Matching seed money pledged for mining

Thunder Bay will see $2.1 million of a $4.4-million investment by the province that will fund 35 projects — 24 of them exploring for critical minerals. This week, Mines Minister George Pirie visited the Ontario Prospectors Exploration Showcase, which took place at the Valhalla Inn, to make the announcement. The funding comes from the Ontario Junior Exploration Program and is part of the province's critical minerals strategy. The showcase featured more than 30 speakers and 50 exhibitors consisting of suppliers and contractors who work within the industry. Garry Clark, director of the Ontario Prospectors Association, said they brought everybody together to network and catch up on industry developments. "We have seen some successes that have happened and more potential success going forward," he said. "We've got some prospectors that are trying to option their properties and we've got junior companies here that are looking for projects." Clark says the provincial funding that Pirie announced is "matching money" to help support grassroots exploration for which mining companies apply. "The mining company has to show proof of (their own) funds that they're going to spend and then the government gives them matching funds up to $300,000. So it's not an open-ended match but that greatly enhances project seed," Clark said. The $2.1 million earmarked for Thunder Bay technically means Northwestern Ontario. Clark listed laboratories, that process rock samples, contractors and consultants that are based in Thunder Bay, who would benefit from the funding. "There's also the the small towns where (workers) will stay in motels, and eat meals there, so it's really a trickle-down effect to the old Northwest," he said. Clark, who has a long history working in the mining industry in Thunder Bay, said there were only a few consultants around in the earlier days and now there are several in the city. "We never had an assay lab and now we have four in Thunder Bay," he said, adding an assay lab is where they analyze rock samples. Pirie noted that Thunder Bay is quickly becoming a hub for lithium, with Ontario recognized as the country's leader for mineral exploration investment in Canada, valuing it at $952 million in 2023. "The critical mineral strategy is all about securing the supply chain, securing the minerals of the north, and matching them with the manufacturing in the south," he said. "We are well endowed with lithium deposits here, especially in Northwestern Ontario." While the Ontario Junior Exploration Program funding aims to cover eligible costs for critical and precious mineral exploration for junior mining companies, the Energy Innovation Fund supports downstream processing, which includes research and development.

Sandi Krasowski, Local Journalism Initiative Reporter, The Chronicle-Journal