The Targeted Mineral Exploration Incentive announced in the fall of 2018 has done what it was supposed to, according to a news release from the province.
The goal of the program is to encourage drilling activity for base metals, precious metals and diamonds, particularly in the northeast part of the province to diversify the mining sector.
Energy and Resources Minister Bronwyn Eyre says the TMEI program has enhanced the competitiveness and diversification of Saskatchewan’s northern mining prospects.
Five companies looked for gold, zinc, copper and silver and received $50,000 each in government funding, but the drilling generated about $2-million in expenditures by the exploration companies.
The province has also recently reinstated a Provincial Sales Tax exemption for exploratory downhole drilling, and has extended time frames to raise the necessary funds and carry out the explorations.
Eyre says exploration expenditures last year were $264-million, but the mining sector generated $7.4-billion in sales.