Canada’s North, encompassing the vast and remote territories of Yukon, Northwest Territories (NWT), and Nunavut, holds a treasure trove of minerals critical to the global economy and the green energy transition.
This region, comparable in size to Europe, is rich in precious metals, diamonds, base metals, and rare earth elements (REEs), presenting enormous potential for future mining projects.
However, the exploration and mining of these resources come with unique challenges and considerations, including environmental impacts, the cost of operations in remote areas, and the involvement of Indigenous communities.
The PDAC conference plays an important role in bringing these opportunities and concerns to the forefront.
The Promise of the North and Critical Minerals Potential
The global demand for critical minerals, such as cobalt, lithium, nickel, and REEs, is surging due to the transition to a low-carbon economy and uses in modern technologies, including electric vehicles and renewable energy systems.
The Canadian North is underexplored yet known for significant deposits of critical minerals, positioning the region as a key player in the global supply chain.
The federal government’s critical minerals strategy, offering tax breaks, funding incentives, and streamlined environmental reviews, aims to unlock this potential.
However, the competition with larger and less regulated reserves in other parts of the world, and the environmental sensitivities of mining in the North, necessitate a balanced and strategic approach to development.
Environmental and Social Governance (ESG) in the North
Mining in the North is deeply intertwined with ESG principles, reflecting decades of experience in balancing development with environmental stewardship and social responsibility.
Indigenous communities play a crucial role in the mining sector in the North, offering unique insights into sustainable land use and environmental protection. Indigenous and non-Indigenous partnerships have been at the forefront of mining projects, showcasing a model for sustainable development.
These principles are discussed and promoted at the PDAC conference in its Sustainability Program.
Challenges of Mining in Remote Areas
The remoteness of Canada’s North adds logistical and financial challenges to mining operations. The cost of building and maintaining infrastructure, such as roads and power supplies, in these areas is high. Moreover, the environmental impact of such development, including the risk of permafrost thaw and habitat disruption, requires careful management and mitigation strategies.
Governments, companies, and stakeholders at the PDAC conference address these challenges, sharing innovations and strategies that have been successful.
Future Directions
As the world moves towards renewable energy and electric vehicles, the importance of Canada’s North in providing the necessary critical minerals cannot be overstated.
The challenge lies in developing these resources responsibly, ensuring that environmental protection, social equity, and economic viability are at the heart of mining operations.
This requires collaboration between governments, industry, Indigenous communities, and environmental organizations to create a sustainable future for mining in the North.
The Indigenous Program at the PDAC conference focuses on these directions and actionable insights from various sessions during the conference.
Companies at PDAC Operating in Canada’s North
These projects highlight the diverse mineral potential across Canada’s North, from early-stage exploration to operating mines, encompassing a range of critical minerals essential for the global transition to a green economy.
Here are some companies, booth numbers, and project information that will be attending the PDAC this year:
Agnico Eagle Mines (TSX: AEM | NYSE: AEM)
Agnico Eagle Mines is a major player in Nunavut’s mining sector, operating two significant gold mines and conducting extensive exploration activities.
- PDAC Booth Number: 2125
- Website: agnicoeagle.com
- Mine: Meliadine
- Location: Near the western shore of Hudson Bay, approximately 25 km north of Rankin Inlet, Nunavut
- Mineral: Gold
- Stage: Operating mine, with commercial production beginning in 2019 and 2023 production guidance of 365,000 gold ounces.
- Mine: Meadowbank Complex, includes the Meadowbank mine and the Amaruq satellite deposit
- Location: Approximately 300 km west of Hudson Bay and 110 km by road north of Baker Lake, Nunavut
- Mineral: Gold
- Stage: Operating mine, with commercial production starting in 2010 and 2023 production guidance of 420,000 gold ounces. The Amaruq satellite deposit extends the life of the Meadowbank complex by supplying a new source of ore to the existing Meadowbank mill.
- Mine: Hope Bay Gold Mine
- Location: Nunavut, Canada
- Mineral: Gold
- Stage: Was an operating mine with TMAC Resources before the acquisition by Agnico Eagle. Agnico Eagle is evaluating and optimizing the property for future mining activities.
Aston Bay (TSXV: BAY)
- PDAC Booth Number: 2106
- Website: astonbayholdings.com
- Projects: Storm and Seal Projects
- Location: 120 km south of Resolute Bay, Nunavut
- Minerals: Copper, Zinc, Silver
- Stage: Exploration Stage. American West Metals (ASX: AW1) leads the project, having completed its 2023 exploration program and is gearing up for further exploration in summer 2024 as part of its earn-in agreement.
B2Gold (TSX: BTO | NYSEAM: BTG)
- PDAC Booth Numbers: 2731 and 3119B
- Website: www.b2gold.com
- Project: Back River Gold District (Goose Project)
- Location: 364 km southwest of Cambridge Bay, Nunavut
- Mineral: Gold
- Stage: Development Stage. Acquired after buying Sabina Gold & Silver in 2023 and, with initial CAPEX estimated at $800 million, B2Gold expects completion of construction by 2025 and an average annual production of 223,000 gold ounces (Au oz) over a 15-year mine life.
Banyan Gold (TSXV: BYN)
- PDAC Booth Numbers: 2213A and 3106B
- Website: www.banyangold.com
- Projects: AurMac and Hyland Projects
- Location: Yukon, Canada. AurMac is near Mayo and the Victoria Gold‘s Eagle Mine; Hyland is in the southeast Yukon.
- Mineral: Gold
- Stage: Resource Stage but targeting a Preliminary Economic Assessment (PEA) Stage for the AurMac Project in 2025. The AurMac Project has a 2024 NI 43-101 Inferred mineral resource of 347.5 million tonnes (Mt) at 0.63 gram per tonne (g/t) Au for 7.0 million Au oz. The Hyland Project has an NI 43-101 Indicated mineral resource of 8.6 Mt at 0.85 gram per tonne (g/t) gold equivalent (AuEq) for 236,000 AuEq oz with an Inferred mineral resource of 10.8 Mt at 0.83 g/t AuEq for 288,000 AuEq oz.
Canadian North Resources (TSXV: CNRI)
- PDAC Booth Number: 3031
- Website: www.cnresources.com
- Project: Ferguson Lake Project
- Location: 250 km west of Rankin Inlet, Nunavut
- Minerals: Nickel, Copper, Cobalt, and Platinum Group Metals (PGMs)
- Stage: Resource Stage advancing to PEA Stage with an updated resource expected in 2024. The project has a 2022 NI 43-101 Indicated mineral resource of 24.3 Mt at 0.85% copper (Cu) (455 Mlbs), 0.60% nickel (Ni) (321 Mlb), 0.07% cobalt (Co) (37.5 Mlb), at 1.38 g/t) palladium (Pd) (1.08 Moz), and 0.23 g/t platinum (Pt)( 0.18 Moz); and an Inferred mineral resource of 47.2 Mt at 0.91% Cu (947 Mlb), 0.53% Ni (551.5 Mlb), 0.06% Co (62.4 Mlb), 1.4 g/t Pd (2.12 Moz), and 0.25 g/t Pt (0.38 Moz).
Fireweed Metals (TSXV: FWZ)
- PDAC Booth Number: 3112A
- Website: fireweedmetals.com
- Project: Macpass Zinc Project and Mactung Tungsten Project
- Location: Yukon, Canada, near the border with the Northwest Territories
- Minerals: Zinc, Lead, Silver, Tungsten
- Stage: The Macpass Zinc Project has a 2018 PEA with an NI 43-101 Indicated mineral resource of 11.21 Mt at 9.61 zinc equivalent (ZnEq), including 6.59% Zn, with an Inferred mineral resource of 39.47 Mt at 10% ZnEq, including 5.84% Zn. The Mactung Tungsten Project has a 2023 NI 43-101 Indicated mineral resource of 41.5 Mt at 0.73% tungsten oxide (WO3) and an Inferred mineral resource of 12.3 Mt at 0.59% WO3.
Forum Energy Metals (TSXV: FMC)
- PDAC Booth Number: 2825
- Website: forumenergymetals.com
- Project: North Thelon Project
- Location: 50 km west of Baker Lake, Nunavut
- Mineral: Uranium
- Stage: Exploration Stage. The 2023 summer drill program revealed uranium mineralization, with highlight holes hitting 2.25% U3O8 over 11.1 metres (m) and 0.28% U3O8 over 24.6m.
Gold Terra (TSXV: YGT)
- PDAC Booth Number: 2304
- Website: goldterracorp.com
- Project: Con Mine Option Property and Yellowknife Project
- Location: Yellowknife, Northwest Territories
- Mineral: Gold
- Stage: Resource Stage. The Con Mine Option Property has a 2022 NI 43-101 underground Indicated mineral resource of 0.45 Mt at 7.55 g/t Au (109,000 Au oz) and an underground Inferred mineral resource of 2.0 Mt 6.74 g/t Au (432,000 Au oz). The Yellowknife Project has a 2014 NI 43-101 total (open-pit and underground) Inferred mineral resource of 24.3 Mt at 1.54 g/t (1.2 Moz Au).
North Arrow Minerals (TSXV: NAR)
- PDAC Booth Number: 2707
- Website: www.northarrowminerals.com
- Projects: LDG, MacKay, and DeStaffany Lithium Projects and Loki Diamond Project (NWT); Bathurst Inlet Lithium Project, Hope Bay Oro Gold Project, and Naujaat Diamond Project (Nunavut).
- Location: Northwest Territories and Nunavut
- Minerals: Lithium, Diamonds, Gold
- Stage: Exploration Stage. Currently focusing on lithium, diamonds, and gold exploration projects in Nunavut, the Northwest Territories, and northern Saskatchewan.
Osisko Metals (TSXV: OM)
- PDAC Booth Number: 3013
- Website: osiskometals.com
- Project: Pine Point Project
- Location: 42 km east of Hay River, Northwest Territories
- Minerals: Lead, Zinc
- Stage: PEA Stage. Results from the 2022 PEA highlight a $602M Net Present Value (NPV) based on an initial CAPEX of $653M and a 12-year mine life. The project has NI 43-101 Indicated mineral resource of 15.8 Mt at 4.17% Zn and 1.53% lead (Pb) and an Inferred mineral resource of 47.2 Mt at 4.43% Zn and 1.68% Pb.
Western Copper and Gold Corporation (TSX: WRN | NYSEAM: WRN)
- PDAC Booth Number: 2133
- Website: www.westerncopperandgold.com
- Project: Casino Project
- Location: Yukon, Canada
- Minerals: Gold, Copper, Molybdenum, Silver
- Stage: Advanced exploration and development. The project has completed a 2022 Feasibility Study and is in the permitting phase. The project has a $2.3B NPV based on an initial CAPEX of $3.6B and a 27-year mine life. The project has a NI 43-101 Proven & Probable Mill Ore Reserve of 1.22 billion tonnes (Bt) at 0.40% CuEq and a Proven & Probable Heap Leach Reserve of 209.6 Mt at 0.28 g/t AuEq.
FIGURE 1: Select Mines and Exploration Projects in Nunavut, NWT, and the Yukon
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