Mineral exploration companies looking to dig into the Northwest Territories untapped potential will be thrilled to hear about a new $500,000 funding infusion from the Canadian Northern Economic Development Agency (CanNor) for a second offering of the Mining Incentive Program (MIP).
A thriving and sustainable mining industry is vital to the territory’s economic health, and this new funding will provide a significant boost to some of the advanced exploration projects currently happening in the NWT.
Five awards of $100,000 each will be given to successful applicants focusing on mineral deposit targeting, testing, and innovative research and development projects. This new funding brings the total 2021-22 MIP investment in exploration in the territory to $1.5 million.
Early in the 2021-22 fiscal year, the Department of Industry, Tourism and Investment awarded $1 million through the MIP to 15 successful applicants (seven corporate and eight prospector) mainly for early-stage mineral exploration projects.
Click here to see the successful recipients of the 2021-22 Mining Incentive Program.
From 2014-2018, the MIP invested approximately $3 million into NWT mineral exploration projects, creating a multiplier effect resulting in nearly $15 million in total spending from funded projects.
The funding will provide a maximum of 60 percent of eligible project expenses. Successful applicants will be required to fund the remaining 40 percent (or more) of their proposed project. Grants of less than $100,000 will not be considered so applicants must propose projects with total expenses of at least $166, 667. Eligible expenses must be incurred between September 1st, 2021, and March 31st, 2022. All funded work must be completed by the end of March 2022.
The deadline for applications is October 29, 2021. For more information visit the Northwest Territories Geoscience Survey website.