Company merger sees Nunavut Resources Corp. with new partner
NRC remains in "strategic alliance" with Transition Metals Corp.
Nunavut Resources Corp., a subsidiary of the Kitikmeot Inuit Association, has given its blessing to a planned merger between its partner, HTX Minerals Corp. and Transition Metals Corp., a publicly-traded company which specializes in gold and copper project.
“I expect that the combination of these two businesses will have a very positive effect on the mineral exploration initiatives that the NRC‐HTX strategic alliance has been advancing since March 2012,” said NRC chairman Charlie Evalik in an April 9 news release.
“Among other things, NRC will have access to a larger team of highly experienced, award winning geologists who have successfully generated projects for a number of commodities at various sites across Canada. I am very excited to see what this team will be able to discover in the Kitikmeot region.”
Transition Metals’ website now lists NRC as a “strategic alliance” partner, noting that the NRC will raise and invest $18 million to look for precious metals, base metals and diamonds.
Last year, the NRC received $1 million from the KIA to kickstart the exploration effort.
HTX Minerals had partnered with NRC’s exploration wing, NRC‐X, in a five‐year strategic alliance focused on generating marketable mineral projects in the Kitikmeot region on 11,500 km Inuit‐owned land and on Article 41 Lands in the Northwest Territories, 360 kilometres northwest of Yellowknife.
The Article 41 Lands, a 572-km-sq. area in the NWT, were granted to the KIA as part of the boundary agreement between the NWT and Nunavut.
Just to the south of the Article 41 lands are the Ekati and Diavik diamond mines, while to the north, lie the Lupin gold mine and the base metal deposits at Gondor and Izok Lake.
With HTX, the NRC hoped to speed up discovery of more deposits that could lead to more infrastructure such as roads, ports, power stations and other facilities, which are required to support mining activities
Information on Transition Metals’ website now shows a listing for a gold project in Nunavut, called Itchen Lake, 365 km north of Yellowknife, close to Izok Lake and “similar to the Lupin gold deposit.”