SUDBURY, ONT. — The Province of Ontario has announced it is supporting 68 early mining exploration projects through the Ontario Junior Exploration Program (OJEP).
A release notes, this investment will help junior exploration companies and licensed prospectors find the mines of the future by covering eligible costs for mineral exploration and development.
“Early-stage mineral exploration carries significant uncertainty, with only about a one in 1,000 chance of exploration projects becoming a mine,” the release notes. “The high costs, long timelines and challenges of working in remote and rugged regions make it difficult for junior companies and prospectors to attract private investment needed to move projects forward.”
The OJEP program covers up to 50 per cent of eligible costs for exploration and development projects.
Prospectors will now be eligible to receive up to $65,000 per project (including enhanced Indigenous Participation Support) and junior mining companies will be eligible to receive up to $215,000 per project.
This recent investment builds on the $30 million invested in previous rounds of OJEP funding that have helped 213 mining companies finance early exploration projects, with 165 focused on critical minerals.
