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, an extension of the same geology that hosts several diamond mines. Izok is a rich 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 is a $6.5 billion Project, which includes capital costs estimated at $2.5 billion that offers the potential for impressive 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.
The Project Proposal for the Izok Corridor Project was submitted to the Nunavut Impact Review Board (NIRB) in late 2012. In early 2013, the Federal Minister of Aboriginal Affairs and Northern Development Canada directed the NIRB to undertake a “Part 5” (Nunavut-led) review of the project. Shortly thereafter, MMG determined that the project, as designed, would not be economical to develop and asked the NIRB not to proceed with the review until MMG submitted an updated project design.
MMG has subsequently improved project economics through bulk modularisation of the process plant and other mine infrastructure, as well as modifications to the mine schedule and production plan to optimise cash flow and operating expenses. The primary challenge that remains for the project is the substantial infrastructure required to develop this project in the arctic.
MMG strongly believes that there are significant long-term shared benefits that collaboration and innovative partnerships can bring to Nunavut and the local communities through in the development of regional infrastructure and that these benefits stretch well beyond the scope of the Izok Corridor Project.
Landing on ice at the High Lake exploration camp
MMG has conducted detailed surveys of land and marine wildlife and habitat, vegetation, soil, air, water and climate, as well as, economic and social conditions and remains well positioned to advance the project.
MMG is currently focused on building innovative approaches and partnerships with the federal and territorial governments as well as local and regional Inuit organizations to improve the economics and community benefits of the project in order to help the North unlock its tremendous potential. MMG looks forward with great anticipation to working with partners dedicated to advancing the overall development of the Kitikmeot region to improve the overall quality of life of Nunavummiut.
The project is supported by MMG’s office in Vancouver, British Columbia.
Information current as at September 2016.