The Government of Canada announced earlier Monday their plans to spend $2.7 million on the all-season road to a region of the NWT towards Nunavut which is believed to have untapped mineral potential.
The money will go to the Slave Geological Province Corridor project which will serve as an important transportation, hydro, and communications road that ultimately connects the region to a deep-water port in Nunavut.
An all-weather road would also adapt to the increasing challenges of climate change by replacing winter roads with more reliable access which would reduce operating costs for existing mines, and facilitate resource exploration and development activities. The road would also support a green economy by enabling development of the Taltson Hydro Expansion and Transmission Line project.
The Slave Geological Province, which covers an area to the north and east of Yellowknife is where the territory’s three operating diamond mines are located.
The GoC announced they will also be funding $2.4 million to be used on aerial geophysical surveys of the region. The surveys will lead to the development of mapping products used by mineral exploration companies to target their activity.
Federal minister Navdeep Bains notes that knowing where mineral deposits exist and being able to access them is the first step in attracting investment and growing the resource development sector.
“We know that similar projects in NWT in the past have led to significant economic development activity. These projects are building on that success. The GoC is committed to the creation of more good jobs, more economic growth and long-term sustainable development in the North.”
Wally Schumann, NWT Minister of Infrastructure, Minister of Industry, Tourism and Investment states that this investment will increase access to the world-class mineral deposits located in the region and lower the cost of mineral exploration and development.
“It also supports our efforts to advance our understanding of the full potential of this resource-rich region and provide publicly available data that will stimulate development and provide economic opportunities to residents and businesses of the NWT.
CanNor is investing $2,712,000 in the development of the SGP Access Corridor with a further $678,000 investment from the GNWT Department of Infrastructure.
CanNor is also investing $2,400,000 on the aerial geophysical surveys with a further $280,000 investment from the GNWT Department of Industry, Tourism and Investment and $749,000 from industry partners.