Mining incentive program funds 12 exploration projects

Mining incentive program funds 12 exploration projects
Companies and prospectors on the hunt for diamonds and gold in the NWT were given a funding boost by the territorial government’s mining incentive program.Photo: Dave Brosha.

A dozen mining juniors and prospectors were given a leg up last week during the second round of the GNWT’s recently introduced mining incentive program.

Twelve gold and diamond exploration projects in the North Slave and Sahtu regions received $400,000 on June 30 in an attempt to boost exploration and possibly spark some discoveries.

“We know our territory is rich in minerals, but we are still under-explored,” said Industry, Tourism and Investment Minister David Ramsay. “Prospecting maximizes the return on our investment through innovative and effective exploration.”

The majority of the projects funded are looking for gold or diamonds in the Slave Geological Province, but one owned by DEMCo L.P. – a Dene-owned mining company – is searching for silver, iron oxide, copper and gold near Great Bear Lake in the Sahtu.

Companies that received funding include TerraX Minerals Inc., which is looking for gold in the Yellowknife area, along with Panarc Resources Ltd., GGL Resources Corp., both of which are in search of a variety of base metals. Proxima Diamonds Corp. and Canterra Minerals Corp. are on the hunt for diamonds.

In the prospector program, Dave Nickerson, Penelope Shaw, Ken Baigent, Nicolas Walker and Wayne Kendrik have all received funding to look for gold, while Gary Jaeb is the sole prospector exploring for diamonds.

The mining incentive program comes out of the territory’s Mineral Development Strategy, intended to promote and support exploration and mining work in the NWT. It was modelled after similar programs in other jurisdictions, and is managed by the NWT Geological Survey.

The annual budget for the program is $400,000 and gives prospectors up to $15,000 each. Companies are eligible to receive up to $100,000, representing 50 per cent of eligible expenses.
This is the second year of the program. In both years, the GNWT indicated exploration companies and prospectors asked for more funding than was available.

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