YELLOWKNIFE (June 5, 2018) - In recognition of Mining week in the NWT, Minister of Industry, Tourism and Investment Wally Schumann is issuing the following statement on the NWT Mining Sector:
“I’m pleased to see many indications that the future is bright for this ever-important sector.
“Grassroots exploration is rising and there is a renewed interest in securing mineral claims and prospecting permits. In 2017, the number of staked claims nearly tripled 2016 levels. The trend is continuing in 2018 and includes companies new to our North.
“While more exploration is needed, we are learning more about our NWT geology, including the world class diamond potential of the Dehcho that is worth exploring. Meanwhile, we are seeing a return of major players to staking and exploration in the Slave Geological Province.
“Several projects, which could change the face of our economy, are moving closer to production. New ownership from Osisko Metals has renewed the Pine Point project with the means and experience to bring it on stream. Under new ownership and investment, Canadian Zinc’s Prairie Creek Mine has updated its feasibility and is targeting production in 2020.
“Fortune Minerals’ NICO mine is poised to produce by 2022 with some of the world’s largest cobalt and bismuth reserves. There is promising early exploration like Far Resources’ lithium play near Hidden Lake; and Avalon Advanced Materials has announced that it will re-activate its Nechalacho Rare Earth Elements Project at Thor Lake to meet future forecasted demand.
“Both TerraX Minerals and Nighthawk Gold have announced positive exploration results from their greenstone belt gold properties, and are taking steps to further define their projects with active drilling programs.
“And, despite news of difficult business decisions, Washington Companies’ acquisition of Dominion Diamonds and Mountain Province’s acquisition of Kennady Diamonds are a testament that the potential in our diamond sector remains strong; and NWT mines continue to assess and plan expansion projects that will expand our industry for another generation.
“For these reasons and others, optimism is warranted for our mining sector and the broader economy it drives. Just as our resilient territory has done before, we will work in partnership with indigenous partners and industry stakeholders to capitalize on the opportunities before us to unlock the potential of our future.”