The Government of the Northwest Territories (the "GNWT") Mining Incentive Program (the "Program") provides funding to prospectors and exploration companies who carry out mineral exploration work in the NWT.
Under the Program, mineral exploration companies licenced to operate in the NWT can apply for up to $200,000 in funding and prospectors licenced to operate in the NWT can apply for up to $25,000 in funding. Exploration companies are eligible to receive up to $500,000 in funding over consecutive years of the Program participation.
Any mining exploration company interested in carrying out mineral exploration work in the NWT or one that is already carrying out mineral exploration work in the NWT should apply for funding under the Program. The 2019-2020 Program application deadline is April 26, 2019. Eligible expenses for reimbursement under the Program are those incurred during the period April 1st, 2019 to March 31st, 2020.
Applicants for the Mining Incentive Program may only submit proposals for areas in which they have the legal right to conduct exploration and must have a valid prospecting license in the NWT. In addition, corporate applicants must propose a well-conceived and technically-sound exploration program to be considered for funding. Pursuant to the program funding guidelines, preference will be given to applications that maximize the use of NWT goods and services. All applications received are reviewed and considered by the staff of the Northwest Territories Geological Survey.
In 2018, the GNWT award funding to the following companies:
|TerraX – Quyta Bell||North Salve||Gold||$160,000|
|Evrim – Mackenzie Alliance||Shatu||Gold||$160,000|
|Margaret Lake Diamonds ML Project||North Slave||Diamonds||$140,000|
|Margaret Lake Diamonds Diagras||North Slave||Diamonds||$111,615|
|Canadian Zinc – Prairie Creek||Sahtu||Zinc||$51,400|
|North Arrow||North Slave||Diamonds||$100,000|
|Avalon- Nechalacho||North Slave||Rare Earth||$36,552|
|Silver Range – Granite Recce||North Slave||Gold||10,012|
|GGL – Bishop||North Slave||Diamonds||$84,469|
The Mineral Incentive Program is intended to stimulate further mineral exploration in the NWT and reduce the risks associated with mineral exploration activities. The Mineral Incentive Program is just one part of the Northwest Territories Mineral Development Strategy which includes among other items certain tax deductions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.