Lakelse Lake area has potential as heat source
A geothermal exploration project underway for nearly a decade at Lakelse Lake has received an interest-free federal loan of more than $3.6 million.
Alison Thompson from Borealis GeoPower said the loan from a federal agency called the Pacific Economic Development Agency of Canada will be used to pay for drilling expenses and work required in asking the B.C. Energy Regulator for the drilling permits. Information sessions held earlier this month indicated KGI was doing environmental assessments and planning on how to minimize disturbances from drilling and on soil composition to determine drilling viability. The company is also outlining reclamation work once drilling is finished.
“Our project remains focused on supplying heat to industrial users in the Terrace region,” said Thompson. Information from the agency indicated the loan will be forwarded to reimburse costs as KGI reaches specific project targets.
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