More mining companies are exploring for minerals, which the provincial government states is because of the Ministry of Energy and Resources’ Targeted Mineral Exploration Incentive.

Compared to five projects last year, 28 exploration projects were approved earlier this year to receive the funding. The provincial government increased the annual funding cap from $750,000 to $4 million and expanded eligibility to include all hard rock minerals in any region of the province.

Ramp Metals Inc. was one of the 28 approved projects, with exploration work northwest of La Ronge. The company’s Vice President of Exploration, Garrett Smith says the funding significantly reduced the cost of their inaugural drill program, and from that exploration, Ramp Metals made a new high-grade gold discovery.

A government news release says this incentive along with the Saskatchewan Mineral Exploration Tax Credit have put the province on course to attract nearly 11 per cent of projected national exploration spending this year, up from eight per cent in 2022. Their goal is to attain 15 per cent of all Canadian mineral exploration spending by 2030.