Looking for Mr. gold bar
Government spends $1.7 million to support mining exploration
The provincial government is spending $1.7 million in support of the Mineral Incentive Program, which aims to expand mining exploration in Newfoundland and Labrador.
Halifax-based Maximos Metals Corp, led by Peter Steele, received the largest grant through the Junior Exploration Assistance Program, getting $105,196 for work on its Labrador North West Property.
Canada Fluorspar Inc. received $69,071 for work on its AGS Project in St. Lawrence.
Another 26 companies received money, ranging from $3,295 to the aforementioned Maximos grant, for a total of $1.39 million given to mining companies.
Prospectors also benefitted from the program, with the biggest recipient being Wayde Guinchard of St. John’s, who received three grants, for $14,752 in total.
Longtime prospectors Larry Rogers and Peter Rogers received $7,000 and $11,704, respectively.
A total of $217,618 was given to 47 prospectors through the Prospectors Assistance Program.
Natural Resources Minister Siobhan Coady made the announcement on Thursday in St. John’s.
“Their work, supported by the province’s Geological Survey, is the foundation for mineral exploration and mining development in Newfoundland and Labrador,” Coady stated in a news release.
“Nearly 40,000 claims were staked in 2016 and 2017, which is approximately the total number for the previous fouryear period combined.”