The federal government will grant $500,000 over the next three years to spur resource development in the north, according to a Sunday announcement from the AME mining conference in Vancouver.
The money will support Invest Canada North, which will promote north resources to investors at the Prospectors and Developers Association of Canada Convention held in Toronto.
The program launches this March, and will include keynote presentations, panels and special sessions that aim to highlight exploration in the region, according to the news release.
Held over four days, there will also be a networking reception featuring northern food, and a forum of industry experts.
The announcement comes on the heels of NWT and Nunavut Chamber of Mines’ concerns released on Friday that NWT exploration spending dropped by roughly a third in 2019.
Last year, spending was $78 million in NWT, down from $112 million in 2018. Yukon also saw an 18 per cent dip, while Nunavut bumped up 7 per cent after a three year decline.
In the release, Premier Caroline Cochrane said the addition of Invest Canada North would “build a strong case in the global marketplace and set the stage for responsible investments in our future.”