Building on the momentum of the province’s record number of exploration approvals this year, the Honourable Andrew Parsons, Minister of Industry, Energy and Technology, today announced that the Letters of Intent received from mining companies for the 2021-22 Junior Exploration Assistance (JEA) program is an all-time high.
The significant mineral exploration interest this year has resulted in 46 Letters of Intent from mining companies for the 2021-22 JEA program, totaling a budget of almost $56 million. The 2021-22 summary of Letters of Intent can be found here.
The $1.3 million JEA program aims to grow the mineral inventory of the province through the discovery of new mineral districts, occurrences, prospects and deposits. The program provides non-repayable support, with a maximum allowable funding of $150,000 for projects located on the island of Newfoundland and $225,000 for projects located in Labrador.
To receive funding support, interested companies must outline their planned exploration programs and expected expenditures in a Letter of Intent, and submit an acceptable report at the end of the exploration season. Grant amounts are prorated across all eligible companies
The mining industry continues to be a key economic driver in Newfoundland and Labrador, with over $4 billion in mineral shipments, nearly $83 million in exploration expenditures, and employment of about 7,700 person years projected for 2021. A healthy mineral exploration industry is needed to find new mines to continue to drive the provincial economy.
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“This is great news and is another indication that the mining world has caught on to the potential that exists here in our province. As part of this increased exploration activity, numerous new exploration companies have begun investing here this year. Initiatives such as the Junior Exploration Assistance program enhance our province’s competitiveness through advancing mineral discoveries and exploration. As momentum builds, our government continues to create favorable conditions for mineral development within Newfoundland and Labrador.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
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Learn More
Recipients – Junior Exploration Assistance Program
Recipients – Prospectors Assistance Program
News Release – Five Year High for 2020 Mineral Exploration Activity
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Media contact
Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca