MMDF: OPTIMISTIC ABOUT MINERAL EXPLORATION

By Edward Suzuki, Program Manager, Manitoba Mineral Development Fund

in July 2020, the fund has approved more than $9.8 million toward a range of mining and economic development projects across Manitoba, authorized 60 projects, created 283 short term jobs, 152 long term jobs, 152 partnerships, and leveraged investments of more than $61 million.

Sixty-five percent of the Manitoba Mineral Development Fund went to help mining exploration companies undertake geological mapping, geophysical surveys, and diamond drilling, all of which were critical to identifying and quantifying mineral resources. Many of these companies are listed on the Toronto Stock Exchange, which provides an efficient avenue to raise equity while providing investors with a regulated market for venture investments. These firms specialize in higher-risk, earlystage exploration activities. They serve as project generators for investors and larger producing companies, helping fill the pipeline of future mineral production.

The MMDF provides funding for several prominent mineral exploration and development companies in Manitoba. Alamos Gold, a Canadian intermediate gold producer, is constructing the Lynn Lake gold mine in Manitoba. The project is currently in the advanced exploration stage, and further drilling and studies are underway to delineate reserves and resources. The estimated capital cost of the project is $500 million, with an additional $87 million to sustain the project over its lifespan.

Building optimism in Flin Flon is Callinex Mines. This Canadian mineral exploration company is focusing on identifying high-quality base and precious metal deposits. Its flagship project, the Pine Bay Project, has shown potential for high-grade zinc, copper, and gold mineralization. Callinex Mines works with local communities and stakehold ers to minimize environmental impact and maximize social and economic ben efits.

New Age Metals is focusing on the discovery of deposits rich in palladium, platinum, gold, and other strategic metals. Their Summer Field Program defines drill targets to establish an economically exploitable lithium deposit close to Tanco Mine, a rare-metal mine in the Bird River area in southeast Manitoba. It’s known for its production of tantalum, lithium, cesium and spodumene, which are important for the electronics and energy industries.

Boosting investment is the Hudbay Minerals acquisition of Rockcliff Metals Corporation, who are looking to add to their precious base metal inventory. Rockcliff Metals is known as an explo ration and resource development com pany with advanced-stage, high-grade VMS copper-zinc dominant deposits. The MMDF support was concentrated on their exploration and drilling pro gram in the Snow Lake Mining Camp. Companies are leveraging the MMDF to encourage investment in mineral ex ploration. The fund focuses on manage ment teams with extensive experience and a proven track record in the mining industry. The location of the project is also crucial and working with politically stable jurisdictions with supportive regulatory environments and robust infrastructure are preferable. The exploration project’s mineral potential, including size, grade, and estimated value of the mineral deposit, are considered. Finally, the mining company’s financial health, funding history, and market conditions are assessed.

The outlook for the Manitoba Mineral Development Fund remains positive and is targeted to support new mineral exploration and development projects. These will stimulate economic growth and create employment opportunities. Manitoba’s mineral sector contributes significantly to the province’s economic growth, and the Manitoba Mineral Development Fund is a key component.

For more information about MMDF, including intake dates, visit, MMDF.ca. ✘

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