NORTHERN ONTARIO – The province is investing more than $4 million to help junior mining companies find the mines that will provide materials to accelerate the electric vehicle revolution.
Funding through the Ontario Junior Exploration Program is part of the Ontario’s Critical Minerals Strategy, which aims to drive long-term economic growth by creating jobs and prosperity, especially in northern and Indigenous communities.
“I am thrilled to be in Thunder Bay at the Ontario Prospectors Exploration Showcase to announce the successful OJEP recipients because it means the drills are turning and we are searching for new mines,” said George Pirie, Minister of Mines, in a media release issued on Tuesday.
“Our government recognizes that Thunder Bay is quickly becoming a hub for lithium, which is essential for the growing supply chain for electric vehicles in Ontario.
“The projects we are celebrating today are creating jobs in the region and in other mining towns across the North.”
Last year, Ontario had the highest investment in mineral exploration in Canada at $952 million.
This is the second year in a row that Ontario has led the country in mineral exploration investment, the release said.
The Ontario Junior Exploration Program is encouraging private sector investment throughout the province, which will secure the necessary minerals for new technologies including electric vehicles.
Projects in the fourth intake of OJEP funding include:
- $200,000 to New Break Resources Ltd. to conduct surveys and drilling, targeting gold and base metals mineralization.
- $200,000 to Tyko Resources Inc. to conduct surveys and drilling targeting nickel, copper and platinum-group elements.
- $198,047 to Copper Lake Resources Ltd. to complete surveys and drilling targeting copper and zinc.
- $107,823 to Fladgate Exploration Consulting Corp. to conduct surveys targeting nickel, copper and cobalt.
- $81,554 to Solstice Gold Corp. to conduct surveys targeting lithium.
Launched in 2021, OJEP helps junior mining companies cover eligible costs for critical and precious mineral exploration and development.
Through its latest intake, OJEP has committed $4.4 million to fund 35 projects – 24 of them exploring for critical minerals – leveraging approximately $10 million in additional investment from industry.
