North of 60 Mining News - The mining newspaper for Alaska and Canada's North

The Government of the Northwest Territories Oct. 4 announced that it has partnered with the Canadian Northern Economic Development Agency (CanNor) to provide an additional C$500,000 in funding support for mineral exploration projects in the territory.

"The NWT is a resource-rich territory and mining is the biggest source of private-sector jobs and income for our residents. To help industry bounce back from the setbacks of the COVID-19 pandemic and to restore levels of investment, partnership, and growth in the NWT's economy, we must try to renew mineral exploration activity in the territory," said Northwest Territories Minister of Industry, Tourism and Investment Caroline Wawzonek. "With support from our federal partner, CanNor, we are introducing this additional funding to help advance existing projects that will help revive NWT's resource industry and bring more economic opportunities to residents and communities."

With CanNor's funding, Northwest Territories' successful Mining Incentive Program increases from the typical C$1 million in grant funding to prospectors and exploration companies who propose new exploration projects or are already carrying out Northwest Territories mineral exploration work to C$1.5 million.

This one-time winter MIP offering will provide a maximum of five awards of C$100,000 each that focus on mineral deposit targeting and deposit testing, as well as innovative research and development projects that support detailed exploration or early-stage mineral production.

The funding will provide a maximum of 60% of eligible project expenses for the selected project, with the successful applicants being required to fund the balance. Qualified expenses must be incurred and funded work completed by the end of March 2022.

Launched by the Northwest Territories government in 2014 to help increase levels of mineral exploration, the Mining Incentive Program is a major component of the territory's mineral development strategy

Deadline for applications of this program administered by the Northwest Territories Geological Survey is Oct. 29.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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