Yukon Mineral Exploration Program gets $1.1M boost following record number of applications

The Yukon government announced Thursday that it's increasing funding to the Yukon Mineral Exploration Program (YMEP) by $1.1 million, following a record number of applications.

That brings the total funding of the program to $2.5 million.

Last year there were 99 applications to YMEP, and 51 projects were funded. This year, there were 130 applications; of the 96 subsequent projects, 61 are in hard rock exploration, and 35 are in placer exploration.

In terms of the money used for mineral exploration this year, Ranj Pillai, the territory's minister of energy, mines and resources, said he thinks it won't be "as good as previous years, but yet with some of this interest in these applications and our ability to provide funding that it's definitely going to make up some of the difference." 

He said the sector compressing in recent years plus the COVID-19 pandemic have played roles in the decline.

Because recipients of the money have to also put in their own money for their projects, the total funding "is expected to result in approximately $9 million in spending for exploration projects throughout the Yukon," Pillai said.

Samson Hartland, executive director of the Yukon Chamber of Mines, called the extra funding to YMEP "great news." 

When asked about the mood regarding the survival of the mining sector's economy, he said, "It's probably not different than many other sectors."

As for the estimated amount of losses in the mineral sector due to the pandemic, Pillai said he'll have a "better idea on what that is" by around August and September.