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
MMG also holds other base metal deposits in the region and exploration tenements totalling 5,000 square kilometres.
MMG submitted its Izok Corridor Project Proposal to the Nunavut Impact Review Board (NIRB) and key authorising agencies in September 2012.
MMG has since advised NIRB that it is undertaking a feasibility study to evaluate alternative engineering opportunities aimed at improving the project economics. These include maximising the modularisation of the process plant and infrastructure to reduce capital costs, and modifying the mine schedule and production plan to optimise cash flow, operating expenses and shipping costs.
MMG will continue its feasibility study and exploration program in 2014 and expects to provide NIRB with an update in the fourth quarter 2014.
Should the project proceed to development, it 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.