The GNWT is investing another $1 million in the future of mineral exploration in the NWT as nineteen projects were chosen this past year that will benefit from funding provided under the Mining Incentive Program.
These projects were selected from 28 applications received, marking continuing interest in moving the territory forward.
The program, administered by the NWT Geological Survey is now in its fifth year and invests in prospecting and exploration projects across the NWT that best meet program criteria and goals to advance mineral exploration.
- $803,618 was awarded to corporate applicants.
- $180,409 was awarded to prospectors.
- Corporate projects may receive up to $200,000 in funding.
- Prospectors may receive up to $25,000 in funding.
Wally Schumann, Minister of Industry, Tourism and Investment noted that exploration is crucial to the future of the NWT mining industry and the thousands of jobs it creates.
“That’s why we put our best foot forward and compete with jurisdictions across Canada offering incentives for exploration. With yet another year of high interest in the program, I believe there are good things on the horizon for our exploration sector.”
From 2014-2018, the MIP invested almost $3 million in NWT mineral exploration projects. Over the same period, MIP funding recipients spent an additional $14.7 million on their NWT exploration projects.