Photo by: Bloomberg
TORONTO (miningweekly.com) – Canadian project generator Transition Metals on Wednesday announced that 433 km2 of high potential gold and base metal exploration properties had been acquired in Nunavut through its strategic alliance partnership with Nunavut Resources Corporation (NRC).
The TSX-listed project generator, through its subsidiary HTX Minerals, was in March 2012 enlisted to help the Inuit-owned NRC to find mineral projects over vast swathes of prospective land, with the aim of developing the deposits to the benefit of the local inhabitants.
Transition said the alliance had acquired properties along what had been termed the Izok-Grays Bay road infrastructure development corridor after signing a mineral exploration agreement with Nunavut Tunngavik, which managed the subsurface mining rights on Inuit-owned lands in Nunavut on behalf and for the benefit of all Inuit.
“We are pleased to have assembled such high-potential exploration properties in Nunavut. Our objective has been to acquire the best exploration opportunities along the proposed Izok Lake – Grays Bay development corridor and make discoveries that can contribute to and benefit from economic advantages that would come from any road development into the area.
“We look forward to advancing these projects together with our partner NRC and to attracting new investment to the region for the benefit of shareholders, Inuit and the people of Nunavut,” Transition president and CEO Scott McLean said.
Since 2012, the alliance had assembled a 1 248 km2 portfolio of gold, base metal and diamond properties in Nunavut and the Northwest, and had completed about $1.8-million of exploration work.