The Department of Industry Tourism and Investment has selected 20 mineral exploration projects to receive program funding for 2020-21 from the Mining Incentive Program.
The 20 projects will benefit from the $1 million in total program funding. The successful projects were selected from 28 applications, which marks a continuing interest in NWT mineral exploration despite the significant challenges faced this year by the industry. $744,353 was awarded to corporate applicants and $251,060 was awarded to prospectors.
This year, the maximum funding available for corporate projects was increased from 50 percent to 60 percent of eligible expenses and several COVID-related costs were made eligible. Project compliance with public health orders and proposed NWT spending were both carefully scrutinized during review and scoring of applications.
The program, now in its seventh year, invests in mineral projects across the NWT that are well conceived, support innovative ideas and methods, and have the best potential to stimulate economic activity. The MIP is administered by the NWT Geological Survey, a division of ITI.
Katrina Nokleby, Minister of ITI noted that investment in mineral development through the Mining Incentive Program represents an integral component of future economic activity in the NWT.
“Given the vast size of our territory, the potential for discovering new deposits of gold, rare earth metals, diamonds, lead, zinc, cobalt, and other minerals remains strong. MIP recipients are the prospectors and mining companies that are working to develop a prosperous economic future for our territory.”
From 2014 to 2019, the MIP invested approximately $3 million into NWT mineral exploration projects with the result of nearly $15 million in total spending from funded projects. Corporate projects may receive up to $240,000 in funding and prospectors may receive up to $25,000 in funding.
This year’s recipients are:
Corporate:
- BNT
- Cheetah Resources Corp.
- Fortune Minerals Ltd.
- Gold Terra Resources Corp.
- North Arrow Minerals Inc.
- Pine Point Mining Ltd.
- StrategX Elements – 393
Prospectors:
- Blake Mowbray
- Brayden St. Pierre
- Colin Ross
- Danny Yakelaya
- Dave Nickerson
- Dave Smith
- Dave Webb
- Drake Hyden
- Florent Pons
- Jared Suchan
- Lane Dewar
- Ryan Bachynski
- Wayne Kendrick
