Mining News: Northern Neighbors: Nunavut alliance detects gold, copper targets

Transition Metals Corp. and Nunavut Resources Corp. Oct. 8 reported that new airborne geophysical data and compilation work has highlighted several high potential gold and base metal target areas within the north portion of Inuit-owned land parcel IOL CO-20, otherwise known as the North property. IOL CO-20 is located along the Izok Corridor, an infrastructure initiative proposed by MMG Ltd. consisting of a 325-kilometer (200 miles) road to a port facility on the shore of the Coronation Gulf. Transition Metals and Nunavut Resources are carrying out this work under a five-year strategic alliance reached in 2012 to conduct project generation and exploration work in the Kitikmeot region of Nunavut. Transition President and CEO Scott McLean said, “At a time when exploration activity in the North is at a low, the alliance is positioning itself for success by adding value to its projects with excellent support from the Kitikmeot Inuit Association.” In 2014, the alliance entered into an agreement with Nunavut Tunngavik Inc. to explore the North and South properties, two areas within IOL CO-20 covering prominent gold and base metal showings. Following the agreement, the alliance compiled and digitized the historical exploration data and completed a 275 line-kilometer airborne electromagnetic and magnetic surveys over the Fire-Shear area of the North property. This work has identified a number of priority drill targets with similar magnetic and EM signatures to significant historical intersections of gold mineralization, including 26.75 grams per metric ton gold over 5.3 meters in a Fire Zone hole BHP Minerals in 1994. A cluster of conductive anomalies occurring in stratigraphy considered prospective for hosting volcanogenic massive sulphide deposits were also identified, including a new conductive target near the No Lake Gossan where historical grab samples have returned up to 2.19 percent copper. Nunavut Resources President and Chairman Charlie Evalik said, “We continue to be pleased with the good work that the alliance is executing for the benefit of Inuit. We are also extremely appreciative of the ongoing support provided by our shareholder, the Kitikmeot Inuit Association. Their commitment to the vision of NRC as the only active 100 percent Inuit-owned exploration business is exemplary and we are confident that their assistance will be ultimately rewarded.”

- Shane Lasley