The Yukon government is doling out $1.4 million for mineral exploration in the territory, which is up $200,000 from the previous fiscal year.
A few dozen mineral exploration projects will benefit from the money obtained through the Yukon mineral exploration program in 2023-24, according to a Yukon government release on May 8.
As per the release, the projects are expected to spend more than $4.6 million on exploration this season.
It is not clear how much the projects will make from exploration this season. According to John Thompson, who works in communications for the Energy, Mines and Resources department, most exploration projects never actually become a mine.
The program reimburses a percentage of spending on exploration with the intent of supporting projects in their early stages of understanding the geology in the areas they’re exploring and stimulating new mineral discoveries.
Fifty-seven applications were received and 44 projects were approved for funding: 28 from hard rock proponents and 16 from placer operators.
Banyan Gold Corp., ATAC Resources Ltd. and Metallic Minerals Corp. are among the applicants approved for funding.
Contact Dana Hatherly at dana.hatherly@yukon-news.com