An incentive for the mineral industry is increasing the amount of drilling activity in an area near Creighton, creating opportunities for future mining investment in Saskatchewan. The Targeted Mineral Exploration Incentive (TMEI) is part of the province’s Mineral Development Strategy, announced in 2017.
The 2019-20 budget supports the 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 eligible area. “We’re very pleased to see that there have been some positive developments out of this,” said Minister of Energy and Resources Bronwyn Eyre.
“The best-case scenario can be new mines, and we’re also hearing from junior mining companies that because incentives existed in other provinces they were occasionally bypassing Saskatchewan when it came to these non-traditional metals.”
Eligible companies will receive a grant of up to $50,000 per year for drilling in the target area. Pam Schwann, president of Saskatchewan mining association, said “the focus has been on uranium for decades now.”
For the rest of this article: https://globalnews.ca/news/5250638/mining-industry-incentive/