Speaking at the Australian National Conference on Resources and Energy, Geoscience Australia chief executive Chris Pigram said analysis of sophisticated geophysical and other scientific data to define the tectonic history of the continent and produce 3D models of the landscape and what lay beneath would provide exploration companies with an unprecedented suite of pre-competitive data.

“These data, coupled with advances in exploration technology and changes in mining techniques, provide the tools to investigate underexplored and unexplored regions of the continent and at depths previously considered impossible,” Pigram said.

Explaining the situation in more depth, Pigram said interpretation of seismic and magnetic data indicated that known mineralised regions extended further than previously thought under the surface cover, raising the potential for greenfield discoveries beyond visible outcrops.

According to Pigram, the pre-competitive information provided a significant role in assisting exploration by reducing the risk associated with selecting which areas to explore.

Furthermore, Pigram said the opportunity for discoveries was forever present.

“Although Australia has abundant gas resources which support the domestic and export market, oil resources are declining,” he said.

“However, there is potential for new discoveries as exploration moves into the vast frontier areas around the continental shelf.”

Pigram also urged mining and energy companies to get out there and explore, noting that discoveries needed to be made to ensure continuing supply and production into the future.

“Australia’s continuing economic and social benefits resulting from its mineral and energy resource wealth is mostly the result of discoveries made decades ago and it is important to recognise that major discoveries have a long lead time to bring into production, commonly over a decade,” he said.

This article first appeared in ILN's sister publication MiningNews.net.