TIMMINS - A new round of funding for exploration projects is needed, says the head of the local prospecting group.
At NPLH Drilling on Tuesday, Nov. 12, Timmins MPP and Minister of Mines George Pirie announced $13 million for 84 junior mining companies to fund early exploration projects. Companies can receive up to $200,000 per project.
Ontario Prospectors Association interim president William MacRae said that funding like this is vital.
“It’s very hard to raise money right now so any time the government comes in with this type of program it’s very beneficial,” he said. “We need lots of this!”
The full list of projects being funded is not available yet while detais are worked out, but a spokesperson said it includes 19 Timmins-area projects.
Pirie said supporting these businesses is a crucial part of the north’s future.
“I know how important it is to the success of the North and the province as a whole,” he said of the mining sector. “We have the best miners in the world in Ontario.”
The Ontario Junior Exploration Program (OJEP) was launched in 2021 and has handed out $35 million over the last four years.
“There are a lot of exciting projects to talk about, too many to talk about but there’s incredible potential,” he said.
The potential, said Pirie, is not only in providing material to manufacturers in Southern Ontario but providing those resources to trading partners internationally.
Support for smaller companies is also at the heart of the program, said Pirie.
“They’re the risk-takers,” he said. “They’re the ones that really drive exploration,”
Pirie said that the program, or something similar is still on the books for the future.
“It’s in the budget,” he said when asked about the future of such funding.
The program also includes up to $10,000 to cover eligible costs to support Indigenous employment and business opportunities.
“It starts there, and of course, if you’re successful in exploration, then you have mines,” said Pirie. “You increase the standard of living for all the communities, and that includes Indigenous communities.”
