GNWT Invests $1 Million in Mineral Exploration, Reports Work Leveraged From Prior Investments
The Government of the Northwest Territories (GNWT) is investing another $1 million in the future of mineral exploration in the NWT.
Nineteen projects will benefit this year from funding provided under the Mining Incentive Program (MIP). These projects were selected from 28 applications received, marking continuing interest in moving the territory forward.
The program, now in its fifth year, invests in prospecting and exploration projects across the NWT that best meet program criteria and goals to advance mineral exploration. It is administered by the NWT Geological Survey, a division of the GNWT’s Department of Industry, Tourism and Investment.
This is the program’s third intake since the program budget was more than doubled to address rising demand and a need to stimulate activity in the NWT mining sector. 2019’s edition saw an increase in grassroots prospectors qualifying for funding, and projects spanned several commodities across many regions in the Northwest Territories.
From 2014-2018, the MIP invested almost $3 million in NWT mineral exploration projects. Over the same period, MIP funding recipients spent an additional $14.7 million on their NWT exploration projects.
“Exploration is crucial to the future of our mining industry and the thousands of jobs it creates. That’s why we put our best foot forward and compete with jurisdictions across Canada offering incentives for exploration. With yet another year of high interest in the program, I believe there are good things on the horizon for our exploration sector.”
-Wally Schumann, Minister of Industry, Tourism and Investment
- $803,618 was awarded to corporate applicants.
- $180,409 was awarded to prospectors.
- Corporate projects may receive up to $200,000 in funding.
- Prospectors may receive up to $25,000 in funding.