CAMBRIDGE BAY, NU and SUDBURY, ON, Sept. 26, 2012 /CNW/ - Nunavut
Resources Corporation (NRC) is pleased to announce that it has received
a commitment for $1 million in funding from the Kitikmeot Inuit
Association (KIA) and that along with partner HTX Minerals Corporation
(HTX) it has commenced mineral exploration activity.
The investment, which will be administered by NRC Exploration Ltd.
(NRC-X), the exploration arm of NRC, will be primarily used for
2012/2013 mineral project generation and exploration in the 447,000 km2 Kitikmeot Region (KI) of the Territory of Nunavut. It comes as a result
of a strategic alliance NRC signed in March 2012 with HTX, a team of
exploration geologists with a +20 year track record of discovery
successes, to generate projects in the KI. As part of this agreement,
which was the first of its kind to be signed by the NRC and has an
initial term of five years, NRC will seek to raise a minimum of $18
million for exploration within the region.
"The seed funding from KIA demonstrates Inuit commitment to taking a
leadership role in resource development," said Charlie Evalik, Chairman of the NRC and incumbent President of the
Kitikmeot Inuit Association. "This investment allows us to begin generating exploration projects that
will also help further demonstrate the immense potential of the region
and our alliance strategy. Our alliance with HTX Minerals, and the
investment in it, will help accelerate the discovery of economic ore
deposits and could lead to employment and business opportunities, much
greater investments in infrastructure, and training."
The 1993 Nunavut Land Claims Agreement between the Inuit of Nunavut and
the Government of Canada settled all claims to land within Canada's
eastern Arctic, an area comprising one-fifth of Canada. It granted
Inuit title to 19% of the land in Nunavut, including the granting of
mineral rights to 2% of Nunavut. Highlighting their prospectivity is
the fact that 55% of the 1,100 known mineral occurrences in the
Kitikmeot Region are situated on IOLs, which account for just 2% of the
land area of the region.
"Much of the exploration focus of the alliance will be on unstaked
portions of the 11,509 km2 of Inuit Owned Land (IOL) for which Inuit maintain both surface and
mineral rights," noted Scott McLean, CEO of HTX Minerals. "We have begun conducting reconnaissance prospecting and sampling in the
KI, and are closely evaluating a number of projects encompassing base
and precious metals, and diamonds."
Because it is focused on project generation, the alliance will actively
seek funding partnerships with other exploration and mining companies
to help advance the projects it develops.
About the Nunavut Resources Corporation
Nunavut Resources Corporation is an Inuit-owned corporation that was
founded in 2010 by the Kitikmeot Inuit Association to diversify and
develop the economy of Nunavut by attracting investment capital to the
region. It is responsible for entering into economic partnerships with
resource companies in the Kitikmeot Region related to exploration and
infrastructure development with the business objective of generating
wealth in the north to stay in the north for the benefit of Inuit.
About HTX Minerals Corp.
HTX is a privately held Canadian exploration company that specializes in
the discovery of new mineral deposits using a project-generator
business model. This approach provides investors with the greatest
growth potential and minimizes shareholder dilution through
joint-venture funding partnerships and revenue generating
opportunities. The company was selected as the partner of choice by the
Nunavut Resources Corporation to generate projects in the 450,000 km2 Kitikmeot Region of the Territory of Nunavut. As well, HTX has a
three-year $4.1 million strategic alliance with Implats, the world's
second largest producer of platinum group metals, targeting the
Mid-Continent Rift region, north of Lake Superior. The company's
founders have a +20 year track record of success, having discovered
over 50 Mt of ore with an in-situ value of almost $40 billion. HTX
leverages this deep expertise with a proven methodology that combines
custom-built digital compilations, advanced 3D geoscience modeling and
interpretive techniques, and rigorous fieldwork to systematically
identify economically attractive targets, including many that would
otherwise go undiscovered.
SOURCE: Nunavut Resources Corporation
For further information:
Nunavut Resources Corp.
HTX Minerals Corp.
Communications & Marketing Officer