Ontario to invest $13M in 84 mineral exploration projects

The government of Ontario plans to invest nearly $13 million to support junior mining companies holding as many as 84 early exploration-stage projects throughout the province, including 19 within and north of the Timmins area.

The funding, part of the Ontario Junior Exploration Program, was announced on Tuesday by Minister of Mines and Timmins James Bay MPP George Pirie during a visit to NPLH Drilling's headquarters in Timmins, Ontario.

In his announcement, Pirie detailed that each project is entitled to a maximum funding of $200,000, provided that the company holding it is "small" enough.

"That's what we want to we want to encourage -- the small juniors to be doing exploration. That's where exploration starts. They're the ones that are the risk-takers or the entrepreneurs. They're the ones that really drive exploration at a grassroots level," Pirie told CTV News reporters.

Last year, more than $950 million was invested into Ontario's exploration projects, said Pirie, and the latest announcement signals that the Ford government is looking to do more for Canada's top jurisdiction for mineral exploration.

To date, the province has committed $35 million of investments over four years via the Ontario Junior Exploration Program.