NWT announces recipients of $1 million Mine Incentive Program
The Northwest Territories government has announced 20 mineral exploration projects will receive a collective $1 million in funding in 2020-21 through the Mine Incentive Program.
In a press release Tuesday, the territorial Department of Industry, Tourism, and Investment said $744,353 is being awarded to seven corporate applicants and $251,060 to 13 prospectors, all in the North Slave region.
The program, which is in its seventh year, emphasizes public safety and supports projects across the territory that are “well conceived, support innovative ideas and methods, and have the best potential to stimulate economic activity.” It is administered by the NWT Geological Survey.
Some of this year’s recipients include Gold Terra Resources Corp, Fortune Minerals Ltd, and Pine Point Mining. They were chosen from 28 applicants.
Most recipients will be looking primarily at mining gold, although there are a few interested in rare earth metals, diamonds, lead, zinc, and colbalt.
The department said the number of applicants shows continued interest in mineral exploration in the NWT “despite the significant challenges faced this year by the industry.”
This year, the maximum funding available for corporate projects was increased from 50 per cent to 60 per cent of eligible expenses. Several Covid-19-related costs were also made eligible for funding.
Corporate projects may receive up to $240,000 in funding while prospectors can receive up to $25,000.
According to the department, between 2014 and 2019 the Mine Incentive Program invested approximately $3 million into NWT mineral exploration projects, resulting in nearly $15 million in total spending from those projects.