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
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Nunavut Resources Corp.
HTX Minerals Corp.
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