"Globally the resources exploration industry has been struggling with a downward cycle of activity brought about by factors such as low commodity prices, reduced demand and stiff competition for risk capital," WA State Development Minister Clive Brown said.

"Stimulating more exploration activity is a clear way of triggering better economic growth and job creation in our resource-dependent state, so the construction of the library is an investment in our future."

The library, located in the Perth suburb of Carlisle, is hoped to reduce costs associated with drilling by providing explorers with geological knowledge of a prospective area.

"The core stored at this library, on easily accessible racks, will help point explorers in the direction of mineral and petroleum wealth better than any divining rod," Brown said.

"Collating drill core on this scale will help industry develop and refine exploration programs and test new technologies without the expense of re-drilling in the field."

The first core library was opened in Kalgoorlie in July 2000. Both libraries will store representative drill core from major mines, important styles of mineralisation, along with deep drill holes from remote parts of the state.

Companies drilling in WA are required to give a small percentage of all drilled cores to the Department of Mineral and Petroleum Resources.

The library will store up to 1000km of fill core and other drill samples and will be available for viewing free of charge.

An extension of the initiative, the Bowler Inquiry into greenfields exploration in WA, has been given a new deadline in October following the High Court's ruling on the Ward native title appeal last week.