The Australian Future Mines centre will lead the scientific research and development necessary to discover the next generation of mines.
Labor said machine learning and big data analytics would need to be combined with new scientific approaches to discover deep deposits.
It is envisaged the centre will be a collaboration amongst universities, along with industry, the CSIRO and the Australian Academy of Sciences
The centre will be funded through a A$46 million Australian Research Council Special Research Initiative - with a Shorten Labor government providing $23 million and the balance to come from state governments, universities and private sector partners.
Labor will also provide 50 mining engineering scholarships for Australian students attending WA universities, each worth $20,000 with half of them for women.
The facility will also deliver on the need for an industry data strategy and explore options for innovation collaboration across the sector - key recommendations of the Resources 2030 Task Force Report, which also builds on the Uncover Australia roadmap.
Minerals Council of Australia CEO Tania Constable welcomed Labor's pledge.
"Today's announcement by the Opposition that its proposed Australian Future Mines centre would be based in Perth recognises the opportunity to strengthen and encourage minerals exploration in our biggest mining state and across Australia," she said.