Seven corporate and eight prospector projects have been selected this year (2021-22) to receive over $1 million in funding from the GNWT’s Mining Incentive Program (MIP).
Most of the 2021- 22 funded projects are located in the North Slave region; however, there is one corporate project in the Dehcho and one prospector project in the Sahtu.
The Mining Incentive Program provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out mineral exploration work in the NWT.
The program is intended to stimulate and sustain mineral exploration activities by offsetting some of the financial risks associated with grass-roots mineral exploration in the NWT.
The program supports exploration that is vital to a healthy, sustainable and productive mining industry and has been oversubscribed since its inception. For 2021-22, the Northwest Territories Geological Survey received 20 applications worth over $2.1 million.
The following corporate entities will share $867,388 in funding this year:
- Arctic Star Exploration ($180,000)
- BNT Gold Resources ($39,388)
- Canadian Zinc ($96,000)
- Fortune Minerals ($144,000)
- Golden Planet ($120,000)
- Kennady Diamonds ($168,000)
- Rover Metals ($120,000)
The following prospectors were selected to share in $133,984 funding this year:
- Blake Mowbray ($9,270)
- Colin Ross ($9,214)
- Danny Yakeleya ($18,750)
- Dave Nickerson ($18,000)
- Dave Smith ($18,750)
- Jared Suchan – Curiosity ($20,000)
- Lane Dewar ($18,750)
- Ryan Bachynski – Tharis 1 ($21,250)
From 2014 to 2018, the MIP directly leveraged $11.8 million in company and prospector exploration spending.
The Mining Recorder’s Office received 1166 new claims applications from the inception of the MIP in 2014 to the end of the fiscal year 2020-21.
Funding recipients that credit the MIP as contributing to discoveries include Gold Terra, DEMCo, Evrim Resources, StrategX Elements, North Arrow Minerals, 60 North Gold, and prospectors Mr. David Webb and Mr. Wayne Kendrick.