$1.7 million in grant funding to the latest Geophysics and Drilling Collaboration program

The Territory government have provided $1.7 million in grant funding to the latest Geophysics and Drilling Collaboration program.

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It will support 18 projects from 15 companies.

For the first time since the Resourcing the Territory initiative was launched, projects have also been able to access co-funding to support brownfields drilling programs.

Minister for Mining and Industry, Nicole Manison said creating jobs for Territorians is this government's number one priority.

"There are currently 20 mining projects working towards a Final Investment Decision (FID) in the Territory with a combined value of $6.2 billion and potential to create 5500 construction jobs and 3200 ongoing jobs," Ms Manison said.

"We have committed a further $9.5 million per year ongoing from 2022 to expand and turbo boost the Resourcing the Territory initiative.

"The information gained from this grants program will be vital in attracting more investment and more jobs in mineral exploration across the region."

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This expansion backs up the recommendations of the Territory Economic Reconstruction's final report.

In brownfield exploration, geologists look for further deposits near a known mineral deposit or already operating mine. As these areas are known to have high potential for minerals and associated infrastructure, the risk in brownfield exploration is considerably lower.

Vista Gold Australia Director, Brent Murdoch said it's a great result.

"This is another fabulous result for the Mt Todd Mine and the successful grant is a strong validation by the Northern Territory Government of the prospectivity of the Territory," Mr Murdoch said.

"We acknowledge and thank the NT Government for this positive exploration initiative."

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Five companies have so far been awarded co-funding as part of the brownfields expansion, with Vista Gold Australia among them.

Vista Gold Australia owns the Mount Todd Mine, 55 kilometres northwest of Katherine, which was recently given the green light to recommence mining operations.

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The projects that have been awarded funding are targeting a wide range of commodities including gold, copper, tungsten, nickel, natural gas and helium

The successful applicants are:

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