Pilot Diamond Tools obtains funding for new diamond drill bit
Pilot Diamond Tools Ltd., a North Bay manufacturer of diamond drilling tools for the mining and construction industries, has been awarded a repayable contribution of $140,000 to implement new, innovative manufacturing and engineering processes and to expand its operations.
The funding will be used for pre-commercial work in the design, construction and field-testing of a new diamond drill bit that will complement the company’s existing line of exploration drilling tools.
FedNor, the Canadian government agency responsible for economic development in Northern Ontario, offered the assistance through its Northern Ontario Development Program, which has provided $315 million in support of more than 1,500 projects since 2006.
Pilot Diamond Tools employs a workforce of 35 people and manufactures reaming shells, drill bits, grinding pins, casing shoes and locking couplings.
“The support received from FedNor and the Government of Canada has been instrumental in our efforts to expand our operations, create jobs and capitalize on emerging opportunities,” said Pilot Diamond Tools president Steve Perrin.