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Mineral resources attracting investors to NL

MHA Andrew Parsons (Burgeo – La Poile) is the Minister of Industry, Energy and Technology for Newfoundland and Labrador. – File photo


Special to the Wreckhouse Weekly

PORT AUX BASQUES – The provincial government has seen a significant increase in the mineral claim stakes for Newfoundland and Labrador. Minister of Industry, Energy and Technology, Andrew Parsons explained that since January prospectors have staked 51,000 claims, up from 47,205 claims in 2020.

“We’re literally not even halfway through the year and we’ve already surpassed the year before total,” said Parsons.

Of the new exploration approvals issued over the past number of months, Parsons says there have been none issued for the province’s West coast. However, he did acknowledge Matador Mining, which over the last year has expanded its camp, and another unrelated mining project in Hope Brook.

Other projects on the province’s West coast include Red Moon Resources on the Port aux Port Peninsula. That company is in the early stages of production on an open-pit gypsum mine, and the company is also exploring salt deposits in the area.

Parsons, who late last month took part in a call with investors from Australia, said that the interest in mining in Newfoundland and Labrador globally is at its peak.

“They brought together these investors and we got to speak to them specifically about Newfoundland and Labrador, and what we have to offer here,” shared Parsons. “It’s just wild, what’s going on, the investment in the industry. The investment in the province is just huge and this is just in the early stages. Hopefully in the very near future we’re going to see certain mines take off and move into construction and production.”

“It becomes literally a gold rush.”

Parsons said that because of the province’s geography and weather, prospectors consider Newfoundland and Labrador to be one of the most unexplored areas in the world for mineral resource prospecting.

“It’s not like we’re 12 months of great prospecting weather, so the fact is our windows haven’t allowed us to be fully explored. I mean we’re red hot now and its only going to create more interest, more people, more prospecting, more investment. It’s impossible to quantify how robust the interest is in us, and the amount of money that’s going to come into this province? It’s exciting.”

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