March 7, 2023
Like all good government programs the Government of the Northwest Territories’ Mining Incentive Program is perhaps better known by its acronym, MIP.
Since its introduction in 2014, the MIP has shelled out $6 million in government support to a variety of NWT–based mineral exploration projects, leveraging an impressive $29 million in reciprocal spending by its collective recipients.
Anyone with a valid NWT prospecting licence and a registered Canadian bank account is eligible to apply for MIP funding. Mineral exploration companies can apply for up to $240,000 (60% of eligible project expenses). Prospectors can receive up to $25,000.
Since its inception, a number of companies, individuals and projects have employed MIP funds with notable success. With this year’s application deadline just around the corner, (April 28, 2023), we compiled (in no particular order) five highlights of the MIP in action:
Seven prospectors have sold or optioned properties as a result of their MIP-funded exploration – all have been incorporated into promising advanced exploration projects.
Since 2014, Gold Terra Resources Corp. has used MIP funding to conduct innovative grassroots exploration related to its Yellowknife City Gold Project. The company has consistently leveraged the success of its grassroots work to develop major drill projects. This work has greatly contributed to knowledge of gold mineralization in the Yellowknife area as the project advances closer towards active mining.
In 2018, North Arrow Minerals Inc. discovered a new kimberlite in the Lac de Gras region. It was the first to be discovered in over five years.
With MIP support, Arctic Star Exploration discovered five new kimberlites in 2021. Of note is the Sequoia kimberlite from which two commercial-grade diamonds have been recovered with only limited drilling.
Cheetah Resources used MIP funding to advance drilling and mine planning at the Nechalacho rare earth deposit. Mining was able to commence on the Nechalacho deposit in 2021, making it the first rare earth mine in Canada and just the second in North America.