Clark says. “With the third-phase $50,000, a prospector could drill a couple of holes and then, maybe, a junior company will jump on the project.” While the OEC has awarded funds for approximately 170 claims, only one project has received phase-two funding. The program spurs greater exploration activity, however, and has led to a number of successful projects that have been optioned by junior mining companies. “The OEC gives you money to work with and pays for the assays and their transportation,” says one OEC recipient who has received funding since the program’s inception. “If you get results, you can pass it on to a company that can further the work. We’ve passed on projects to juniors and also to a producing mining company.” The application for the OEC fund is available on the OPA website. Applicants must also submit a prospecting proposal that outlines details of the project, such as location, accessibility, geology and a summary of all previous work done on the property. A third-party consultant reviews the applications for completion and economic potential, and then makes recommendations about funding to the board. Approval for funding is not limited to precious metal exploration, but can include industrial minerals, such as lithium, as well as building stone. The OEC provides prospectors with another source of funding, and becomes all the more attractive in times of tighter financing. Eligible claims have the opportunity to become, if not the next Hemlo, then a viable project that catches the interest and deeper pockets of a junior mining company.
“The response to the funding is very positive; people are happy that there is a source of funding,” Clark says. “This money helps to fill the gap between what a prospector finds in the ground and getting a junior company interested in the claim.” Ed Holbik Greenwater.
BUILDINGS FOR MINING Two Companies - Two Building Styles - Any Application
Specialists in the Design and Delivery of Innovative Steel Building Solutions Custom Design Building For The Future
FUTURE BUILDINGS
In-House Engineering Total Project & Cost Management For an Estimate Please Call
Serving Canada’s Mining and Energy Industries for Over 30 Years 1-800-668-51114004 ext
Proud to have partnered with Suncore, Devon, IAMGOLD, Bema, Xstrata
www.BuildingsforMining.com mining@futurebuildings.com
Spring 2013
11