With 750.000$ budget over 3 years they definately need this guy

Exploration drilling breakthrough could save up to 85 per cent of costs

ABC Rural

/ By Babs McHugh

Posted Mon 26 May 2014 at 11:09amMonday 26 May 2014 at 11:09am

Pr Richard Hillis with the coiled tubing drilling rig that will cut exploration costs by 85 per cent(SuppliedETCRC)

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A breakthrough in drilling technology could slash costs by 85 per cent and help find much needed new mineral discoveries.

It's been unveiled by the Deep Exploration Technologies Cooperative Research Centre DETCRC which is a collaboration with the CSIRO, the Federal Government and several mining companies.

Only 20 per cent of Australia has been explored and the deposits found have been relatively close to the surface.

The rest of it is deep down, known as 'under cover', and that's what the 'coiled tubing rig' will look for.

The DET CRC chief executive, Professor Richard Hillis, says the technology, which should be brought to market within a few years, could reduce drilling costs from $400 a metre to $50 a metre.

"Over the last decade, long term contracted metre rate drilling costs, especially in remote greenfield projects, have risen globally by an average of 15 per cent a year with diamond drilling rising 10 per cent and reverse circulation drilling costs have gone up 40 per cent.

"Despite more costly exploration, there's been very little satisfactory return over the last decade.

"We've seen few, and generally smaller discoveries, and declining grades of ores such as gold and copper.

"Maintaining that status quo will not deliver new deposits of the size and grade required for the ever increasing global demand for metals."

Instead of drill rods that are up to five metres long and have to be screwed on and off the coil tubing rig uses a continuous, poly-metalic 'tube'.

"The coiled tubing rig will be smaller than conventional rigs, and it also feature real-time assay and evaluation of ore samples."