The GNWT is investing an additional $100,000 in four exploration projects under the Mining Incentive Program (MIP), according to a Dec. 2 news release from the Department of Industry, Tourism and Investment (ITI).
The four recipients include Cheetah Resources, Gold Terra Resources, StrategX Elements Corp. and BNT Gold Resources.
The one-time funding top-up follows a previous investment in August of $1 million through the MIP, which supported 19 mineral exploration projects in 2020-2021.
In addition to the latest funding, $20,000 from an earlier-funded project that didn't go through has been redistributed.
photo courtesy of Darnley Bay Resources
Of the total pot of $120,000, Cheetah Resources and StrategX Elements Corp. split $93,000 for their rare earth and cobalt projects.
Gold Terra and BNT Gold Resources split the remaining $27,000.
A total of $744,353 was earmarked in August for seven companies doing exploration for gold, diamonds, lead, zinc, rare earth and other minerals.
In addition to the four who recently received additional funding, the others included Fortune Minerals, North Arrow Minerals and Pine Point Mining.
The new funding is in line with the GNWT’s pledge to increase mining incentive programs by 50 per cent over the next four years to attract and support both early-stage and advanced exploration projects.
“Renewed exploration activity is needed to restore levels of investment, partnership, employment, and growth in the NWT’s economy," said ITI Minister Caroline Wawzonek. "At this critical time, it is essential that we support companies that are promoting economic activity. We want to restore our mineral development sector – not just our mines but also exploration companies with early and advanced projects – to ensure we have projects and mines in the future to drive economic growth and prosperity."
The MIP is administered by ITI's NWT Geological Survey and provides funding for prospectors and exploration companies who propose new projects or are already conducting mineral exploration work in the territory.
From 2014 to 2018, the MIP has invested about $3 million in NWT exploration projects with almost $15 million in total spent by the companies behind the funded projects.