Mineral development fund providing $230K for diamond drilling of property near Snow Lake

Wolfden Resources Corporation announced Feb. 18 that it is getting $230,000 from the Manitoba Mineral Development Fund (MMDF) to support diamond drilling at its Rice Island property near Snow Lake.

The 2,611-hectare Rice Island property was explored by drill programs conducted by Inco in 1949-50 and 1967 and Wolfden says the nickel-copper-cobalt deposit has not been explored using modern high-resolution techniques.

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"We appreciate the generous grant. It's a strong endorsement for Wolfden and the potential to expand the deposit," said Wolfden CEO Ron Little in a press release. "In addition, it demonstrates the Manitoba government's forward-looking commitment in supporting strategic-metal mineral exploration and the importance of the mineral extraction industry in creating jobs and other associated economic benefits, for the community of Snow Lake and the surrounding area. Wolfden will more than match the funds of the grant in the coming drill program."

A successor program to the Mining Community Reserve Fund (MCRF), which was intended to provide assistance to mining communities affected by shutdowns due to ore depletion as well as support mineral exploration in Manitoba, the MMDF is funded by a $20 million initial contribution from the provincial government as well as up to six per cent of of annual revenues under the Mining Tax Act. Communities, businesses and organizations including Indigenous groups, municipalities and not-for-profit entities can apply for funding and assistance can include one-time grants for activities to advance new mining opportunities and outreach to First Nations for collaborative resource development. The fund is administered by the Manitoba Chambers of Commerce (MCC) and aligns with the priorities of the provincial government’s Look North task force and action plan for the Northern Manitoba economy, which identified mineral development as important to the long-term economic prosperity of the province and highlighted the importance of building stronger partnerships in the north to advance economic growth and development.

"The project is consistent with the MMDF's priority and objective to jumpstart mineral exploration initiatives in Manitoba that could capitalize on existing mineral assets and infrastructure, in an effort to strengthen and diversify economic opportunities, particularly in the northern part of the province,” said MCC CEO and MMDF chair Chuck Davidson.

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