The Targeted Mineral Exploration Incentive (TMEI) is leading to increased drilling activity for base metals, precious metals and minerals in a defined target area near Creighton and creating tangible opportunities for future mining investment in Saskatchewan.
Developed in consultation with industry, TMEI is part of the Government of Saskatchewan’s Mineral Development Strategy announced in 2017. The 2019-20 Budget continues to support this strategy by providing the overall funding level for the TMEI program, which is established on an annual basis, to a maximum of $750,000 per year.
Seven successful applications were received for the 2018-19 incentive program, indicating a total of 110 new drill holes and proposed expenditures of more than $6.5 million in the eligibility area. Some examples of metals and minerals being explored for include: copper, gold, nickel and zinc. Eligible companies will receive a grant of up to $50,000 per year for drilling in the target area.
“The Mineral Development Strategy is about diversification and increasing our province’s competitiveness in the mineral resources sector,” Energy and Resources Minister Bronwyn Eyre said.
“This exploration incentive will promote the discovery of new mineral resource opportunities, which in turn can generate jobs and economic benefits in northern Saskatchewan. Resource investors continue to find some of the world’s best prospects for development right here in Saskatchewan.”