N.W.T. sees 46% rise in exploration spending, thanks to four key projects

Peter Kennedy Peter Kennedy, Stockhouse
4 Comments| December 16, 2013


A sharp increase in exploration spending in the Northwest Territories is being driven by progress at some of the region's advanced mineral projects, a senior mining official said Monday.

News of the increase coincides with reports on Monday that the N.W.T. is gearing up for a major expansion of its electrical power grid, a move that will give a boost to the mining sector, including projects that are currently powered by diesel generators.
 
Natural Resources Canada says mining companies have spent almost $159 million in the Northwest Territories this year, marking an increase of 46% in 2012.
 
"I think its a very positve sign,'' said Tom Hoefer, executive director of the NWT/Nunavut Chamber of Mines.

In an interview with Stockhouse, Hoefer said environmental assessments and/or regulatory approvals at four key projects are responsible for much of the spending increase. They include:
 
Avalon Rare Metals Inc.’s (TSX: T.AVL, Stock Forum) Nechalacho rare earth metals project southeast of Yellowknife.
 
De Beers Canada Inc. and Mountain Province Diamond Inc.’s  (TSX: T.MPV, Stock Forum) Gahcho Kue diamond project located 180 kilometres northeast of Yellowknife.
 
Canadian Zinc Corp.'s (TSX: T.CZN, Stock Forum) Prairie Creek lead-zinc-silver project, 120 kilometres west of Fort Simpson. Efforts to develop the property in the early 1980s were hampered by the collapse of the silver price.
 
Fortune Minerals Ltd.’s (TSX: T.FT, Stock Forum) Nico cobalt-gold-bismuth-copper project 50 kilometres east of Wha-Ti.
 
In early December, De Beers and Mountain Province said a key land use permit has been approved for the Gahcho Kue mine, a move that allows the project to position itself for the start of full production pending the receipt of a full land use permit and water license in 2012.
 
Gahcho Kue is expected to employ 700 people during a 2-year construction phase and close to 400 while in operation.
 
Looking ahead, Hoefer said the mining industry is looking forward to the implementation of Bill C-15, legislation that will result in regulatory changes that will transfer responsibility for non-renewable resources from the Federal Government to the NWT Government.

Territorial officials are also hoping that the recent announcment of the N.W.T's first ever minerals development strategy will help to improve the local investment climate. The strategy focuses on five key areas including:

Creating a competitive edge.
Establishing a new regulatory environment for the N.W.T.
Enhancing aboriginal engagement and capacity.
Promoting sustainability.
Enriching workforce development and public awareness.

CBC reported Monday that the N.W.T. government has unveiled a 3-year energy plan that includes spending $3 million to link the Whati to the Snare hydro systems. The territorial government is currently seeking an increase in its federal borrowing limit to speed up expansion of its hydro system.


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raccoon2
THANKS it is CANADIAN ZINC CZN.TO or CZICF US OTC about 40 cents a share target price 75 cents to $1.30 next year
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December 16, 2013
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raccoon2
actually ....1980s were hampered by the collapse of the silver price. (not zinc ) MIne was owned by the Texas Hunt Bros. at the time when they tried to corner silver market Read more at http://www.stockhouse.com/news/natural-resources/2013/12/16/n-w-t-sees-46-rise-exploration-spending-thanks-to-four-key-projects#YuRB08lIHfYE1CcH.99
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December 16, 2013
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bluemoon63
In 1980, an independent feasibility study was completed by Kilborn Engineering (BC) Ltd. Financing negotiations were completed with Procan Exploration Company Ltd., a private company owned by Nelson Bunker Hunt and William Hunt of Texas. In 1980, Cadillac acquired the 1,200 ton per day Churchill Copper concentrator which was dismantled and transported on the winter road to Prairie Creek. Hunt Brothers By May 1982, the surface facilities were 90%-95% completed, and mine preparation work ...
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December 16, 2013
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inshula
hate to burst your bubble but CZX is not the prarie creek that would be CZN
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December 16, 2013
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