Speaking at Geoscience Australia's UNCOVER summit in Adelaide, Baldwin said scientists and geologists were working alongside the resources sector to develop a detailed map showing the location, depth and type of resources the nation would have access to in the future.
The UNCOVER initiative is a collaboration between stakeholders who have an interest in identifying and investigating mineral deposits covered by rock and soil, that give little or no indication of what minerals are underneath.
In particular, the summit is a forum to bring together industry and the scientific community, academics and service providers.
"This summit provides the ideal opportunity for new levels of collaboration and cooperation to explore the resource opportunities below the 80 per cent of Australia that is 'covered', and their potential to contribute to Australia's future wealth," Baldwin said.
"The government is determined to work with the sector and investors to encourage exploration, particularly by smaller companies.
"'This is why we are encouraging new investment in the resources industry, including by the introduction of the 'Exploration Development Incentive', which will encourage smaller mining companies to undertake new exploration and make new discoveries.
"The incentive will provide investors with a refundable tax offset for 'greenfields' mineral exploration costs, which will give a significant boost to Australia's junior explorers in their quest to uncover new mineral resources.
"We are also working to abolish the carbon and mining taxes and cutting unnecessary red and green tape, while maintaining appropriate environmental standards."
