2023 November

*This Exploration Overview Update summarises the main exploration projects active in the Northwest Territories during the 2024 calendar year. Please note that projects without a field competent in this time frame may not have been included, and some smaller projects with limited activity were omitted due to time constraints. This update was prepared and presented at the 2024 Yellowknife Geoscience Forum in late November 2024 and will not contain information released afterwards. A full summary of the Northwest Territories' exploration activities is compiled annually in the annular Northwest Territories Mineral Exploration Overview published by the Northwest Territories Geological Survey in May.

2024 Yellowknife Geoscience Forum

Exploration Overview Update Presentation

This update covers April to October 2024; not all companies operating in the Northwest Territories (NWT) have reported on their activities. Diamond mines in the NWT continued to bring new deposits into production while work continued to develop new mine plans at the Ekati and Gacho Kué mines. Critical minerals exploration continued at reduced rates from the previous year. Natural Resources Canada reported preliminary exploration and deposit appraisal spending intentions of $147 million for the NWT in 2024, 3.5 % of the Canadian total.

Mining: Diavik Diamond Mine recently announced the commencement of commercial production at A21 underground allowing operations to continue at current levels until Diavik’s projected closure in 2026. Mountain Province Diamonds filed an updated Ni 43-101 Technical Report for the Gacho Kué Mine, which extends mine production into 2031. Ekati Diamond Mine anticipates commercial production at the Point Lake open pit and the release of an updated mine plan in early 2025. 60 North Gold announced the commencement of mining operations at the Mon Gold Mine.

Critical Minerals: Osisko Metals filed a new Mineral Resource Estimate (MRE) for their Pine Point Project, which will form the basis of an upcoming feasibility study, and drilling was carried out on exploration targets. Vital Metals filed an updated MRE for the Tardiff Upper Zone at Nechalacho, with an additional MRE update planned later in 2024, including post-2022 drill results. Fortune Minerals was awarded $6.4 million (USD) from the United States Department of Defense, and the Government of Canada has agreed to provide up to $7.5 million (CAD) towards developing their Nico Project.

Lithium: LIFT filed an initial MRE for their Yellowknife Lithium Project based on 286 drill holes representing 49 548 m of drilling. Midas Minerals completed mapping and sampling at the Aylmer Project, identifying seventeen new spodumene-bearing pegmatite outcrops. Narryer Metals completed sampling and mapping programs on their recently acquired (70 %) Big Hill and Fran properties. Exploration at Trinex’s Halo-Yuri Project discovered new areas with spodumene-bearing pegmatite mineralization.

Gold: Gold Terra’s activities on their City Gold Project were focused on the Campbell Shear and the Con Mine Option Property. STLLR Gold continued drilling on their Colomac Gold Project, focused on the southern end of Colomac Main. Seabridge Gold filed an NI-43-101 Technical Report for their Courageous Lake project, including an updated Preliminary Feasibility Study and a new Preliminary Economic Assessment. Golden Pursuit conducted detailed structural geologic mapping, rock sampling, ground geophysics and photogrammetry surveys at their Gordon Lake Project. Rackla Metals drilled targets on the Astro Plutonic Complex, staked the Grad Property and completed soil sampling, rock sampling and photogrammetry surveys at their Flat and Black properties.

Diamond Exploration: Olivut Resources collected beach sands for caustic fusion analysis to determine potential diamond recovery on their Seahorse Project (JV withTalmora Diamonds).

Mining Incentive Program: The GNWT’s Mining Incentive Program allocated $1.5 million in project funding in 2024/25 to eleven corporate exploration projects and four prospector-driven exploration projects.

2024_Exploration_Overview_NWT_Presentation.pdf