Southeastern Australia's Hidden Wealth: Copper and Gold Deposits Discovered
Australia has made a major geological discovery in southeastern Australia, where geologists have found rich deposits of copper and gold. The find comes from a 'deep dive' under a 35-year government initiative to unlock resources key to the nation's energy transition and future prosperity.
The project examined 300,000 square kilometers spanning South Australia, NSW, Victoria, and Tasmania. Geoscience Australia's Delamerian Project gathered geochemical data across several states, conducted aerial and ground surveys, and drilled more than five kilometers into the earth.
The discovery is significant due to surging global demand for copper, which is now trading at all-time highs. Gold prices have also been strong due to safe-haven demand and central bank buying.
Project leader Chris Lewis said that the Delamarian region of the Earth's crust is not one mineral province but a series of distinct metallogenic belts formed during episodes of tectonic evolution.