The Izok Corridor project includes the Izok Lake and High Lake deposits located in the Kitikmeot in the Slave Geological Province in Nunavut, northern Canada. The deposits are west of Bathurst Inlet, south of Coronation Gulf and north of the Northwest Territories border.
Izok Lake is a significant deposit with a Mineral Resource of 14.8 million tonnes at 12.8% zinc and 2.5% copper.
The High Lake deposit, located north of Izok, has a classified Mineral Resource of 17.2 million tonnes at 3.4% zinc and 2.3% copper.
Landing on ice at the High Lake exploration camp
The Company also owns base metal deposits at Gondor and Hood and has approximately 2,000 square kilometres of exploration tenements.
A pre-feasibility study was undertaken in 2011 to determine the optimal development option for the Izok Lake and High Lake deposits. The preferred option is to establish processing operations at the proposed Izok mine, including a two-million-tonne per annum concentrator, which would also process the ore from the High Lake mine.
The proposed transportation route is likely to be a 350-kilometre all-weather road that would connect the proposed Izok mine to a new port at Grays Bay with the capacity to ship 650,000 tonnes of concentrate per annum, and permit the back-haul of High Lake ore to the Izok mill.
The Company initiated a definitive feasibility study in 2012 which is expected to take 18-24 months and represents an investment of over US$50 million.
The Company has also submitted the Izok Corridor Project Proposal with the Nunavut Impact Review Board (NIRB) and key authorising agencies commencing the environmental assessment and regulatory review process as per the Nunavut Land Claims Agreement.
The Izok Corridor Project is expected to provide a number of economic benefits to Nunavut including the creation of employment, business opportunities, skills development and the payment of taxes to the federal, territorial and Inuit governments.