Mineral exploration spending drops in both territories

By Derek Neary Northern News Services

Spending intentions for mineral exploration in the Northwest Territories registered at $74.8 million for 2023, down six per cent from $79.6 million in 2022.

Junior companies are positioned to vastly outspend their senior counterparts in the NWT in 2023: $63.6 million compared to $11.2 million.

Precious metals are the most sought-after commodity in the NWT at $30.4 million. Diamonds rank second at $22.1 million. Base metals are third at $21.4 million.

In the Northwest Territories, 177 mineral claims were recorded or were pending in 2022 while eight claims were cancelled.

Ninety-nine leases were allowed to lapse, overshadowing the 83 new leases that were registered.

In Nunavut, companies reported that they were prepared to put up $171.7 million for exploration and the appraisal of deposits. That’s a 27.6 per cent reduction from $237.2 million the year before.

The opposite effect from the NWT is occurring in Nunavut with senior companies leading the way at $119.3 million compared to $52.3 million among juniors.

Precious metals, primarily gold, is what spurs most exploration in Nunavut at $198.8 million. Base metals amount to $21.8 million. The search for uranium, iron and diamonds each attract less than $10 million in investment.

In addition to the $1.5 million devoted to the Mining Incentive Program in 2023-24, the GNWT provides $100,000 in funding to the Indigenous Mineral Development Support Program, $80,000 for NWT prospector training and the NWT Chamber of Mines gets $55,000 toward its operations.

In Nunavut, as of November 2022, 80 mineral claims covering 82,857 hectares were issued. Overall, a total of 2,507 mineral claims were on the books, up from 2,373 in 2021.

There were 88 prospecting permits granted in 2022 compared to 112 in 2021.

And the 568 leases that existed in 2022 were equivalent to the number registered in 2021.

The Government of Nunavut has earmarked $1.9 million for the Mineral Exploration Support Program in 2023-24, on par with the amount that provided the previous year. The Nunavut Mine Training Program carries on with $200,000 in territorial funding. In addition, the Nunavut Prospectors Program will again receive $150,000 for this fiscal year. The Nunavut Geoscience Program remains funded at $450,000.

THIS IS HOW THE $1.3 MILLION THROUGH THE MINING INCENTIVE PROGRAM WAS DISBURSED AMONG CORPORATE AND INDIVIDUAL PROSPECTOR APPLICANTS IN 2022-23:

Arctic Star Exploration (diamonds, North Slave) — $168,000

Fireweed Zinc (zinc, Gwich’in-Sahtu) — $132,000

Gold Terra (gold, North Slave, Campbell Shear) — $132,000

Gold Terra (gold, North Slave, Nib North) — $60,642

Golden Planet (gold, North Slave) — $129,344

Kennady Diamonds (diamonds, North Slave) — $136,800

NICAN Resources (nickel, South Slave) — $67,879

Nighthawk Gold (gold, North Slave) — $124,800

Redbed Resources (copper, Dehcho) — $136,800

StrategX Elements (cobalt, North Slave) — $120,000

Voyageur Exploration (rare earth elements, North Slave) — $22,349

Danny Yakeleya (gold, Sahtu) — $17,500

Dave Nickerson (uranium, North Slave) — $6,840

Dave Webb (gold, North Slave) — $11,690

Jared Suchan (diamonds, North Slave) — $20,000

Ryan Bachynski (rare earth elements, North Slave) — $15,784