January 18, 2021

Overview of NWT Mineral Exploration Released

As delegates gather virtually for this year’s Association of Mineral Exploration (AME) Roundup, the Northwest Territories Geological Survey (NTGS) has released its 2020 NWT Mineral Exploration Overview.

It summarizes mineral exploration activities in our territory last year.

Northwest Territories Mineral Exploration Overview Updated November 2020

100 new claims were staked in 2020 with a total area of 75,440.50 hectares. New claims were staked near Walmsley Lake, Margaret Lake, Gordon Lake, and Point Lake.  There are currently 21 active prospecting permits in the NWT. Thanks, in part, to COVID-19 relief measures offered by the GNWT’s Mining Recorder’s Office, no claims lapsed in 2020.

Summary presentation: Barrett Elliott, NTGS:

2020 NWT Mineral Exploration Overview from GNWT ITI on Vimeo.

Highlights from the 2020 Mineral Exploration Overview:

• Nighthawk Gold Corp. expanded the known areas of mineralization on their Indin Lake Gold Property with large drill programs on the Colomac, Leta Arm and Treasure Island deposits.
• Gold Terra Resource Corp. aggressively explored their Yellowknife City Gold Project with large drill programs on the Crestaurum and Sam Otto deposits, and initiated drilling on South Belt targets.
• Osisko Metals Inc. released a new NI43-101 technical report.  The technical report details a Net Present Value (at 8% discount rate) of the deposit of $500 million with an Internal Rate of return of 29.6% and a 2.9 year payback period.
• Vital Metals Ltd. released a JORC 2012 compliant resource estimate for the Nechalacho Rare Earth project. Vital is targeting production from the upper zone resource by mid-2021.

The NTGS will update the Exploration Overview to include year end activities prior to the Prospector and Developers Association of Canada Meeting in March.