Applications for a new incentive to help encourage mineral explorations in areas of Saskatchewan are now open.
The government of Saskatchewan’s Targeted Mineral Exploration Incentive is designed to cover part of expenditures associated with ground-based exploration activities.
READ MORE: Sask. mining rescue crews showcase skills in annual competition
It offers a rebate of 25 per cent of eligible direct drilling costs, up to an annual maximum of $50,000 per company on a pro-rated basis.
The incentive will focus on base metals, precious metals and diamonds – commodities that have significant unrealized potential in the province.
“As part of the Mineral Development Strategy announced in the 2017 speech from the throne, this incentive will help generate jobs in our northern and rural mining communities,” Energy and Resources Minister Bronwyn Eyre said.
“The drilling activity this stimulates is expected to lead to new discoveries that will grow and diversify Saskatchewan’s mining sector.”
Get breaking National news
READ MORE: 80 positions cut at Vanscoy, Sask. Nutrien potash mine
One objective of the incentive is to encourage base metal exploration in the Creighton-Denare Beach region, which has a long history of base metal mining and processing.
Total funding for the incentive in 2018-19 is capped at $750,000, and eligible companies can access it through a two-step application and verification process.
The incentive is administered by the Saskatchewan Geological Survey, which is celebrating 70 years of enabling economic activity through enhancing knowledge of the province’s mineral and petroleum resources. More information can be found at http://www.saskatchewan.ca/mineral-exploration-incentive.
READ MORE: Saskatoon-based Cameco responds to U.S. uranium investigation launch
During the summer of 2018, airborne electromagnetic, magnetic, and gravity gradient surveys were flown over the vicinity of Creighton and Flin Flon. These surveys were also funded as part of the Mineral Development Strategy.
Saskatchewan is considered to be one of the most attractive jurisdictions in the world for investment in mineral exploration.
A recent survey by the provincial government estimated that expenditures of $193.5 million are planned for mineral exploration programs in 2018, compared to $170 million in 2017.
Comments