Geological data from a Federal Government-funded mining exploration program has indicated an area east of Tennant Creek could possibly hold new deposits worth up to a gross of $12.4 billion.
The program was led by Geoscience Australia as part of the Federal Government’s $225 million Exploring for the Future program.
Minister for Resources, Water and Northern Australia Keith Pitt said the program has a strong focus on boosting investment in the resources sector, generating jobs and maintaining a strong economy.
“The data shows that the key to economic growth in the Northern Territory will be investing in its gas and resource potential,” said Minister Pitt.
“This analysis by ACIL Allen estimates the overall direct net economic benefit from exploration in the East Tennant area could be around $638 million.
“Detailed data collected in the East Tennant area suggests it could host a new mineral deposit with characteristics similar to those of the Ernest Henry near Mount Isa – one of the largest copper-gold mines in Australia.
“Geoscience Australia, in collaboration with the Northern Territory and Queensland geological surveys, identified the region’s potential through a range of activities undertaken between Tennant Creek and Mount Isa.
“Lying between two remote towns known for their mineral deposits, it is not surprising the East Tennant area turned out to be prospective.
“Exploring for the Future has helped narrow down the search down for mineral explorers, giving them the pre-competitive data they need to make an investment decision.
Minister Pitt said the East Tennant area was just one promising example of resource potential uncovered by the program between Tennant Creek and Mount Isa.
Senator Sam McMahon welcomed the news, saying the find could result in hundreds of intergenerational jobs and opportunities, particularly in the Barkly region.
“This project alone could return $638 million to the Territory, noting exploration of new deposits in the East Tennant Creek area capable of providing $12.4 billion in revenue – sadly it won’t wipe the huge debt accumulated under the Gunner Government, but it will go a long way in ensuring the Territory gets back on track with its
