Thinking about mineral exploration in the Northwest Territories? As a prospector, you can apply for up to $25,000 in funding through the Mining Incentive Program (MIP). Exploration companies can apply for up to $240,000 in funding toward project expenses. Don’t wait though – the deadline is April 30.
The MIP gives funding to prospectors and exploration companies with proposed or current exploration projects in the Northwest Territories, with the goal of stimulating and sustaining mineral exploration throughout the territory. A productive, sustainable mining industry is vital to a healthy NWT economy.
Last year’s recipients of MIP include Cheetah Resources who are opening Canada’s first rare earth mine with their Nechalacho project, Gold Terra Resources Corp. in the North Slave region, and Pine Point Mining Ltd. in the South Slave.
Over the first five years of the program, the Department of Industry, Tourism and Investment (ITI) has invested $3.0 million through the MIP. The program has been highly popular and over-subscribed year over year. During these five years, an additional $11.8 million was leveraged in exploration spending by companies and prospectors on their supported projects.
The continuation and enhancement of the MIP reflects the GNWT’s ongoing mandate to implement the Mineral Development Strategy and improve the NWT’s competitive edge.
Click here to learn more about the program and access the guidelines and application forms.