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Funding To Boost Mineral Exploration

Posted by on 18/09/2014

alluvial gold dust particles

Newmont Waihi Gold is reported to be supportive of a planned upgrade of data held on mineral deposits in New Zealand.

GNS Science, received a government funded boost this week with the announcement of $4 million to advance data held on mineral deposits, with particular focus on the Waihi epithermal deposit, the orogenic system at Macraes and the intrusion-related gold system at Sams Creek in the South Island.

GNS, will lead the project, will collaborate with Auckland, Waikato, and Otago Universities as well as mining companies, like Newmont and Oceania Gold, who will supply some of their exploration data.

New Zealand Petroleum & Minerals (NZPM) also holds data which is available to be used by exploration companies free of charge.

The project will include use of the existing data, coupled with field work and soil and rock sampling from test drill cores and mine sites, as well as the regional areas around existing mineralised structures.

The $4 million will be used over 4 years to fund the cost of studying geological factors that control the location of known gold deposits and the information will be used to identify other prospective areas and identify features within a prospect area to direct exploration toward concentrations of gold.

Existing areas of mineralisation will be studied to identify other areas worth exploring.

Dr Tony Christie of GNS Science said,” As well as facilitating the finding of new prospects, the project could extend the life of existing mines by identifying fresh targets.”

A new world-class deposit could be worth about $250 million a year for the life of a mine or about 8 billion for the life of the mine.

The National government believes mineral exploration can be the cornerstone for economic recovery and supports its government agency collecting data to benefit the mineral sector.

The information will encourage new exploration, increase the chances of discovering new gold deposits and reduce the financial risks for the mining industry.

Photo: Alluvial gold particles

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