North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Nunavut's landmass, including the internal waters and offshore lands as legislated by the Nunavut Act, occupies about the size of Greenland or Saudi Arabia. As a proportion of Canada it accounts for roughly one-fifth of the land mass and the territory could contain an equal share of its natural resources.

At least half of Nunavut is not properly mapped at a detailed scale in comparison to the rest of the country. However, the federal and territorial government is investing in geological mapping. This allows Nunavut to compete with other jurisdictions, both within Canada and globally, for investment money. The Government of Nunavut remains strongly committed to public geoscience as a means of encouraging new exploration opportunities. The GN works through the Canada-Nunavut Geoscience Office to deliver and carry out geoscience research in the territory.

Nunavut is geologically diverse and the resources are as varied and significant as the vastness of the land. All commodities are being explored for, including gold, zinc, copper, iron, uranium, diamonds and coal. Nunavut has one settled land claim in which Inuit beneficiaries are the major recipients of any resource development. Although streamlining of the regulatory processes is ongoing, the processes are well-defined.

The GN developed "Parnautit: The Nunavut Mineral Exploration and Mining Strategy" in 2007. The goal of Parnautit is: "To create the conditions for a strong and sustainable minerals industry that contributes to a high and sustainable quality of life for all Nunavummiut." In 2013, with the election of a new premier and government, "Sivumut Abluqta: Stepping Forward Together 2014-2018" was released. Education and training, healthy families and strong communities, economic growth through responsible development, and good government through wise use of Nunavut's resources are all considered priorities for Nunavut and the GN.

Nunavut now has two operating mines, the Meadowbank gold mine north of Baker Lake and the Mary River iron mine southwest of Pond Inlet. One project is at the development stage, three projects are at the environmental assessment stage and active exploration continues across Nunavut.

Some highlights include:

(1) The Doris North gold mine. This project is at the development and construction stage and could be operational by 2016;

(2) The Meliadine gold project in central Nunavut;

(3) The Back River gold project in western Nunavut;

(4) The Hope Bay gold project in western Nunavut; and,

(5) The advanced diamond exploration project, Chidliak, which is returning encouraging results.

Canada is consistently ranked among the most attractive regions in the world for mining investment, and Nunavut has attracted the attention of major global producers.

Natural Resources Canada determined that roughly C$145 million was spent on exploring for minerals in Nunavut in 2014.

Although exploration efforts have experienced a decline, this is a global trend, particularly as the junior mining sector companies reduce or discontinue their exploration programs.

Nevertheless, the mining sector in Nunavut is still robust and with several potential mine openings in the territory within the next decade, we can look forward to a future of increased mineral production and economic growth in this sector.

Also on the horizon, the potential for petroleum prospects within Nunavut is high. Nunavut contains significant sedimentary basins, both onshore and offshore, with similar geology to the oil-producing basins of the rest of Canada and other areas of the world. Petroleum exploration and development could occur in the next decade under positive conditions of public understanding and benefits that can be derived from such development.

With its vast amount of resources, Nunavut will continue to be one of the leaders in mineral exploration and mining expenditures. The future of the territory's resource development industry is as bright as the midnight sun.