A mineral exploration company with roots in Yellowknife is buying up prospective northern gold deposits with the hope a recent run up of the price of precious metals continues into a longer term trend.
Mike Power, president and CEO of Silver Ranger Resources, said the company has shifted focus from developing silver properties in Yukon to generating gold projects in Northwest Territories and Nunavut.
The winds of change are blowing for Inuvik's energy sector. GNWT representatives told town council July 11 that the territorial government is exploring the feasibility of adding a wind turbine to the community's energy infrastructure.
"The technology for coldweather wind turbines is much better than it was 10 years ago" said Wade Carpenter, alternative energy specialist with the Department of Public Works and Services, adding the project is still in the exploratory stage.
“We all have to do our part to fight climate change and our mines are already doing their part, as evidenced by their clever use of diesel and wind energy,” Chamber President Gary Vivian says
The Government of the Northwest Territories (GNWT) received confirmation of its Aa1 credit rating with a stable outlook from Moody’s Investor Services. With this latest confirmation, the GNWT has maintained this rating for a decade. The Aa1 rating is the second-highest rating available from Moody’s, who evaluated the credit strengths and challenges of the territory.
Catherine McKenna, the federal minister for Parks Canada, announced about $21.6 million in funding to chip seal the remaining 64 kilometres of gravel road leading to Wood Buffalo National Park.
"The new surface will make the park more accessible and improve the level of service along this essential regional transportation corridor," McKenna said.
Canada remains in third place by value of production amongst all domand producers in the world, but dropped from fourth to fith place in total carat production.
This is a testament to the Northwest Territories prominence in the world given that Natural Resources Canada indicate that approximately 81% of Canada's diamond production by value and 95% by carats came from the Northwest Territories in 2015 (remainder is from Ontario)
TerraX Minerals has raised $7 million to fund what it calls "an aggressive drilling program" just outside of Yellowknife this winter.
The Vancouver-based mining company raised the money through the private sale of 17,500,000 shares.
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Nine bridges and three community access roads in N.W.T. will be upgraded in $80.9 million worth of transportation infrastructure projects announced Thursday.
The federal government will provide $60,675,000 through the Small Communities Fund and the Northwest Territories will contribute the remaining $20,225,000 to fund the N.W.T. Highway improvement Initiative.
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The NWT Chamber of Commerce reports on the economic overview of the NWT.
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Sabina Gold and Silver have released a report about its feasibility study of its Back River Gold Project, projecting a mine-life of 10 years and production estimated at 350,000 ounces of gold per year.
Karen K. Ho
Northern News Services
Friday, May 29, 2015