It happens after 12 days of searching for the 19-year-old British citizen, during which time authorities on the Spanish island canceled the land hunt on June 30.
After beginning the approximately 11-hour trek back to his lodging, he was last heard from on June 17.
His mother provided an update on the intended use of the funds in a message posted on the crowdfunding page created to aid in the search for Mr. Slater, which has received close to £50,000 in donations.
The police land search “included every resource they had available,” according to Debbie Duncan, but the authorities will “continue with their investigations into why Jay had it.
The hunt covered a steep rocky terrain with ravines, trails, and walkways in the northern village of Masca, close to his last known location.
Search dogs, drones, and helicopters were sent out to locate the apprentice bricklayer from Oswaldtwistle, Lancashire, but they were unable to locate him.
On the GoFundMe page, Ms. Duncan expressed gratitude to the supporters and Spanish authorities, adding that a portion of the money would be utilized to support volunteers searching for Mr. Slater in the highlands around the location of his final phone contact.
She wrote: “We are taking care of Paul Arnett right now. We’re packing up whatever supplies and necessities he might need and we’re heading up to do a drop for him. We are also providing lodging and other necessities to Callum Fahim and his group.”