Canada launches major research initiative to improve mining success

Canada's federal government announced Wednesday a new research collaboration with 24 mining companies and 17 universities across the country to increase mining and mineral exploration success.

The five-year, $5.1 million grant is the largest award of its kind ever made by the Natural Sciences and Engineering Research Council of Canada.

Led by Ontario's Laurentian University, University of Ottawa and Barrick Gold Corp. (TSE, NYSE: ABX), the "Footprints" project focuses on research and development for tools to find deeply buried or remote ore deposits by following the ore trace elements, a.k.a. footprints.

The mining firms have pledged $2.8 million in cash and $3.9 miilion in kind towards the project through the Canada Mining Innovation Council.

Image: farbled /