Economy

Another $500,000 awarded for NWT mineral exploration


A fresh set of grants worth $500,000 has been handed out through the NWT’s mining incentive program, bringing the total for the year to $1.5 million.

In previous years, around $1 million was distributed. The number is higher this year because of an additional $500,000 top-up from the Canadian Northern Economic Development Agency.

The new cash was divided evenly among five applicants: Fortune Minerals, Kennady Diamonds, Gold Terra, Cheetah Resources, and Rover Metals.

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Projects receiving the funding focus “on mineral deposit targeting, mineral deposit testing, and innovative research and development work that supports advanced exploration and mineral production,” said the GNWT in a news release.

Gold Terra’s Mispickel project also received nearly $40,000 that was originally allocated in the spring but became available again when another recipient’s plans changed.

Earlier in the year, the Department of Industry, Tourism, and Investment said 20 applicants had applied for more than $2.1 million in mining incentive funding.

The program’s first funding award for this financial year split $1 million between seven corporate and eight prospector projects.

Nearly $870,000 was shared between Arctic Star Exploration, BNT Gold Resources, Canadian Zinc, Fortune Minerals, Golden Planet, Kennady Diamonds, and Rover Metals.

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Around $134,000 was shared among prospectors Blake Mowbray, Colin Ross, Danny Yakeleya, Dave Nickerson, Dave Smith, Jared Suchan, Lane Dewar, and Ryan Bachynski.

Each prospector received between $9,000 and $21,000 to help fund grassroots exploration.

The Northwest Territories Geological Survey administers the mining incentive program.

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