Government funding aims to propel regional mining projects, catalyzing economic growth and job creation in Thunder Bay and beyond
THUNDER BAY, ON — The Ontario government is making a significant investment in the future of electric vehicles (EVs), and the mining sector by allocating over $4 million to support junior mining companies in their quest to discover new mineral resources.
George Pirie, Minister of Mines made the announcement at the Ontario Prospectors Exploration Showcase in Thunder Bay at the Valhalla Inn, this funding initiative is part of the province’s broader Critical Minerals Strategy.
Investing in Regional Growth
“I am thrilled to be in Thunder Bay to announce the successful Ontario Junior Exploration Program (OJEP) recipients because it means the drills are turning, and we are searching for new mines,” stated the Minister. “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.”
In 2023, Ontario was the leading destination for mineral exploration investment in Canada, with investments totalling $952 million. This marks the second consecutive year Ontario has topped this category. The OJEP continues to drive private sector investment across the province, securing minerals crucial for new technologies like EVs.
Funding Details and Impact Projects benefiting from the latest OJEP funding include:
- $200,000 allocated to New Break Resources Ltd. for drilling and surveys targeting gold and base metals.
- Similar funding to Tyko Resources Inc. for exploration of nickel, copper, and platinum-group elements.
- $198,047 to Copper Lake Resources Ltd. for copper and zinc exploration.
- $107,823 to Fladgate Exploration Consulting Corp. focusing on nickel, copper, and cobalt.
- $81,554 to Solstice Gold Corp. for lithium exploration.
“Northern Ontario boasts a wealth of critical resources, and by investing in the OJEP, we can strengthen the mining sector, creating more jobs in the north and driving economic advancement,” said Kevin Holland, MPP for Thunder Bay-Atikokan.
Community and Industry Reactions The industry has expressed strong support for the government’s commitment. Garry Clark, Executive Director of the Ontario Prospectors Association, highlighted, “The investment the Ontario government has made in these projects is a signal of their strong support for the industry. The exploration assistance supports jobs in communities across the north.”
Representatives from the companies benefiting from OJEP also shared their gratitude and optimism. “The funding assisted in the ongoing advancement of our Moray Project, located south of Timmins and northwest of the Young-Davidson gold mine. The funding from OJEP has allowed us to pursue both of these opportunities and has given New Break the greatest geological understanding at Moray, of any operator to date,” remarked Michael Farrant, President & CEO of New Break Resources Ltd.
As Ontario continues to invest in critical mineral exploration, the impact on local economies, particularly in regions like Thunder Bay, is expected to be substantial, fostering job creation and economic growth in the burgeoning sector of electric vehicles.
