A raft of junior mining companies have scooped up a combined total of almost $9 million from the provincial government to assist with exploration expenses.
The funding comes through the Ontario Junior Exploration Program (OJEP) which provides small mining companies with funding to conduct exploration at its earliest stages.
The program covers up to 50 per cent of eligible costs to a maximum of $200,000 per project. Those companies that are eligible must have a market capitalization of up to $100 million, or a comparable value, if they are privately owned.
The program has committed $8.9 million in funding to 54 projects — 37 of them exploring for critical minerals — leveraging approximately $21 million in additional investment.
A complete list of companies receiving funding is here.
Some companies highlighted include:
- $200,000 to EV Nickel to complete a drill program, south of Timmins, to test for nickel, copper and platinum group metals (PGM) deposits.
- $200,000 to E2Gold to complete soil, bedrock and channel sampling, followed by a drill program to test for gold deposits near Oba.
- $200,000 to Noble Minerals to complete geophysical surveys and a drill program to detect sulphide-bearing rocks that might host critical elements such as zinc, copper, gold, silver, cobalt, selenium and tellurium in the Timmins-Cochrane area.
Ontario has committed a total of $35 million over four years to the program.
“The Ontario Junior Exploration Program is part of our government’s strategic plan to secure the critical minerals needed for the made-in-Ontario supply chain that will change our world and reshape our economy,” said Mines Minister George Pirie in a news release.
“Through our government’s investments in exploration, we are supporting the most critical part of the supply chain and strengthening our mining industry so we can capitalize on this generational opportunity to fuel the future. Our plan, backed by strategic investments like this one, will help drive economic development, secure domestic supply chains and create jobs across the province, especially in northern and Indigenous communities.”
