08/14/2019 | Press release | Distributed by Public on 08/14/2019 10:26
MMG Limited (MMG) today welcomed the commitment from the Canadian National Trade Corridors Fund to commit CAD $21.5 million to the design, permitting and development of the Grays Bay Road and Port (GBRP) Project.
The funding from the Canadian Government's National Trade Corridors Fund will be used to advance the design, permitting and feasibility of the project to 'shovel-ready' stage. The road and port represent critical infrastructure to open up access to the Greenstone belts of the Slave Geological Province, which host MMG's Izok and High Lake deposits. The funding adds to the $7.25 milion already committed by Inuit Representative Group, Nunavut Tunngavik Inc (NTI).
'On behalf of MMG, I would like to extend my sincere thanks to the Canadian Government for committing their support and funding and my congratulations to the Kitikmeot Inuit Association and all the people of Nunavut on this announcement', said MMG CEO, Geoffrey Gao. 'Road and port access is the key to unlocking the Izok Corridor, hosting some of the world's most attractive undeveloped zinc and copper deposits.
'Together, the Grays Bay Road and Port and the Izok Corridor Project, could bring tremendous opportunities for Canadians to build and operate these projects, and will enhance economic growth and social development in Nunavut and the Northwest Territories', Mr Gao said.
Gray's Bay Road and Port
The Kitikmeot region of Nunavut in northern Canada hosts some of the world´s more attractive undeveloped zinc and copper resources. However, located near the arctic circle and with no supporting infrastructure, these resources have remained undeveloped since their discoveries roughly 50 years ago.
Since 2016, Indigenous landholders, the Kitikmeot Inuit Association (KIA), has been working to advance the Gray's Bay Road and Port Project (GBRP) with support from the Inuit Representative Group, Nunavut Tunngavik Inc. (NTI) and the Government of Nunavut. This project offers an infrastructure lifeline to the entire Slave Geological Province which contains the Izok and High Lake deposits, amongst others.
In late 2017, KIA's project proposal reached its first milestone with acceptance by the Nunavut Impact Review Board (NIRB) of environmental screening of the project under the Nunavut Planning and Project Assessment Act and the Nunavut Agreement. To follow the development of this unique effort visit: http://www.gbrp.ca/
The Izok Corridor Deposits
The Izok Corridor Project includes the Izok and High Lake deposits located in Nunavut in the Canadian arctic within a geological formation known as the Slave Geological Province. Izok is a zinc/copper deposit with a Mineral Resource of 15 million tonnes at 13% zinc and 2.3% copper. The High Lake deposit, located north of Izok, has a Mineral Resource of 14 million tonnes at 3.8% zinc and 2.5% copper.
The Izok Corridor Project offers the potential for significant socio-economic contributions to the Nunavut, Northwest Territories and Canadian economies.
Project development requires construction of a 325 kilometre all-weather road, as well as a deep-water port on the Arctic Ocean to facilitate transportation of metal concentrates to overseas markets. MMG also holds several other base metal deposits and exploration tenements in this highly prospective region.