The following statement was given today in the House of Assembly by the Honourable Siobhan Coady, Minister of Natural Resources:
Mr. Speaker, I rise in this Honourable House to highlight the field work being undertaken by the Geological Survey this summer.
In total, researchers will conduct nine field projects; two in Labrador and seven on the island portion of the province. Field programs will focus on bedrock and surficial geology mapping, and mineral deposits studies of base and precious metals and industrial minerals.
Budget 2018 invests $4.5 million in the Geological Survey which regularly releases research on the geology and mineral resources of the province used by prospectors, junior mining companies and investors for exploration activity.
The province’s Geological Survey is the foundation for mineral exploration and mining development in Newfoundland and Labrador and helps strengthen the province’s economic foundation as committed to in The Way Forward.
Information from the Geological Survey tends to provide a catalyst for claim staking with nearly 40,000 claims staked in 2016 and 2017. This is approximately the total number for the previous four-year period combined. Staked claims generally coincide geographically with public data released by the Geological Survey.
Mr. Speaker, field work, and the subsequent analysis and interpretation of results that occurs over the fall and winter, leads to the development of new publications which contribute to our geoscience knowledgebase. Geological data encourages investment by reducing the risk for private sector initiatives. Mineral exploration, with the potential for discovery and mine development, is a significant economic driver, especially in rural parts of the province.
We wish our researchers from the Geological Survey much success in their field work this summer and we look forward to seeing the results of their efforts.
Thank you.