Much like South Australia’s PACE program or Western Australian’s exploration incentive scheme, TARGET has been designed to drive exploration in regional and rural Victoria.

Victorian Energy and Resources Minister Russell Northe said the TARGET program would see the government co-fund exploration work with companies searching for new mineral resources, with a focus on the state’s northeast, north, west and parts of the east.

“Victoria was built on its rich mineral resources, with the 1850s gold rush quickly putting our great state on the global map and driving a flourishing economy with vibrant local communities,” he said.

“This new initiative will see the government working with industry to drive exploration and development of new mineral resources for the benefit of all Victorians.”

Northe added that the geological data acquired through the TARGET program would help attract future investment from the mining sector and encourage further exploration in Victoria.

Under the TARGET initiative, grants will be available for co-funded exploration works including drilling and geoscience surveys.

An expert panel will provide advice on the granting of funds and the activities carried out under the initiative.

Data captured by the Geological Survey of Victoria under the initiative will be made available online to other exploration and mining companies.

“Victoria is a great place to explore for minerals and our plan is to identify new opportunities and encourage mining and exploration companies to come and invest here,” Northe said.

“The TARGET program will build on our existing $19.5 million strengthening earth resources initiative to help revitalise exploration and mining in Victoria and reinforce our role as a centre for the mining equipment, technology and services sector.”

The announcement was welcomed by the Association of Mining and Exploration Companies.

“The Fraser Institute’s 2013 annual global survey of mining executives released in March this year showed there is still work to be done; however the TARGET co-funded drilling and geoscience surveys will certainly help Victoria work toward this," AMEC CEO Simon Bennison said.

“AMEC has consistently stated that Government and industry must work together to increase mineral exploration to find the mines of tomorrow, for the benefit of all Australians.

“The TARGET program in Victoria will not only assist companies through co-funding, but the data that will be made available online to other exploration and mining companies will also help to encourage future investment in Victoria.

“Reducing costs and timeframes for approvals processes for mining and exploration projects must also be addressed to maintain a pipeline of projects to sustain the industry."