There is still time for prospectors and junior mining companies to apply for government funding.
A news release stated the provincial government is providing incentives to junior exploration companies to foster training and capacity building for new and potential prospectors, and encourage first Nations to become more involved in prospecting or gain employment in the mineral development sector.
The extended Junior Exploration Assistance Program (JEAP) will allow the Ontario Prospectors Association (OPA) to supply grants to qualifying junior exploration companies to complete early-stage exploration on properties in Ontario.
To date, 43 exploration projects have been approved. Funding is now open for the fourth round of funding. Applications can be submitted until Dec. 15.
“Junior exploration companies are critical in the mining sector, and JEAP is helping to attract and keep them here in Ontario. The Ontario Prospectors Association is pleased to continue our partnership with the province on the JEAP initiative,” said Garry Clark, Executive Director, Ontario Prospectors Association in the release. “The long-term effect of stimulating exploration in Northern Ontario is the discovery of new mines that support the economy.”
The Junior Exploration Assistance Program is part of the province’s Mineral Development Strategy. JEAP provides financial support to individuals and junior exploration companies to help increase exploration and discoveries in the province.
Originally launched as a pilot program in 2015, the Junior Exploration Assistance Program assists junior exploration companies conducting exploration projects in Ontario and with a market capitalization of less than $5 million, by providing rebates of up to one third of junior companies’ exploration spending (reimbursed to a maximum of $100,000 for a single project.)