Increased Exploration Expenditure: The British Columbia mineral and coal exploration sector, which includes Vancouver Island, has experienced a surge in exploration spending. According to a report released at the Prospectors & Developers Association of Canada (PDAC) Convention, exploration spending across the province reached $740 million, surpassing the previous 10-year high of $681 million seen in 2012. This increase in exploration spending, despite a decrease in the number of projects and total metres drilled, indicates a shift toward more early-stage activities​​.

Diverse Mineral Production: Vancouver Island’s mining sector is involved in the extraction of various minerals, including zinc, copper, gold, and silver. Additionally, the sector includes the extraction of other products like limestone from quarries and gravel pits. While mining represents a smaller sector in terms of employment on the island, it plays a valuable role in the communities where it exists, primarily due to higher-than-average wages​​.

Significant Projects and Developments: One of the notable projects on Vancouver Island is the North Island copper and gold project, developed by NorthIsle Copper and Gold. This project, with an estimated mine life of 22 years, is expected to produce significant amounts of copper, gold, and molybdenum. The project encompasses a combination of mixed legacy and cell mineral claims and includes two main deposits, Hushamu and Red Dog, along with five partially explored copper-gold porphyry deposits​​.

Focus on Critical Minerals: The region is also seeing a focus on rare earth and critical metals. For instance, Coast Copper Corp. has been collaborating with the government and academia, focusing on the rare earth and critical metals potential at their property. The company’s exploration work indicates the potential for larger systems than previously thought, suggesting under-explored zones rich in gold and other metals​​.