SAULT STE. MARIE — The Ontario authorities has invested $5.8 million to assist junior mining corporations probe for essential minerals utilized in manufacturing batteries for electrical autos, smartphones, prescribed drugs and superior manufacturing applied sciences. This funding is a part of the federal government’s Ontario Junior Exploration Program (OJEP) to assist improve and broaden mineral exploration, development and job creation within the province, notably in northern and Indigenous communities.
“These investments are an necessary a part of our authorities’s plan to construct our economic system as we help trade exploration for the essential minerals Ontario is blessed with,” mentioned Premier Doug Ford. “We’re constructing a provide chain ecosystem, connecting sources and staff within the north to the way forward for clear metal and electrical autos, and making certain the automobiles of the long run will be inbuilt Ontario from begin to end by Ontario staff.”
Ontario is investing a complete of $12 million over 4 years for essential mineral exploration within the OJEP. For the reason that launch of this system in 2021, 32 mining corporations have obtained funding for exploration of minerals corresponding to nickel, copper, cobalt and lithium. These corporations have invested an extra $12.8 million in these tasks.
“Early exploration is step one to discovering future mines together with essential minerals,” mentioned George Pirie, Minister of Mines. “The Ontario Junior Exploration Program helps unlock the province’s huge mineral exploration potential and paving the way in which for unprecedented development in our mining sector.”
The Ontario Junior Exploration Program has funded the next essential minerals mining tasks:
- $200,000 to VR Assets Ltd. to finish a drill program with eight holes
- $200,000 to MacDonald Mines Exploration Ltd. to finish a drill program with eight holes
- $200,000 to Tyko Assets Inc. to finish the Tyko Ni-Cu-PGE drilling program, consisting of 9 holes
- $172,000 to BTU Metals Corp. to finish a drill program with three holes
- $150,000 to 5007223 Ontario Inc. to finish a diamond drill program with 5 holes, line chopping actions and an induced polarization (IP) survey
- $71,857 to Transition Metals Corp. to finish an airborne geophysical survey over an space of 363 kilometres
“Our authorities will proceed to make focused investments that improve development in locally-driven mineral exploration whereas bolstering provide chains,” mentioned Greg Rickford, Minister of Northern Growth. “By supporting early exploration, we’re opening the door for financial improvement throughout the north that can result in prime quality full-time jobs and stronger communities.”
The province is at the moment accepting a 3rd spherical of functions for the Ontario Junior Exploration Program. The deadline to use is March 16, 2023. Particulars on the appliance course of are out there on-line.
Fast Details
- The Ontario Junior Exploration Program covers as much as 50 per cent of eligible prices as much as $200,000 for every mission.
- To be eligible to use for funding, junior mining corporations will need to have a market capitalization of as much as $100 million, or a comparable worth, if they’re privately owned.
- Since launching the Ontario Junior Exploration Program in 2021, Ontario dedicated $29 million over 4 years to this system. This contains $17 million for every type of minerals, and a brand new $12 million stream devoted solely to essential minerals exploration.
- Ontario’s mining sector is a major financial driver, supporting 75,000 jobs within the mining trade.
- The Authorities of Ontario is concentrated on creating the atmosphere that can permit the province to change into a key provider, producer and producer of essential minerals wanted for electrical autos together with nickel, copper, cobalt and platinum group parts.
Quotes
“The Ontario Prospectors Affiliation helps the federal government’s Ontario Junior Exploration Program. Help applications permit explorers to finish extra exploration and entice junior explorers to the province. Exploration offers for financial stimulus in northern communities.”
— Garry Clark
President, Ontario Prospectors Affiliation
“OJEP funding made an actual distinction to VR’s REE essential metals discovery at Hecla-Kilmer in Northern Ontario. Hecla-Kilmer has a excessive proportion of the 4 uncommon earth parts important for everlasting magnets utilized in all electrical autos and wind generators. The funding from OJEP has helped us advance and consider a possible new and home provide of those necessary uncooked supplies crucial for the quickly rising downstream EV trade in Ontario.”
— Dr. Michael Gunning
President & CEO, VR Assets Ltd.
“The funding obtained from OJEP allowed MacDonald Mines Exploration Ltd. to incur extra work associated to the exploration of essential metals at our 100 per cent owned SPJ greenfield mission situated within the Sudbury space. With the federal government figuring out our mission as one of many essential mineral exploration tasks within the province, it additionally introduced extra public consciousness to the corporate.”
— Greg Romain
President & CEO, MacDonald Mines Exploration Ltd.
“Junior corporations like BTU Metals are all the time in need of funds to discover their giant land positions and to drill check their geological targets. The funding from OJEP allowed us to broaden the geological understanding of a portion of the property the place we had little or no info. The help was actually appreciated.”
— Bruce Durham
VP Exploration, BTU Metals Corp.
“Transition Metals obtained funding from the Ontario Junior Exploration Program (OJEP), which has been invaluable within the development of its Maude Lake Ni-Cu-Co PGM and our Aylmer Cu-Au Initiatives. This system has enabled the corporate to extend its exploration efforts and entry extra sources, serving to to progress the tasks way more quickly. As a small junior firm, we’re repeatedly challenged to supply acceptable capital to advance earlier stage tasks and we’re very appreciative for the help from the Ontario authorities — an funding that we consider will profit all stakeholders within the coming years.”
— Scott McLean
President & CEO, Transition Metals
“It’s super that our authorities continues to help and put money into early exploration to construct Ontario’s mining sector. “When you think about how many individuals are employed by native companies that present important companies and provides within the built-in mining provide chain, each time a mine opens in northern Ontario, Sault Ste. Marie wins!”
— Ross Romano
MPP for Sault Ste. Marie
From Ontario authorities.
Featured picture: Screenshot from Google Maps.
