Greater Nyngan-Cobar area may have new mineral deposits, groundwater.

Deputy Premier John Barilaro, who is the minister responsible for resources, says the 2020 electromagnetic survey covered more than 19,000 square kilometres and revealed the possibility of water and mineral resources up to 400 metres below ground level.

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He said a follow-up magnetic and radiometric survey was planned for the greater Cobar-Nyngan area in May, along with a second electromagnetic survey at Mundi, near Broken Hill, from April.

Mr Barilaro said detailed underground mapping of the Central West and Far West regions formed part of a $16 million commitment across 10 years to unlock the potential of the state's natural resources and attract investment.

"Mining is critical to the NSW economy," he said. "It is responsible for half of our state's export revenue and despite COVID-19 and other challenges, the sector has remained resilient, continuing to provide direct employment while indirectly supporting local businesses.

"Our state is rich with high-tech metals and critical mineral resources and we are on a mission to make NSW the number one destination for investment in mining in Australia.

"While we have a number of existing operations to support regional communities in the shorter term, their viability in the long-term is dependent on finding deposits and this survey is one way we're letting the world know NSW is open for business."

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