Yellowknife — December 2, 2020
An additional $100K is being invested in four exploration projects supported by the Mining Incentive Program (MIP).
The new funding is consistent with the Government of the Northwest Territories (GNWT)’s commitment to increase mining incentive programs by 50% over the next four years in order to attract and support both early-stage and advanced exploration projects.
Along with the new funding, $20K from an earlier-funded project which did not proceed has also been re-distributed.
The extra funding ($120K in total) was provided to companies currently active in the NWT and positioned to make use of additional funding to support or enhance their exploration activities.
In recognition of the need for critical minerals and metals development in the territory, $93K was provided to two critical minerals projects. An additional $27K was provided to two gold projects.
Administered by the Department of Industry, Tourism and Investment’s NWT Geological Survey, the GNWT’s Mining Incentive Program provides funding for prospectors and exploration companies who propose new projects or are already carrying out mineral exploration work in the NWT.
Quote
“Renewed exploration activity is needed to restore levels of investment, partnership, employment, and growth in the NWT’s economy. At this critical time, it is essential that we support companies that are promoting economic activity. We want to restore our mineral development sector - not just our mines but also exploration companies with early and advanced projects - to ensure we have projects and mines in the future to drive economic growth and prosperity.
- Caroline Wawzonek, Minister of Industry, Tourism and Investment
Quick facts
· This is a one-time funding top-up
· 19 mineral exploration projects received program funding this year.
· From 2014 to 2018, the MIP has invested approximately $3 million into NWT mineral exploration projects with the result of nearly $15 million in total spending from funded projects.
Related links
· Mining Incentive Program Announces Recipients for 2020-21
For More Information, please contact:
Drew Williams
Asst. Director Strategic Communications
Industry, Tourism and Investment
1-867-767-9202 (ext: 63037)