Winter 2021-22 Mining Incentive Program Funding Recipients Announced
YELLOWKNIFE (December 9, 2021)
This fall, the Government of the Northwest Territories (GNWT) partnered with the Canadian Northern Economic Development Agency (CanNor) to provide additional incentive funding for advanced mineral exploration projects in the Northwest Territories (NWT).
In August 2021, CanNor confirmed new funding of $500,000 to support a second winter call for Mining Incentive Program (MIP) applications in 2021-22. This increased the total program budget for the current fiscal year to $1.5 million.
The winter program provides five awards of $100,000 each for industry projects focusing on mineral deposit targeting, mineral deposit testing, and innovative research and development work that supports advanced exploration and mineral production.
The evaluation committee has completed the final selection of projects to be funded. Successful applicants awarded $100,000 for their advanced exploration proposals are:
- Fortune Minerals Limited (gold, bismuth, cobalt, copper);
- Kennady Diamonds Inc. (diamonds);
- Gold Terra Resource Corp. – Campbell Shear project (gold);
- Cheetah Resources Corp. (rare earth minerals); and,
- Rover Metals (gold).
One additional high-scoring proposal, Gold Terra’s Mispickel project, received redistributed MIP funding of $39,388 that was originally allocated in June 2021 but became available due to a change in recipient plans.
In total, six advanced projects received funding, which will lay the groundwork for future mining activity in the NWT. All MIP-funded work must be completed by the end of March 2022.
The MIP was launched in 2014 to help increase levels of mineral exploration in the NWT. The program is administered by the Northwest Territories Geological Survey and provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out mineral exploration work in the NWT. The 2021-22 winter program supports the GNWT mandate goal to attract and support both early-stage and advanced exploration projects.
For media requests, please contact:
Department of Industry, Tourism and Investment
Government of the Northwest Territories
767-9202 x 63039