The Queensland Exploration Council, or QEC, is trying to rid the Australian state of the stigma that there are no more minerals to find, and encourage explorers to start looking at depth for the next major discovery.
"The thing about Queensland is it is a world-standard producer of base metals, coal seam gas and coal," QEC Chairman Brad John told S&P Global Market Intelligence on the sidelines of the Mining Resources Convention in Brisbane, Australia, on Aug. 30.
"So we've got a reputation, but some people out there feel that it's a mature exploration destination. That's not a correct assumption — that what can be found has been found."
Queensland is the second-largest producer of lead globally, accounting for about 66% of Australia's total production and 8.4% of world production. The state is the third-largest producer of zinc and bauxite, fifth-largest producer of silver and thirteenth-largest producer of copper.
The state, however, is desperate for new discoveries and explorers now need to look below cover to unearth previously untapped resources.
John said about 80% of the rocks that potentially contain minerals in Queensland are under sedimentary cover.
"There's a lot more potential for future discoveries. With modern technologies, modern geophysics, we're able to look through that sedimentary cover and identify orebodies at depth which could be exploited, and we've also got new technologies for mining at depth."
The Queensland government is joining the charge to encourage greater exploration at depth and has agreed to co-fund not just drilling, but geophysics and geochemistry work as well.
Earlier in August, the government opened up grants for up to 50% of the cost of activities, including drilling and geophysical and geochemical surveys, up to a maximum of A$200,000 for exploration carried out in Queensland's northwest.
Explorers can also secure an extra A$100,000 if they complete the project by Aug. 10, 2018.
"This initiative is designed to drive exploration in new and challenging terrains, in recognition that we have to push into deeper and more difficult areas to find new deposits of the many minerals we all use day to day," Queensland Mines Minister Anthony Lynham said earlier in August.
Australian base metals explorer Red Metal Ltd. is one company that has benefited from government funding, striking high-grade lead and silver as well as previously unearthed copper following co-funded deep drilling at its Maronan silver prospect near Cloncurry.
The company completed a scoping study in March 2016 which suggested the inferred resources may have scope to be viably mined. Since the completion of the study, Red Metal has been looking for a mining heavyweight to partner with to fund the completion of feasibility studies and the potential construction of a mine.
"If a company is willing to go into an area of perceived higher risk, the Queensland government is willing to co-fund that to lower the risk for the explorer," QEC's John said.
The emergence of new exploration technologies is paving the way for a rising trend in explorers revisiting previously explored ground, while processing advancements are enabling companies to now produce from waste ore previously considered uneconomic.
"Going back awhile now, [explorers] really only drilled down to about 100 meters because that was the depth of economic development," John said. "So below that depth it's still greenfields. So it might be a mature exploration destination down to 100 meters, but below that there's still a lot more potential.
"So it's not out of reach anymore and because of the modern mining technologies it's commercial."
QEC is developing a website which John said is being co-funded by the Queensland government and will be like a "one-stop shop" containing information for people looking to explore in Queensland.