This fall, the Government of the Northwest Territories (GNWT) partnered with the Canadian Northern Economic Development Agency (CanNor) to provide additional incentive funding for advanced mineral exploration projects in the Northwest Territories (NWT).

In August 2021, CanNor confirmed new funding of $500,000 to support a second winter call for Mining Incentive Program (MIP) applications in 2021-22. This increased the total program budget for the current fiscal year to $1.5 million.

The winter program provides five awards of $100,000 each for industry projects focusing on mineral deposit targeting, mineral deposit testing, and innovative research and development work that supports advanced exploration and mineral production.

The evaluation committee has completed the final selection of projects to be funded. Successful applicants awarded $100,000 for their advanced exploration proposals are:

• Fortune Minerals Limited (gold, bismuth, cobalt, copper);
• Kennady Diamonds Inc. (diamonds);
• Gold Terra Resource Corp. – Campbell Shear project (gold);
• Cheetah Resources Corp. (rare earth minerals); and,
• Rover Metals (gold).

One additional high-scoring proposal, Gold Terra’s Mispickel project, received redistributed MIP funding of $39,388 that was originally allocated in June 2021 but became available due to a change in recipient plans.

In total, six advanced projects received funding, which will lay the groundwork for future mining activity in the NWT. All MIP-funded work must be completed by the end of March 2022.

The MIP was launched in 2014 to help increase levels of mineral exploration in the NWT. The program is administered by the Northwest Territories Geological Survey and provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out mineral exploration work in the NWT. The 2021-22 winter program supports the GNWT mandate goal to attract and support both early-stage and advanced exploration projects.

Quote(s)

“I am pleased to see the diversity of projects receiving funding through the Mining Incentive Program. The Mineral Resource industry has been heavily impacted by the global pandemic, and programs like this are extremely valuable to the industry to ensure exploration and development continue. CanNor has been a critical partner in providing support to our hardest hit industries, and we will continue to look for opportunities to work together to strengthen the territorial economic outlook as the world begins to emerge from the pandemic.”

–Caroline Wawzonek, Minister of Industry, Tourism and Investment  

“The mining sector is critical to the NWT economy, supporting well-paying jobs throughout the Territory. The Government of Canada, through the Canadian Northern Economic Development Agency (CanNor) is supporting this program in order to advance mine projects – a key part in growing NWT’s strong resource industry. Our government is making a strategic investment to help northern prospectors and exploration companies capitalize on responsible resource development opportunities.”

–Daniel Vandal, Minister of Northern Affairs, Minister responsible for Prairies Economic Development Canada and Minister responsible for the Canadian Northern Economic Development Agency

“Strategic investment for NWT mining through proven initiatives such as the Mining Incentive Program creates jobs, promotes innovation and prolongs the viability of an economic sector critical to the success of our territory. I am encouraged by the latest round of successful applicants in this program, and the support these funds will provide to foster exploration methods.”

–Michael McLeod, Member of Parliament for Northwest Territories

Quick facts

• The Canadian Northern Economic Development Agency (CanNor) provided $500,000 for the winter intake of the Mining Incentive Program (MIP).
• The MIP provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out NWT mineral exploration work.
• The Department of Industry, Tourism and Investment introduced the MIP in 2014 as a major component of the NWT Mineral Development Strategy.
• Administered through the Northwest Territories Geological Survey, the MIP has been oversubscribed since its inception, with the total funding requested consistently more than twice the available funding.
• For projects that are funded, the MIP typically leverages private sector to public sector investment at a ratio of 3 to 1.
• The MIP assists the NWT in competing globally to attract mineral sector investments and maintain economic prosperity.

Related links

• Mining Incentive Program (MIP)
• Northwest Territories Geological Survey (NTGS)
• Canadian Northern Economic Development Agency (CanNor)

For media requests, please contact:

Jacqueline McKinnon

Department of Industry, Tourism and Investment

Government of the Northwest Territories

[email protected]

767-9202 x 63039

This press release was originally posted on the website for the Government of Northwest Territories