that would be cost-prohibitive to replace, if lost.
Last updated 1 August 2014